CoinClear

Utrust (MultiversX Payments)

4.2/10

Crypto payment gateway for merchants — solid concept but crypto-to-merchant payments remain a tiny market, and Utrust is a small player within it.

Updated: February 16, 2026AI Model: claude-4-opusVersion 1

Overview

Utrust launched in 2018 as a crypto payment gateway targeting merchants who want to accept cryptocurrency payments. The value proposition: merchants integrate Utrust's payment widget, customers pay with crypto, and merchants receive fiat currency (EUR, USD, etc.) instantly. The merchant is protected from crypto price volatility, and the customer can spend their crypto at participating merchants.

In 2022, Utrust was acquired by MultiversX (formerly Elrond), integrating the payment infrastructure into the MultiversX ecosystem. The acquisition positioned Utrust as the payment layer for MultiversX's broader ecosystem vision. The UTK token was migrated to the MultiversX blockchain.

The fundamental challenge for all crypto payment gateways — and Utrust is no exception — is that consumers generally don't want to spend appreciating crypto assets on everyday purchases. The "crypto payments" narrative has been persistent since 2013 but has never achieved meaningful merchant adoption. Stablecoins on fast chains (USDT on Tron, USDC on Solana) have captured more payment volume than all merchant payment gateways combined, and they do so without specialized infrastructure.

Utrust is a small player in a small market. The acquisition by MultiversX provided resources but didn't solve the fundamental demand problem.

Technology

Payment Gateway

Utrust's core product is a standard crypto payment gateway:

  1. Merchant integrates Utrust widget or API into their checkout flow.
  2. Customer selects "Pay with Crypto" and chooses a cryptocurrency.
  3. Utrust processes the payment, handles the crypto-to-fiat conversion.
  4. Merchant receives fiat settlement (typically within 1 business day).

The technology is functional but not particularly innovative — BitPay, CoinGate, NOWPayments, and others offer similar capabilities. The integration requires standard e-commerce API work (Shopify, WooCommerce, custom API).

Multi-Currency Support

Utrust supports payments in multiple cryptocurrencies including BTC, ETH, EGLD (MultiversX), UTK, and various stablecoins. The multi-currency support is competitive with other payment gateways.

MultiversX Integration

Post-acquisition, Utrust has deeper integration with the MultiversX blockchain. EGLD payments are prioritized, and the payment infrastructure leverages MultiversX's fast finality (6 seconds). For MultiversX ecosystem projects, Utrust provides a native payment solution.

Buyer Protection

Utrust offers buyer protection on eligible purchases — a crypto payment feature that mimics credit card chargebacks. This is unusual in crypto payments and provides genuine consumer protection, but also introduces complexity and potential for abuse.

Security

Payment Security

Utrust handles custodial payment processing, requiring robust security for fund handling. Standard practices include encrypted communications, secure key management, and compliance with payment processing regulations. The custodial nature means users trust Utrust with their funds during the payment process.

MultiversX Security

Payments on MultiversX benefit from the chain's security properties — adaptive state sharding and Secure Proof of Stake consensus. MultiversX is a well-designed blockchain, though its validator set is smaller than Ethereum's.

Regulatory Compliance

Operating as a payment processor requires regulatory compliance in various jurisdictions. Utrust has pursued compliance, though specific licensing details vary by market. Regulatory compliance adds credibility and consumer protection.

Fraud Prevention

Payment processing requires fraud prevention mechanisms. Utrust implements standard anti-fraud measures, though the specifics are not publicly detailed. The buyer protection feature requires dispute resolution capabilities.

Adoption

Merchant Count

Utrust has onboarded merchants across e-commerce, travel, and services verticals. The merchant count numbers in the hundreds to low thousands — small relative to the millions of global merchants. Notable integrations have included some travel booking platforms and crypto-native businesses.

Transaction Volume

Actual crypto payment volume through Utrust is modest. The crypto payment gateway market as a whole is small — most crypto transactions are speculative trading, DeFi, or transfers, not merchant payments. Utrust's share of an already small market is limited.

The Fundamental Demand Problem

The crypto merchant payment thesis faces a structural demand issue: (1) Consumers holding BTC/ETH prefer to hold rather than spend (appreciation expectation), (2) Stablecoin holders can already spend via traditional payment methods, (3) Merchants add crypto payment options as marketing but receive minimal actual crypto volume, (4) The UX friction of crypto payments exceeds that of credit cards or mobile payments.

MultiversX Ecosystem

Within the MultiversX ecosystem, Utrust provides the primary payment infrastructure. This captive ecosystem provides some baseline volume but the MultiversX ecosystem itself is relatively small.

Decentralization

Centralized Service

Utrust is a centralized payment processing company. All payment routing, fiat conversion, merchant settlement, and customer support are handled by the Utrust entity. There is nothing decentralized about the payment processing itself — it's a traditional payment gateway that accepts crypto inputs.

MultiversX Dependency

The deep integration with MultiversX creates a dependency on the MultiversX team and blockchain. If MultiversX faces difficulties, Utrust's roadmap and resources could be impacted.

Token Role

UTK token's role in the centralized payment flow is limited. The token provides cashback rewards for buyers and staking/governance capabilities, but the core payment processing doesn't require decentralized consensus.

Tokenomics

UTK Token

UTK has been migrated to the MultiversX blockchain with a total supply of approximately 500 million tokens. The token is used for buyer cashback rewards, staking, and governance within the Utrust ecosystem.

Cashback Model

UTK provides cashback rewards to buyers who use Utrust for payments. This incentivizes spending through Utrust but creates ongoing token emission to fund rewards. The sustainability of cashback depends on payment volume growth generating sufficient fee revenue.

Value Accrual

Utrust charges merchant fees (typically 1-1.5% per transaction). A portion of fees could theoretically accrue to UTK holders through buybacks or staking rewards. At current volumes, fee revenue is insufficient to meaningfully support token valuation.

Post-Acquisition Dynamics

The MultiversX acquisition changed UTK's context — it's now part of a larger ecosystem rather than a standalone project. This provides resources but also subordinates UTK's interests to MultiversX's broader strategy.

Risk Factors

  • Structural demand problem: Crypto merchant payments have minimal organic consumer demand.
  • Small market share: Tiny player in an already small crypto payments market.
  • Centralized service: Fully centralized payment processing with standard counterparty risks.
  • Competition: BitPay, CoinGate, NOWPayments, and stablecoin transfers all compete.
  • MultiversX dependency: Acquisition creates single-ecosystem dependency.
  • Cashback sustainability: Token-funded buyer rewards require growing volume to sustain.
  • Stablecoin disruption: Direct stablecoin payments on fast chains bypass the need for payment gateways entirely.

Conclusion

Utrust is a functional crypto payment gateway that solves a real problem — enabling merchants to accept crypto with fiat settlement. The buyer protection feature is a thoughtful addition, and the MultiversX acquisition provides ecosystem support. The technology works for its intended purpose.

The problem isn't technology — it's market demand. After a decade of "crypto payments" narratives, merchant crypto payment volume remains negligible. Consumers don't want to spend appreciating assets, and stablecoin payments increasingly bypass dedicated gateways entirely. Utrust is a competent solution to a problem that the market hasn't shown interest in solving through this mechanism.

The 4.2 score reflects functional technology and a legitimate business model, severely constrained by the fundamental lack of demand for crypto-to-merchant payment processing and Utrust's small market position.

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