On September 11th, UTRUST, a cryptocurrency payment solution announced their collaboration with Ethereum Classic Dev Team, an independent team of software engineers working on core projects of Ethereum Classic. Nuno Correia, CEO and co-founder of UTRUST said:
"Ethereum Classic is one of the few cryptocurrencies with a clear institutional demand."
Nuno Correia added:
"Blockchain payments have undoubtedly interrupted financial transactions, in UTRUST we believe it is our responsibility to add a much needed level of consumer protection, as well as instant transactions and low rates, for anyone who wants to use Ethereum Classic for payments. "
The partnership entailed the signing of a Memorandum of Understanding [MoU] aimed at integrating ETC into the UTRUST platform with the support of the Ethereum Classic Cooperative. The Ethereum Classic Cooperative was established to assist financially in the evolution and development of the Ethereum Classic protocol.
UTRUST on their blog Media said:
"The partnership between ETCDEV and UTRUST comes at a time when ETC demand is increasing rapidly, due to the recent integration of ETC by Coinbase, the largest brokerage, portfolio and custody account of cryptocurrencies in the world. "
According to UTRUST, Ethereum Classic has been potentially exempted from being treated as security from US securities and exchanges. The Commission [SEC] took the decision to declare Bitcoin and Ethereum as non-securities.
In addition, UTRUST believes that traders can easily accept ETCs as a substitute for payment [to fiat] since the use of ETCs will not be considered as an illegal distribution of securities.
UTRUST is a service that acts as a mediator that holds funds from sellers if necessary until the product or service is delivered to the customer. Furthermore, by converting cryptocurrencies into stablecoins or fiat, the organization safeguards its buyers and sellers from market volatility.
A twitterer called RealCrypto3 added:
"ETC Development and the UTRUST team are both a couple of the most honest teams in this space, ETC is far better than ETH, I'm going to keep and accumulate. things in the making, UTRUSTFam. "
Takeshi09460518, a Twitter user said:
" You guys made me rekt I'm still holding $ UTK but I hope you will soon make huge developments. too much time. "
Another Twitter user named Oskar_fakero said:
" The UTRUST team is doing a great job with another partnership, guys, this project, with this team will change the world of secure online payments! "