[ICO] UTRUST - The future of online payments is here.
UTRUST is a revolutionary payment platform that empowers buyers to pay
with cryptocurrencies while providing a groundbreaking purchase
We believe that one of the key roles of cryptocurrencies in the digital age is to
facilitate transactions and serve as a frictionless and secure payment method with
broad acceptance. We believe current payment platforms are lacking the
necessary features to drive broad merchant and user adoption; that digital tokens
are more than an asset for financial speculation and that token ICOs can be
leveraged to fund agile teams with the drive to build new platforms; platforms with
real value, driven by growth in the transactions of goods and services, and
financially sustained by a revenue from fair fees.
How UTRUST works
Get to know more about how our system works and why we beat all competition in the online payments industry.
Pays with any major cryptocurrency, with a low conversion fee, or with UTRUST Token with zero conversion fee.
Convert to fiat
Funds are immediately converted to fiat currency in order to protect the seller from market volatility.
UTRUST holds the funds and releases to seller, adjusted on a performance-based timeframe.
Receives in fiat currency and can withdraw to a bank account, keep it in wallet or convert it to other cryptocurrency.
PLATFORM & TOKEN
The UTRUST Payment Platform
The UTRUST Platform is a payment processor solution that enables merchants to
accept multiple cryptocurrencies from buyers as payment methods while receiving
in fiat currency. We aim to establish our solution as the best in the market, offering
a few distinct innovative features:
• A robust consumer protection and risk mitigation to both buyers and sellers
• Pay with your favorite cryptocurrency as a buyer, receive in fiat currency as
• An integrated indexed token of exchange, that can be used in the platform
to reduce transactional fees
Overview of a transaction
In essence, UTRUST will be a transactional payment API that combines the speed
and safety of crypto payments with the consumer protection of traditional payment
systems, and the fraud-free benefits of crypto payments (no stolen cards,
chargebacks or hacked accounts). It will be a payment protection system designed
around a robust mediation mechanism, empowering the buyer to opening a
dispute and escalate if something goes wrong. We provide a safe chat environment
for both parties to dialogue and attempt to self-resolve while allowing a trusted
mediator to join as arbitrator. This escalation and mediation by an UTRUST
operator insures that a final decision (refund or release) is reached by an impartial
3rd party. Our key-pillars of value stand on:
Buyer Protection - The amount paid by the buyer is held until
transaction has been validated by the platform mediator. UTRUST
handles conflict resolution and mitigate risk, protecting the consumer and assuring
the possibility of the buyer to get a refund in case of a problem arises with the
Fluctuation Protection - We provide a transparent conversion preview of
rates. The conversion from crypto to fiat is done JIT at the best market rate
and added to pool. By locking in on this amount, and assuring the hold after
conversion, we ensure the seller will get the specific amount he requested,
unconstrained from crypto market volatility.
Low fees - We provide lower fees than other ecommerce platforms for
sellers - 1% of the transaction amount. Connection to multiple exchange
providers and smart analytics ensures the lowest possible exchange fees for the
buyer sending the payment.
How will the platform work for buyers and sellers’ perspectives? It’s quite simple.
Let’s look at a typical user interaction flow with the platform:
• The merchant sets an article for sale on the marketplace, with the specific
price he/she intends to receive in their local currency. The marketplace
offers prospect buyers with a wide range of payment options at checkout,
• Since the merchant wants to target as many young online buyers as possible,
he/she offers UTRUST payment as a prominent checkout option, the buyer
can select it and enjoy the best possible protection from UTRUST platform.
• A buyer sees the offer and thinks it’s a great deal for the price the merchant
• When the buyer selects UTRUST as a payment
method, we can choose to use funds from any
of his existing cryptocurrency wallets as
source of funds (eg: Bitcoin, Ethereum
address), or use his UTRUST funds. If he/she
has not created an account with us at this
stage, he/she can do so now or just proceed
• The buyer will be shown a description of the
total amount to be paid, including a 1%
commission and exchange conversion fees
(from the crypto amount to the fiat amount).
The description is transparent and updated
every 2 minutes.
