Ethereum Classic Teams with UTrust for ETC Payment Solution 🚨 This article is 6 years old...
Ethereum Classic Teams with UTrust for ETC Payment Solution
1 min read
Updated: Nov. 16, 2020 at 5:34 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Cryptocurrency payment processor UTrust has entered a memorandum of understanding with the Ethereum Classic (ETC) development team in an effort to integrate the currency onto the platform.
This is great news for supporters of ETC, as there will be an increased demand for the currency as a payment option. In addition to this news, Ethereum Classic has also been added to Coinbase, giving it much more exposure to investors.
It’s possible Coinbase was waiting for the SEC’s decision to declare Ethereum as a non-security before being added to the platform, essentially clearing ETC from potentially being deemed a security.
According to Nuno Correia, CEO and co-founder of UTrust:
“While blockchain payments have undoubtedly disrupted financial transactions, at Utrust we believe it’s our responsibility to add a much-needed layer of consumer protection, as well as instant transactions and low fees, for anyone who wants to utilize Ethereum Classic for payments.”
What is UTrust?
UTrust is a cryptocurrency payment solution and offers instant transactions, fiat conversions and buyer protection from market volatility.
UTrust also acts as a third-party intermediary, helping to solve possible disputes between buyers and sellers and holding funds if necessary.
Additionally, if parties fail to reach an agreement, the company upholds standards similar to payment solutions like PayPal and Visa.
What Are the Advantages of Cryptocurrencies for Payment?
According to UTrust, cryptocurrencies improve the online payment system by being quicker, cheaper and simpler to use compared to options like Paypal or Stripe. From the comfort of their smartphone, users are capable of sending value across the world without third parties complicating the process.
The announcement adds Ethereum Classic to the likes of Bitcoin, Ethereum, Litecoin and Ripple as supported cryptocurrencies, and plans to add new cryptocurrencies every month.
