Cryptocurrency payment solution Utrust publicly declared partnership with Ethereum Classic Dev Team. After signing a Memorandum of Understanding (MoU), ETCDEV will work together with UTRUST to integrate ETC into the UTRUST platform, assisted by the Ethereum Classic Cooperative.
The partnership between ETCDEV and UTRUST is happening at a time when demand for ETC is rising rapidly. The recent integration of ETC by Coinbase, the world’s largest cryptocurrency brokerage, wallet, and custodian is responsible for this.
Additionally, the decision of the US Securities and Exchange Commission (SEC) to declare Bitcoin and Ethereum as non-securities, cleared Ethereum Classic from potentially being considered a security. As such, merchants can freely accept ETC as an alternative payment method to fiat and consumers can use it knowing that the utilization of ETC cannot be considered as an act of illegally distributing securities.
“Ethereum Classic is one of a select few cryptocurrencies, along with Bitcoin and Ethereum, with clear institutional demand,” said Nuno Correia, CEO and co-founder of UTRUST.
Earlier this year, Grayscale Investments, the $2 billion investment arm of Digital Currency Group, launched Ethereum Classic Investment Trust, enabling retail traders and institutions in the regulated US market to invest in Ethereum Classic. With it, Grayscale Investments allocated $90 million into ETC, demonstrating confidence in the long-term adoption rate of ETC as a leading cryptocurrency.
Correia 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.”
UTRUST acts as a third-party mediator, holding funds, if necessary, until the seller delivers the product or service. In addition, the company protects buyers and sellers from market volatility, by converting cryptocurrencies to fiat or a stable coin.