It seems that fears that the Chinese ban on ICOs will completely kill the market have not yet materialized. UTRUST, a cryptocurrency payments platform focusing on consumer protection, today announced that its pre-ICO sold out in 90 minutes, raising over $1.5 million.
The initial fundraising precedes the first round of the UTRUST public ICO that is due to commence on September 20th, with a higher cap set at US$4m.
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Nuno Correia, CEO, said: “UTRUST aims to create an infrastructure that provides the benefits of fast, secure, convenient, and inexpensive cryptocurrency transactions alongside the world’s first cryptocurrency payment protections. Our goal is to democratise the world of altcoins and Blockchain technology to ensure that anyone can benefit from instantaneous, transparent and cost-effective transactions, irrespective of where they live and level of education.”
UTRUST will use the collected funds to establish industry partnerships and develop the payments platform. The ERC20 compatible tokens are created over the Ethereum protocol, and can be used as a means of exchange on UTRUST’s payment gateway along with other cryptocurrencies.
UTRUST’s token can be used to make payments to merchants that accept cryptocurrencies via UTRUST, and be traded against other currencies on supported exchange platforms. The company will allocate a certain portion of the revenues to buy back and reduce the number of tokens in circulation.