Utrust Price (UTK)

What Is Utrust (UTK)?

Utrust (UTK) was designed to provide a solution to the problems resulting in low usability of cryptocurrency as means of payment, particularly the underdeveloped transactional security of payment platforms and relatively high fees.

The main goal of the platform is to build a system that will enable fast and seamless crypto transactions at lower fees, therefore allowing merchants to reach a large audience of crypto holders.

The platform allows buyers to make secure purchases while also offering an option for refunds and protecting sellers from the high volatility of the crypto market.

Utrust aims to create a more reliable payments platform by combining the best features of blockchain and traditional fiat systems.

In January 2022, Utrust was acquired by the Elrond Foundation, now branded as MultiversX, an Ethereum competitor. The Utrust platform and UTK token was integrated into the MultiversX ecosystem.

Who Are the Founders of Utrust?

Nuno Correia is a co-founder of Utrust and a chairman of its board of directors. Correia has worked in the cryptocurrency industry since 2011, having founded various B2C businesses. He has a background in marketing and law.

Roberto Machado is a co-founder, board member and CPO of Utrust. Prior to Utrust, Machado has worked with international companies, such as Uphold, AT&T and Airtel.

Filipe Castro is a co-founder, board member and CCO of Utrust. Castro has a computer science degree from the University of Porto. Before Utrust, he was involved in developing software-related solutions.

What Makes Utrust Unique?

One of the issues with using cryptocurrencies as a payment solution is price volatility. Utrust aims to protect both buyers and sellers from its effects by shielding the sellers against market volatility and providing the buyers with a refund option.

Until a purchased product is received by the buyer, Utrust secures the transaction, acting as a mediator and ensuring the success of the transaction.

Cryptocurrency users tend to make use of more than one wallet and exchange for managing their crypto assets. Utrust aims to reduce this complexity by introducing its own native wallet that allows users to make fast and secure transactions. This mobile wallet supports both on- and off-chain payments. Furthermore, it allows users to convert cryptocurrencies to fiat to help offset price volatility.

Related Pages:

Read more about MultiversX — previously known as Elrond.

Find out more about Secure Proof of Stake (SPoS) with CMC Glossary

Learn more about proof-of-stake.

New to crypto? Learn about the latest news and educational articles on CoinMarketCap's educational portal.

How Many Utrust (UTK) Coins Are There in Circulation?

The maximum supply of UTK is 500 million, all of which are in circulation.

How Is Utrust Network Secured?

After being acquired by the then-Elrond Foundation, UTK was deployed on the MultiversX network as an ESDT token. The MultiversX network is secured by the secure proof-of-stake (SPoS) consensus mechanism. All nodes need to stake EGLD in order to secure the network and act as validators.

Where Can You Buy Utrust (UTK)?

UTK token is supported by many major crypto exchanges, such as: Huobi, KuCoin, Binance, Hotbit, Bitfinex and more.