• The buyer completes the transaction and the
amount is sent to UTRUST. Our UTRUST
system converts the cryptocurrency amount to fiat and holds it in escrow until
its released to the seller. The specific duration of this hold period will vary
depending on the merchant performance history.
• The merchant is notified of an incoming purchase, that the amount has been
sent by the buyer and is pending release. If this is a trusted merchant with a
high-performance rating, the funds will be released almost immediately. If
the merchant is a newcomer to the platform with no prior history the hold
period can take several days. As the merchant establishes a track record of
successful transactions, his performance rating will increase, hereby
progressively decreasing the hold period.
• If everything goes smoothly, the buyer receives the
article, the seller receives the funds and no dispute
is opened. Another happy customer and another
successful sale for the merchant increasing his
• But let’s imagine that something does go wrong.
For example, perhaps the buyer did not receive
the article from the merchant due to an incorrect
address. He decides to open a dispute, escalating
the issue. At this escalation stage, both parties
enter a self-resolution chat, where they try to
come to terms in a friendly way. This can mean the
merchant acknowledging a shipping mistake and
fixing the issue, voluntarily refunding the buyer, or
the buyer acknowledging the goods were
received, among a multitude of possible scenarios.
• If both parties do not come to terms in 7 days, the
buyer has the option to escalate the claim to a
mediator. In this instance, a UTRUST operator joins
the chat resolution and serve as mediator and
arbitrator with final say on the dispute outcome.
Proceeding with an escalation will incur a fee of
2% over the amount in hold if a buyer refund is
issued by the UTRUST mediator.
• From this point onwards, the UTRUST mediator takes control of the chat,
collecting evidence from both parties and either issuing a refund to the buyer
or releasing the funds to the seller. If the merchant loses the dispute (due to
scam or fraud) a corresponding performance downgrade will occur, which
will translate to a higher hold period for future transactions. Any buyer
refunds are issued in UTRUST tokens, converted from fiat at current market
THE UTRUST TOKEN
You can use the UTRUST token in the platform, spending it in merchant that
supports UTRUST or private buyer/seller transactions, you can sell the coin in the
exchange, privately, or just hold for future use. The key difference to all other tokens
is that it has a business model behind it. A payment system that enables you to use
the coin and spend it independently and a system that grows in synergy with the
coin. Moreover, using the UTRUST token on the payment platform will have its
additional benefits to further stimulate its growth.
Value and Strategy
How will this strategic value coupling work? Each time a buyer pays with any
cryptocurrency via UTRUST payment platform a percentage of the transactional
fee is used to buyback UTRUST token and remove them from the market. The
removed tokens will be destroyed. This will reduce the amount of UTRUST token
supply further driving demand, the adoption of the platform and the value for
Contributors. The higher the volume of transactions in the UTRUST platform, the
higher the potential market value of the token. Since a percentage of the
transaction fee is removed from the pool in each market transaction, the more
UTRUST platform is used (with any crypto), the further the price of UTRUST
appreciates, a built-in adjustment that acts as our self-correcting mechanism. If an
Contributor decides to hold UTRUST token for the long run, though it will be
subjected to exchange market fluctuations, there is a protective layer that links it to
a sustainable financial platform. This so called intrinsic deflationary engine makes
UTRUST not only the safest payment platform, but a great token for investment and
store of value.
The amount of UTRUST tokens is projected to be reduced from the initial 1 billion to
a minimum cap of 100 million, at a rate no faster than 50 million a year. This
dynamic adjustment of the fee burn rate will be managed by the UTRUST platform
analytics engine with the goal of balancing token supply and demand while
encouraging transaction growth.
