Crypto Adoption in Germany to Go Mainstream

Karan Balwani

October 11, 2018 2:42 pm

Cryptocurrency News

Crypto Adoption in Germany to Go Mainstream
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A Swiss startup is aiming to make cryptocurrency ready for mass adoption. It intends to make cryptocurrencies as easy to use as PayPal.

The mainstream media has had a love-hate relationship with cryptocurrencies. The biggest problem that cryptos have today according to CNBC is that cryptocurrencies are “a currency that is hard to spend.”

The total amount of Bitcoin spent has grown in the past years. From $9.8 million in 2013, Bitcoin spent on merchant services has reached $190.2 million in 2017. A study published by the Bank of Netherlands earlier this year stated that even though there is a substantial interest in digital currencies, only two percent of online retailers accept crypto so far.

The UTRUST API is focusing on increasing the acceptance of online and point-of-sale purchases. It also includes a built-in conflict mitigation system, chargeback protection and a proprietary cryptocurrency that increases the purchasing power within the platform. While UTRUST’s vision is global, it has recently decided to launch its business in Europe.

The company has signed partnerships in Europe for expansion in the future. Gambio.de is one such partnership that they have undertaken. Gamblo.de is an e-commerce provider which has a network of over 25,000 online stores. According to the estimates by UTRUST, the German platform generates around 30 percent of the overall e-commerce revenue in the country. This gives UTRUST a perfect launchpad to jump-start their business venture.

UTRUST has said that this partnership along with other associations will allow thousands of merchants to accept cryptocurrencies as payments. This also allows the digital currencies to be credited to the merchant’s account in fiat money. The company will also provide the merchants with a proprietary digital wallet which would facilitate zero fee transactions. The company is looking to help all businesses become a part of the crypto-world.

Filipe Castro, CIO, UTRUST and Co-founder, CoinTelegraph said

“In three years you will be able to pay online [with cryptocurrencies] at major vendors. This will come offline in another five years. I am a strong believer that in the future, in ten years, you will have state-issued cryptocurrencies from major economies.” 

The company says that it hopes to become the PayPal of crypto by offering buyer and seller protection. UTRUST received $21.3 million funding in cryptocurrencies last year. It is planning for a commercial launch in the first quarter of 2019.

This news was first published on CoinTelegraph.

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