UTRUST, a crypto-to-fiat payment solution, launched today with football club Benfica as its first merchant. The team has been building the platform since 2017 after completing its ICO, in which it managed to gather $20m in investments. It’s aiming to become the global leader in crypto-to-fiat payments with instant transactions and buyer protection, while offering protection from market volatility.
“We recognise many of our supporters are now digital users first, so we want to be ahead of the curve. We’re excited about the possibilities that this partnership with UTRUST presents in the evolution of our e-commerce strategy.”Domingos Soares de Oliveira, CEO S.L. Benfica
Financial operations approval
Recently, UTRUST has been granted membership with VQF (Financial Services Standards Association), a self-regulatory organization approved by Switzerland’s financial markets regulator, FINMA. This enables UTRUST to operate as a financial intermediary under the Swiss Anti-Money Laundering Act (AMLA). In addition to enabling UTRUST to begin operating as a digital payments technology provider, the membership with VQF will also streamline UTRUST’s process of onboarding merchants and customers into its ecosystem.
UTRUST will be collaborating with Uphold to boost its signal to 184 countries worldwide. Uphold is one of the premiere crypto-to-fiat processors, and currently servicing 23 traditional currencies around the globe. Merchants using the UTRUST platform will be able to settle directly to their bank on the same day in 23 different fiat currencies.
“This partnership with Uphold represents a significant step to modernise the finance and payments industry and solve the problems of traditional payment methods by offering instant transactions and immediate crypto-to-cash settlements.“Nuno Correia, UTRUST CEO
UTRUST is the first crypto payments solution to offer buyer-protection, that’s why many call it the crypto version of paypal. They have been steadily building this crypto-to-fiat gateway for 2 years, eventually leading today to their official launch. In September 2018 they announced that former PayPal and eBay executive Sanja Kon, joined the team as VP of Global Partnerships. S.L. Benfica is the first official merchant with many more expected to be onboarded in the coming months. Stay tuned for more exciting news.