The UTRUST token will be implemented as an ERC20-compatible token over the
Ethereum blockchain. Ethereum was the natural choice for this project due to its
broad adoption and industry-standard for issuing custom digital assets. The
compatibility with the ERC20 standard leverages upon the existing infrastructure
advantages of the Ethereum ecosystem, namely in terms of development tools,
wallets, exchanges and human resource expertise. The ability to program smart
contracts with a Turing-complete language allows for robust foundation and
flexible customization of the cryptocurrency to the UTRUST domain-specific
requirements. For more information on ERC20, please visit
PLATFORM MARKET FIT
In order to understand what was missing in the online payments market, we started
by collecting data from user experiences using crypto payment systems, identifying
the major pain points encountered. We then looked at current solutions in the
market (both in crypto and traditional fiat payment segments), comparing keyfeatures,
and focusing on the top-market players. From this analysis, we
discovered that current solutions in crypto payments were lacking in their ability to
provide merchants and buyers with the protection features users had come to
expect from traditional payment methods in the areas of transaction protection
and conflict resolution. On the other hand, traditional payment solutions suffered
from a high rate of fraud, with credit card chargebacks being a major pain for
merchants. By condensing our findings and comparing UTRUST with the top players
in the traditional and crypto worlds, with came with the following comparison
Competitive Landscape vs other market players
1. Lower Buyer Purchase Risk - We cover all purchases (both goods and the
majority of services). Other traditional solutions such as PayPal only cover the
purchase of physical goods. Crypto-based services such as Bitpay do not cover
anything at all.
2. Payment Approval Speed - Unlike traditional payment systems that most of the
times delay the approval of payments due to high risk of fraud, and require
submission of countless documents, we approve payments immediately and
make the process hassle-free for both parties (buyer & seller).
3. Low exchange fees - We provide both buyer and seller low exchange fees by
using advanced analytics that connects to multiple crypto-currency exchange
providers. Services such as PayPal and Bitpay provide extremely high internal
4. Low seller fees - We will charge sellers a flat 1% fee on received payments. Other
services such as PayPal charge a flat minimum rate of 2.9%, but can go above
5% after all “hidden fees” are accounted for.
5. Multiple Cryptocurrencies accepted - We accept the most used
cryptocurrencies on the market (Bitcoin, Ethereum, Litecoin, Dash Monero and
others) covering a wider percentage of the total market cap. Other services
such as Bitpay only accept Bitcoin, restricting their market to half of the total
market cap. As more tokens are created and added to the market, their
captured percentage will only shrink further.
6. Safety of funds – Leverage the power of the blockchain and say goodbye to
credit card fraud. You have control over your own private keys and funds, and
not even we can access your wallet. Traditional centralized solutions have a
poor track record in keeping your funds safe.
7. No Chargebacks - Sellers will be protected from rampant credit card fraud and
nasty chargebacks, a common occurrence in traditional payment services still
reliant on credit cards.
8. Customer Payment Protection – Services such as PayPal are well known, and
PayPal relies heavily on its buyer/seller protection plan. However, it only covers
the purchase of physical goods. Bitpay does not cover any purchases, making
the transaction irreversible and leaving you exposed to potential fraud. UTRUST
extends consumer protection by covering both physical and virtual (if
applicable) purchases. We will guarantee full coverage of all eligible payments
made via UTRUST.
9. Efficient resolution of disputes - Traditional solutions such as PayPal have a
lengthy waiting period of transaction resolutions while they gather evidence on
both sides independently (taking up to several months), making it a slow and
painful process. We provide both a self-mediated 2-party resolution mode, and
an advanced 3-party resolution dispute mechanism, enabling both parties to
chat in real time, guided by one of our resolution mediators. We make it quick
and easy to sort conflicts.
10. Performance-based rating of seller - We implement a performance-based
analytics algorithm to evaluate the performance of sellers, making it so that as
the performance of a seller grows, the corresponding hold period on the funds
decreases. This mechanism creates a trusted environment, encouraging sellers
to perform better over time and increasing buyer confidence. In the best-case
scenario, a top seller will see its hold time eliminated, obtaining the funds
11. Decentralized token linked to platform value - UTRUST is not only a payment
platform. We will issue our own crypto-currency – the UTRUST token. You can
buy/sell/ send/receive your token in the platform, convert it to fiat, other crypto,
or simply keep safe in your wallet and see its value grow in synergy with the
platform. Transactions using the UTRUST token will be converted internally and
benefit of zero exchange fee.
