If the internet is upscaling to web3, payments will need to scale also.
How did we come to this point where Elrond and UTRUST joined forces? It's been going on for 1yr already

Sanja: Thanks for having us, great to be in the office together finally! 
Parternships in business do not happen if you force them - they happen naturally and spontaneously because it makes sense. 
We wanted to callaborate rather than compete. Elrond makes sense for us.

Collab vs competition. 

What is the value that can be provided to the customer, rather than how can we be better than everyone else?
UTRUST & Elrond have a similar mission for how we want payments to work. What if we join forces? 
We are UNITED

We've had great insights into what UTRUST were doing and the team were really great people. At Elrond, having smart, thoughtful and just nice people is a special combinationA lot of work has happened to reach this point. Legalities, technicalities etc much of it is already done!
Web3 is a very new concept - you can have tokens for the community to have a say in the future of a project (governance) is very powerful.

Sanja came from PayPal & eBay UK
She was developing the payment platform for paypal. The merchant often gets overcharged (3-12% per payment) so thought how can we solve this?
Thought let's bring crypto payments to the internet.

$4BN per year is lost through fraudulent payments and fees etc through the internet.
At the same time, payments can take up to a week to clear. Why? 
Why don't we have payments that settle immediately? That's why we are here. 
800% increase in crypto payments in last 12 months

Payment networks used today are decades old and costly to use. 
Elon musk changed the automobile industry - we want to change the payment industry.
When this starts to pick up, it will be like a snowball. 
Slowly. Then suddenly. Signe de haute tension
Paypal uses the merchants balances to earn %

They use YOUR balance to earn themselves money. You, the merchant, sees nothing. 
The merchant should be earning from their own money! That's what we're all about at 
UTRUST. We want what's fair for merchants.
We'll push as strong as we can to be #1 players in payments.

With Elrond, we complement very much what you are doing at UTRUST. 
If we think about payments and their ultimate version, payments should happen between 2 entities near-instantly, at negligible cost. 
Intergration of Elrond is the first step.

Adding stablecoins to Elrond is the second step.
Third step? Merchant yield
This will take off like wildfire

In web2, payment gateways (like PayPal) use merchant's wallets to earn interest, whilst the merchant (who the funds belong to), earn nothing. 
Using UTRUST, they'll earn interest themselves AND pay negligible fees, increasing their profit margins! Graphique avec tendance à la hausse.

Most exciting for both communities will likely be that we will be building publicly. 
What teams are we building? What challenges are we providing solutions for? We will be keeping the community regularly informed on our progress.
Merchants can choose to be paid fiat or crypto.

More and more merchants want to have a piece of the crypto pie.
UTRUST are the gateway between merchants, crypto and web3. 
This partnership is also a great way to market our projects. There are people not sure how you can even use cryptocurrency.

It gives users another reason to get involved in the ecosystems that Elrond and UTRUST have built. 
Web3 payments will absolutely be a big theme in 2022. 
What does our partnership look like going forward?

UTK will be migrating to the Elrond blockchain. Doesn't make sense to continue as an erc-20 token. 
$100m dollars buying volume has been reached through UTRUST. 
Buy back and burn functions will be implemented. 
Staking UTK.

What makes a token valuable?

Utility & Staking.
We've spent a lot of time building a model to allow both of these & and will benefit merchants and community members. 
This will be a really exciting period for both communities in both short term AND long term.

There'll be a bootstrapping period to allow EGLD community to get involved in UTRUST. All will be revealed (probably next week). 
It's great that Elrond already has the DEX live, a wallet with over 700k users and now a new token...$UTK. 
We are quite excited about this phase!

Payments will probably change completely going forward. Traditional payments are old school. 

Already over 400 merchants use UTRUST. 
More info on all of the above will be coming.

Community questions:

• When will Utrust's services be ready for the US market? It is a priority to realize this the coming months. There are many elements to realizing this, but the team is hard at work. It isn't their main priorities right now, but high up on the list of important things. 
• Wen Maiar Card ser? There's been some discussion, the plan is still tentative right now. It might go live the first half of 2022, as soon as the team has any kind of specific date, they'll let everyone know. 
• The Townhall meeting was important to have, so that the communities could have some insight into the bigger picture. 
• Wen UTK in Maiar?! As soon as UTK is an ESDT.  

Olag ⚡

@olag

Founder of MultiversX Wiki

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