The initial fundraising precedes the first round of the public ICO that’s due to commence on September 20th, 2017 at 1400 (BST) with a higher cap set at US$4m.

The fundraising aims to build a global payments platform with extensive cryptocurrency support, ensuring merchants and people who don’t have technical knowledge and experience can engage with Blockchain technology, trade cryptocurrencies and receive fiat currency.

Nuno Correia, CEO, said: "UTRUST aims to create an infrastructure that provides the benefits of fast, secure, convenient, and inexpensive cryptocurrency transactions alongside the world’s first cryptocurrency payment protections. Our goal is to democratise the world of altcoins and Blockchain technology to ensure that anyone can benefit from instantaneous, transparent and cost-effective transactions, irrespective of where they live and level of education."

UTRUST will use the collected funds to establish key industry partnerships and develop the world’s first ready-to-use cryptocurrency payments platform. The ERC20 compatible tokens are created over the Ethereum protocol, and can be used as a means of exchange on UTRUST’s payment gateway along with other cryptocurrencies.

UTRUST’s token can be used for making zero fee payments to the thousands of merchants accepting any cryptocurrency via UTRUST, and be traded against other currencies on supported exchange platforms. The company will allocate a certain portion of the revenues to buyback and reduce the number of tokens in circulation. Being a deflationary currency by design, the demand for UTRUST tokens will increase with time, which combined with buyback should lead to appreciation in its market value.