Utrust (UTK) has received a $25,000 grant from ICP Hub Kenya, a move designed to heighten the crypto project’s use cases and adoption.
🚀🚨UTU is joining forces with @icphub_KE to deliver our unique take on Internet Reputation on @dfinity’s #InternetComputer!! 🚀🚨
Get the scoop: https://t.co/IAEZp3whDJ pic.twitter.com/szrnPIQmIE
— UTU (@UTUtrust) July 24, 2024
Utrust will use the funding to launch a new project on Internet Computer Protocol to enhance its integration and utility.
The alliance will onboard UTK’s internet reputation on Internet Computer.
That will allow users to easily integrate the crypto into ICT applications and measure the legitimacy of any smart contract, wallet, token, or dApp. Utrust said in a statement:
This project will ensure that UTU Trust Token will be available on ICP so apps can easily integrate UTU’s review and reputation mechanisms and users can stake UTT on their endorsements and earn without ever switching their network from ICP.
What is Utrust?
Utrust is a digital network that aims to enhance crypto adoption as a payment option. It offers a platform that ensures seamless cryptocurrency transfers at friendly fees.
Merchants can use Utrust to access global crypto holders. The decentralized network offers buyers a lucrative purchasing space while safeguarding sellers from the crypto market’s volatility.
Utrust’s aims to build a trustworthy payment platform by bridging traditional fiat and blockchain.
The project rebranded to XMoney in May last year to transform the payment sector.
LET’S CHANGE THE PAYMENT SECTOR!@UTRUST and @twispay will soon rebrand and become #xMoney ⚡
These two can revolutionize the payment industry!
But how?#xMoneyFuture thread 1/4🧵👇 pic.twitter.com/d9TVTQqA2t
— DavyCrypto (@Davyegld) May 21, 2023
Utrust’s internet reputation model
The protocol establishes itself as a trust system and decentralized reputation infrastructure facilitating rightfulness in digital interactions.
It offers users feedback (about online entities like websites, smart contracts, and decentralized applications) from trusted sources.
The UTK Protocol solves the issues of online firms that ignore the benefits of trust and human relationships.
Current UTK price action
The altcoin maintained bearishness at press time, failing to capitalize on the abovementioned optimistic updates. UTK lost 6.77% of its value over the past 24 hours to trade at $0.04923 during this publication.
UTK 1D Chart on Coinmarketcap
The 70% decline in daily trading volume suggests more slides for the altcoin. The broad market supports UTK’s situation amid the ongoing Mt. Gox developments.
Increased withdrawals by Mt. Gox creditors welcomed selling pressure in the cryptocurrency sector, hindering upside continuation.
Bitcoin trades at $66,444 at press time, and experts predict slight declines amidst the current broad market sentiment.
Breaching the support at $65.4K would plunge BTC towards $63.5K, presenting a buying opportunity before potential recoveries to $71K.
In that context, UTK might drop further in the near term before bulls come to the rescue. The altcoin will likely mimic broad market tendencies in the upcoming sessions.
Meanwhile, the partnership with ICP Hub Kenya to deploy UTK’s internet reputation on Internet Computer protocol will boost the alt’s use cases.
A solid Bitcoin bounce-back to $71K will rescue UTK from its prevailing downtrends and ensure stable uptrends.
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