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Payment for goods evolved from barter, to gold exchange, and finally to the fiat currency we use today. And you and I are both aware of the problems that plague the traditional financial system, ranging from ease of access to transaction time delays to liquidity issues.
Crypto payments, which address these issues, are the next evolution of payments, and we already have Coti, Zoid pay, Utrust, Cryptoxpress, and Cronos, to name a few. I’ll discuss about Utrust because I’ve been using it for quite some time now and I’m more conversant with it but if you’re curious about others, you can DYOR.
I’d like to tell you that Utrust was launched in 2017, are you taken aback? that it is yet to go moribund? Hell yeah, I know you don’t have to tell me, and as you probably already know, it survived the 2018 bear market, which crippled most crypto projects, but Utrust has been waxing stronger ever since.
When you compare the whitepaper that was presented at the project’s pitching to the recently released tokenomics, you’ll see that they’ve been working on improving the project. According to an article published last year, it serves as a gateway for crypto payments for over tens of thousands of merchants, with more on the way.
Utrust acquired Hold along the way, which is being used as its wallet, where you can earn cashbacks when you make purchases with it, but the amount of cashbacks you earn is determined by the amount of UTK staked on the Hold app. Then ElrondNetwork entered the picture; they recognized the need for a payment gateway in their ecosystem and determined that Utrust was the right fit for the job; and together, they will dominate the global Web3 payment sector.
The bridge to ElrondNetwork is currently in progress and is expected to be completed soon, allowing Utrust to migrate from the Ethereum network to ElrondNetwork and usher in a new era for the company. As the next evolution of payments is cryptocurrency, crypto payment platforms are good projects to invest in or do you have a contrary opinion? Let me know what you think.
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