UMT United Mobility Technology AG and UTRUST Switzerland AG have decided on a far-reaching strategic partnership in the payment area, in order to jointly revolutionize further payment transactions and transaction processing. The partnership serves the expansion and further development of the UMT technology to integrate the trustee functionality of UTRUST in the crypto market. The collaboration includes the financing and operation of a transaction platform between crypto and fiat currencies, based on the innovative and future-proof Blockchain technology. As part of the cooperation, UTRUST will license the UMT technology platform and will be charged, as a new client, on a transaction based level.
With this step and the expansion of its range of services in the Blockchain and cryptocurrencies area, UMT is significantly expanding its value chain. As the operator of one of the largest mobile payment platforms in Europe, UMT will expand its services with cryptocurrency payment functions. The joint Exchange Platform gives UTRUST the opportunity to benefit from UMT's expertise in mobile payment and loyalty as well as from its existing large partner network in the long term.
UMT together with UTRUST will massively reduce the entry barriers for the implementation of cryptocurrency payments. Merchants can offer their clients payments through all types of cryptocurrencies with lower fees through the Blockchain technology, while at the same time receiving their payouts in fiat currency. Additionally, there will be an option to have a chargeback to the bank account or keeping it in their own wallet. Payments can also be converted into other cryptocurrencies. Meanwhile, consumers will benefit, in a globalized world, from the transaction security and protection of their payments, which is far superior to existing traditional service providers.
"This partnership is a big step for UMT. UTRUST and UMT strive to make payment processing more secure and more innovative while at the same time creating sustainable added value for all parties. With our individual core competencies, we complement each other perfectly and create synergies that take our business models to the next level", says Dr. Albert Wahl, CEO of UMT.
Nuno Correia, CEO of UTRUST, adds: "With UMT we have found the partner to share our ideas of flexibility and innovation in payment transactions. Our collaboration is a wonderful example of mutual success in a sharing economy. We look forward to a successful future together."
As more and more sales turnover of the real economy is processed via cryptocurrencies, UMT welcomes the recently published letter from the Federal Ministry of Finance (BMF). As the supreme federal authority for VAT treatment, the BMF shares the view of the European Court of Justice with regard to the equal treatment of Bitcoin and other virtual currencies vis-à-vis the legal tender. This is the case if the participating parties accept Bitcoin as an alternative, contractual and direct means of payment and it serves no purpose other than the use as a means of payment. Further information can be found at: www.bundesfinanzministerium.de.
About UTRUST Switzerland AG:
UTRUST is the world's first payment platform for cryptocurrencies, introducing consumer protection on a nationwide scale. The company is building a global PayPal-like payment platform with extensive cryptocurrency support. The long-term goal of UTRUST is to provide all the benefits of faster, safer, more convenient, and cheaper cryptocurrency transactions in conjunction with the world's first cryptocurrency payment protection, which will ensure consumer acceptance on a large scale. For 2.5 billion people in emerging economies who are not yet benefiting from financial participation, UTRUST also plans to give people without a bank account access to the global financial system. The value of tokens sold in a successful Initial Coin Offering (ICO) last year amounted to 20 million US dollars.