UTRUST (UTK) and Gambio team up in “huge step” for cryptocurrency payment options
Switzerland-based cryptocurrency payment platform UTRUST, sometimes referred to as the “next PayPal”, has taken a major step towards mainstream acceptance, announcing that it has teamed up with Germany’s biggest ecommerce solution, Gambio.
UTRUST CEO Nuno Correia described the deal as a “huge step”. Gambio provides shopping cart services for 25,000 merchant accounts in Germany, Europe’s largest economy and ecommerce market. Those merchants will all be able to offer their customers the option of paying in cryptocurrency.
According to UTRUST there are only 100,000 merchants globally who can currently accept cryptocurrency, so with this deal that number rises by 25%. For Correia, crypto companies must “focus on partnerships with real businesses, real customers, and real use-cases” if they are to make the leap into mainstream adoption.
The move was greeted with enthusiasm on Twitter and guarded optimism on Reddit. Some users were less keen on UTRUST’s use of fees to convert between the UTRUST token and other cryptocurrencies, though others argued that the fee exists to allow for resolution of disputes between customer and merchant.
UTRUST’s success has so far been built on an all too rare focus on customer protection and support. It plans to offer the “first cryptocurrency payments platform to implement consumer protections on a mass scale” and create “a global PayPal–like payments platform with extensive cryptocurrency support”. It raised $21 million via ICO in November last year.