25,000 German Online Stores in Germany to Begin Accepting Crypto in 2019

October 12, 2018

 

According to CNBC, the total worth of Bitcoin spent on merchant services has increased from $9.8 million in 2013 to $190.2 million in 2017. Despite this however, the market remains very young. A study published by the Bank of Netherlands in February 2018 claims only two percent of online retailers accepted crypto, regardless of "substantial" interest. The Utrust API focuses on online and point-of-sale crypto acceptance globally. This set of tools will also consist of a conflict mitigation system, chargeback protection, and a proprietary cryptocurrency which increases purchasing power in the platform. Utrust has signed strategic partnerships in Europe to set up a "beachhead" for more expansion. It signed with Gambio.de, a German e-commerce solution provider that has over 25,000 online stores. Utrust´s estimates states Gambio-powered stores generate around 30 percent of e-commerce revenue in Germany and so are in a great starting position for Utrust to expand throughout the continent. Utrust says that with these partnerships, thousands of merchants can accept cryptocurrencies easily, receiving fiat equivalents in their bank accounts. Their customers will also have access to a proprietary digital wallet that enables zero fee transactions. Utrust believes the large amount of merchants will balance the lower figures of cryptocurrency use, gaining it a significant foothold in the oncoming crypto economy.

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