The Future of Classified Advertisement: UTRUST and SOMA Announce Strategic Partnership

Oct 17, 2017 at 15:55 // News
UTRUST and SOMA Announce Strategic Partnership

Classified advertisement is a big upcoming challenge for marketing companies. On one hand we have the age-old wisdom that classified advertisement works, while at the same time the tech is getting extremely obsolete and ineffective. It is no surprise that classified marketing companies are experimenting new techniques and making collaborations in new tech to maintain their competitive edge by exploring new territories.

Soma is a blockchain-based startup that has done pioneering work in developing classified advertisement for the future. It is now partnering up with UTRUST, a cryptocurrency payment solution provider and are now teaming up to take lead in classified advertisement industry. The new innovative online marketing system will include the option to pay from the cryptocurrency of your choice. The purchase will be backed by a self-proclaimed “groundbreaking cryptocurrency buyer protection mechanism”.

This purchase protection mechanism involves paying in cryptocurrency/fiat currencies and receiving money in the form of fiat currency only. This will help ensure that the daily volatility of bitcoin and other cryptocurrencies will not affect the trades happening on the platform.

The clever use of cryptocurrency as a payment-only method is innovative, but it is certainly not new in the industry or groundbreaking. But that doesn’t stop it from being effective -- that is for sure.

UTRUST was the first to implement a scalable model of cryptocurrency buyer protection techniques, and now Soma is the classified advertisement part of the plan, and they have a fully decentralized system in place where you don’t need to rely on brokers or third-parties to make your sales. It instead takes cue from the decentralization philosophy of cryptocurrencies and envisages a new system in through ingenuity and decentralized mass management.

Now a vast majority of the classified advertisement is done through centralized approaches used by Amazon and eBay. With the help of this major upgrade and removal of middleman from the entire business model, you can be assured of renewed competitiveness in the marketplace.

It will indirectly contribute to the development of first fully-functional, blockchain-based marketplaces as well. All of these positive developments will help fuel the growth of Bitcoin, both as an asset and payment method. Right now, the cryptocurrencies are still lagging behind in real-time usage of their currency.

Both Soma and UTRUST realized that going solo in this field was not a viable option. Soma had the blockchain part of the puzzle, while UTRUST had the payment protection part. Both were incredibly important to the bigger picture, and it is a really positive development that they have agreed to work with each other.

Utrust and Soma

About SOMA: 

Soma is an Ethereum blockchain-based social marketplace that leverages social capital through its rewarding system and utilizes blockchain technology to create a decentralized ecosystem that incentivizes its community members to perform value-adding services for the benefit of the community as a whole.

About UTRUST: 

UTRUST is the world’s first cryptocurrency payments platform to implement consumer protections on a mass scale. The company is building a global PayPal–like payments platform with extensive cryptocurrency support.

UTRUST’s end goal is to provide all the benefits of fast, secure, convenient, and inexpensive cryptocurrency transactions, in tandem with the world’s first cryptocurrency payment protections, which consumers need to fully embrace blockchain technology en masse. 

Soma and UTRUST are the sources of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.

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