TIMELINE & MILESTONES
Initial target pre-ICO is set to open on 28th August 2017, 4pm GMT, followed by an
initial ICO opening round on October 2017 (specific day TBD). The single round will
run for a variable period no longer than 7 days or until all tokens are issued,
whichever happens first. The maximum crowdsale cap is set at $50 MM (fifty
million), with accepted contribution tokens in both BTC and ETH. The total pool is
fixed at 1,000,000,000 (1 billion) tokens, and will be segmented in a single round
totaling 70% of the pool, preceded by a 5% pre-sale sale and with 10% already preallocated
to private stakes. In aggregate, all publicly available rounds will total 75%
of total minted tokens, with our minimum investment stake is set at 0.2 ETH / 0.02
The pre-sale round will target a unit price of $0.03 (three cents) per token with a
5% distribution of the token pool. The ICO will follow suit at a 70% distribution, with
unit prices per token at a fixed value of $0.065 (six dot five cents). Regarding the
remaining 15% of tokens, 10% will be retained by UTRUST, diluted in 2% per year,
during the next 5 years in order to support future steering of the project. The final
5% will be allocated to marketing and bounties. The values and percentages are
further detailed in the table below:
The pre-sale round will function as a way to profile public interest in the project
potential and obtain further community feedback, while providing an early
opportunity to loyal Contributors to join in prior to the full ICO rounds. The ICO will
have a maximum duration of 7 days, closing the moment the tokens are sold out.
During the round, the tokens are distributed in a first-come-first-served basis and
only the tokens sold on each round will be created and issued (for example, if only
50% of the tokens are sold in 7 days, then only 500 million tokens will be generated,
thereby decreasing the total token pool from 1 billion to 500 million).
In regard to token issue timeline, the UTRUST tokens are planned to be issued to all
Backers in 2 weeks after the ICO closes, but however may be subject to further
delays regarding legal, certification or regulatory compliance.
For further information regarding our token sale, please visit the dedicated FAQ
section in our website.
A significant portion of the post-ICO funds, totaling 51% of the token total value will
be allocated to the MVP, R&D, and personal, targeting the development of an API
for merchant marketplace integration, client wallet frontend, and resolution
dispute mechanism backend. Around a quarter will be allocated for marketing
purposes, to drive platform adoption and integration with 3rd party websites, with
the remaining amount dedicated to operational and administration expenses,
partner engagement and legal fees. Currently this represents an expected
allocation and may be adjusted as the project evolves.
● Engineering and Development - Developing the UTRUST platform and all its
components, hiring technical resources and establishing the infrastructure to
● Marketing & Promotional - Developing relationships, marketing plan and
cooperation strategy with merchants in order to expand support of the
UTRUST platform and reach a wider audience of clients. Developing a
marketing campaign targeting increased adoption of the platform by
• Partner Engagement – Developing relationships with non-merchants’
entities, such as exchange providers and other strategic partnerships,
including possible joint ventures and incentives to drive platform adoption.
• Legal & Regulation – Establishing legal entities, complying with ongoing
regulatory framework, incorporation and other legal obligations.
Regarding timelines for this project, the following showcases each tentative
milestone and target date for each phase:
The roadmap towards a new payment system
After the conceptual phase and shortly after the pre-ICO closes, our team will
prepare a detailed roadmap for the staged development of the platform. Currently
we aim to have a transactional API platform ready for merchants to test in Q1 2018,
supported by a wallet app in where buyers and merchants can check their balance,
transaction history and mediated resolutions joined. The backend interface for
mediators will complement the platform, rolling-out in a progressive basis in Q2
2018. The initial pilot launch will feature a curated selection of merchants, with a
progressive expansion and refinement in Q3 2018.
UTRUST - Early Supporter Reward
We really appreciate your enthusiasm and would like to thank all of you who believe in our mission to create the best blockchain payment platform in the world. For this reason, we are introducing the Early Supporter Reward.
To express our gratitude to our early supporters, anyone who is already registered, or who registers before the 20th of September 2017, will receive a 20% reward on the first $10,000 contributed. For example, if you contribute $1,000, you will receive $1,200 worth of UTRUST tokens. This reward effectively reduces the price for early supporters down to $0.052 per token.
In case you missed today’s AMA, Nuno (CEO), Filipe (CIO), and Artur (CTO) answered many important questions from the community. Watch the full recording of the live stream here:September 15, 1pm GMT Live Stream
We want you to know that we value your love and support!
Nuno Correia CEO & Co-Founder UTRUST