Utrust, a Swiss-based startup, is working on an online tool aimed at making internet transactions very secure by using PayPal.
The Utrust API is aimed at online and Point of Sale crypto acceptance in a growing global e-commerce market, of which only 2% currently accepts cryptocurrency. The firm says that it has detected an increasing interest in crypto for online purchases among customers.
Utrust’s tools will include a conflict mitigation system, a proprietary digital currency and a chargeback protection feature.
Aiding worldwide acceptance of crypto
The venture aims to aid worldwide retailers in acceptance of cryptocurrencies as a form of payment but will for now focus its efforts on the European market. Thus, it has partnered with various firms including Gambio.de, a German-based e-commerce solution provider that has a network of 25,000 online stores.
The aforementioned API will enable those tens of thousands of online merchants to accept payments in crypto in a more simplified way, while still being able to receive payment in fiat. Customers will have access to its proprietary zero-fee wallet.
“In three years, you will be able to pay online [with cryptocurrencies] at major vendors. This will come offline in another five years,” says Filipe Castro, Co-founder and Chief Information Officer at Utrust. “I am a strong believer that in the future, in ten years, you will have state-issued cryptocurrencies from major economies.”