Soma, an Ethereum blockchain start-up that facilitates trade in classifieds, and UTRUST, a payment processor solution that enables merchants to accept multiple cryptocurrencies from buyers as payment methods while receiving in fiat money, have announced a partnership to upgrade the classifieds business model.
Co-founder Joseph al Sharif commented: “Soma is proud to announce a partnership with UTRUST. UTRUST is a revolutionary payment platform that empowers buyers to pay with cryptocurrencies while providing a groundbreaking purchase protection mechanism. Soma and UTRUST will both benefit by this fruitful partnership and we are excited to begin this collaboration as a long-term union between two innovative concepts.”
This partnership will work to create a C2C business models. In concert with the decentralized model, consumers will trade their goods on Soma, not through middlemen, brokers and corporations, but through mass engagement and code.
Soma and UTRUST hope to remove unfair and incorrect trading fees, providing a fair proportion of profits among its community. This partnership aims to enable decentralized social wealth and create a digital marketplace to rival companies such as eBay and Amazon.