Overview
xMoney (formerly Utrust) is a crypto payment gateway that enables merchants to accept cryptocurrency payments with automatic conversion to fiat for settlement. The platform was originally launched as Utrust in 2018 and rebranded after acquisition by the MultiversX (formerly Elrond) ecosystem. xMoney provides Shopify plugins, WooCommerce integrations, API access, and checkout widgets for merchants to integrate crypto payments into existing e-commerce flows.
Technology
The payment gateway technology is functional and addresses the core merchant pain point: accepting crypto without holding crypto. The system handles multi-chain payment acceptance, real-time fiat conversion, and merchant settlement. Integration plugins for major e-commerce platforms lower the technical barrier for merchants. The MultiversX acquisition added integration with that chain's payment infrastructure. The technology works but isn't technically differentiated from competitors like BitPay or CoinGate.
Security
Security is standard for payment processors. Funds are processed through the gateway with automated conversion, minimizing the window of crypto custody risk. KYC/AML compliance for merchants and transaction monitoring are implemented. The platform has not suffered major security incidents. However, the centralized payment processing model introduces counterparty risk — merchants depend on xMoney for settlement.
Adoption
Adoption is limited but present. xMoney has onboarded merchants across e-commerce, travel, and service industries. The MultiversX ecosystem provides some captive merchant demand. However, the fundamental challenge of crypto payments remains: consumer demand to pay with crypto is low when credit cards offer rewards and buyer protection, and merchant demand to accept crypto is correspondingly weak. This is an industry-wide problem, not xMoney-specific.
Decentralization
xMoney is centralized. Payment processing, fiat conversion, and merchant settlement are handled by the xMoney entity. The MultiversX acquisition further centralized the platform under a specific ecosystem. While the underlying crypto transactions are decentralized, the payment processing layer is a traditional centralized service.
Tokenomics
The UTK token (now associated with the MultiversX ecosystem) provides some platform utility — fee discounts and staking. However, the token's connection to actual payment volume is indirect, and the MultiversX acquisition changed the token's role and economics. Token value has declined significantly, reflecting both the difficult crypto payments market and uncertainty around the acquisition's impact on token utility.
Risk Factors
- Crypto payments adoption: Consumer and merchant demand for crypto payments remains low
- Centralization: Payment processing is centralized with counterparty risk
- MultiversX dependency: Platform is now tied to MultiversX ecosystem success
- Competition: BitPay, CoinGate, and traditional payment processors compete
- Regulatory uncertainty: Crypto payment processing faces evolving regulations globally
Conclusion
xMoney provides functional crypto payment infrastructure that solves real merchant problems. The 2.8 score reflects working technology and some merchant adoption, constrained by the stubborn reality that crypto payment demand remains low. The MultiversX acquisition provides an ecosystem home but also introduces dependency. The platform is ready for crypto payments; consumers aren't using them.