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Ethereum Classic [ETC] to be integrated into payment solution: UTRUST

Shahrain KM



Ethereum Classic [ETC] to be integrated into payment solution: UTRUST
Source: Unsplash

On 11th September, UTRUST, a cryptocurrency payment solution announced their collaboration with the Ethereum Classic Dev Team, an autonomous team of software engineers who work on core Ethereum Classic projects. Nuno Correia, the CEO and Co-Founder of UTRUST stated:

“Ethereum Classic is one of a select few cryptocurrencies with clear institutional demand.”

Nuno Correia further added:

“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.”

The partnership involved signing a Memorandum of Understanding [MoU] aimed at integrating ETC into the UTRUST platform with support from Ethereum Classic Cooperative. The Ethereum Classic Cooperative was formed to financially assist in the evolution and development of the Ethereum Classic protocol.

UTRUST on their Medium blog stated:

“The partnership between ETCDEV and UTRUST comes at a time when demand for ETC is rising rapidly, due to the recent integration of ETC by Coinbase, the world’s largest cryptocurrency brokerage, wallet, and custodian.”

According to UTRUST, Ethereum Classic has potentially been freed from being treated as a security ever since the US Securities and Exchange Commission [SEC] made the decision to declare Bitcoin and Ethereum as non-securities.

Moreover, UTRUST believes that merchants can easily accept ETC as a substitute means of payment [to fiat], as the utilization of ETC will not be considered as an illegal distribution of securities.

UTRUST is a service that functions as a mediator that withholds funds from sellers if required until the product or service is delivered to the customer. Moreover, by converting cryptocurrencies to stablecoins or fiat, the organization safeguards its buyers and sellers from market volatility.

A twitterati named RealCrypto3 added:

“ETC Development and UTRUST team is both a couple of the most honest teams in this space. ETC is far better than ETH. I’m going to hold and accumulate. Great stuff in the making, UTRUSTFam.”

Takeshi09460518, a Twitter user said:

 “You guys got me rekt. I am still holding $UTK but I hope you make some huge developments soon. Investors won’t be patient for too long.”

Another Twitter user named Oskar_fakero stated:

“The UTRUST team is doing amazing work with another partnership. Guys this project, with this team will change the world of secure online payments!”

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Shahrain KM is a writer at AMB Crypto. Her curiosity in Blockchain technology and Cryptocurrencies has led her to be a part of the news reporting team of AMB Crypto. She does not hold value in any cryptocurrencies currently.