Oveit, the fintech company headquartered in Austin, Texas, partners with Utrust, a Swiss start-up that offers cryptocurrency payment solutions. Their aim is to integrate a new payment method into the entertainment market, allowing event organisers to accept and use cryptocurrency payments more easily, thus accessing a bigger market.
The companies will intermediate crypto payments from up to 1 billion events, amusement parks, and touristic package clients worldwide.
”We strive to help the events and entertainment industries evolve and change their operations using digital technology. The cryptocurrency market still has a lot of potential and opportunities ready to be unlocked by businesses that want to adapt their strategy and think outside the traditional standards. Especially for companies in this segment, the possibilities are unlimited. The partnership with Utrust enhances the business opportunities for all the industry players, allowing them to receive instant payments from up to 1 billion customers worldwide. Thus, even international customers can access the event without worrying about local currencies and high exchange rates”, explains Mihai Dragan, COO of Oveit.
Until now, cryptocurrencies have been used mainly as an investment instrument, and implementing crypto payments for business was an exhaustive process. Currently, cryptocurrency is gaining momentum and being used at a larger scale, opening a new opportunity for businesses. By implementing this system, European companies can receive payment from people worldwide in just a few seconds without worrying about exchange rates. Moreover, low commission rates make this process more convenient for businesses and customers alike.
The process of using Oveit’s solution is simple – one company creates a merchant account on the platform, and afterwards, every payment goes straight into their account. The sellers can also list their prices in fiat currency. With the Utrust integration, the amount is automatically converted to cryptocurrency.
“Utrust will always seek to empower blockchain technology’s creative and advantageous use cases. Companies like Oveit are making the kinds of products we need: the ones that change peoples’ lives for the better. We are delighted to provide the fast, seamless, on-chain payments that will help them achieve their goals”, states Sanja Kon, CEO of Utrust.
Cryptocurrency, the way to success
The cryptocurrency market is increasingly attracting people worldwide, and businesses make no exception, primarily due to the high speed of transactions, the variety of customers from all around the world, and small commissions. 75% of retailers in the United States of America plan to accept stablecoins and cryptocurrency payments in the next two years, according to a study conducted this year by Deloitte. The most used cryptocurrency is currently Bitcoin, with a market cap of approximately 367.98 billion dollars and over 210.000 daily transactions.
The European Commission understands this market’s potential, which is why it proposes a pilot program, the Digital Finance Strategy, that regulates the trade and settlement transactions in financial instruments in crypto-asset form. The program aims to make retail payments more convenient and secure, particularly in cross-border situations, facilitating economic activity by reducing delays and costs for businesses when receiving payments.