Utemis is a business to business e-commerce platform that unifies the whole of the Latin American continent in one marketplace. The platform utilizes the main assets of the blockchain technology, decentralization and inviolability, to facilitate trade and provide trustworthiness and credibility for businesses in Latin America. Basically, what Alibaba is to South-East China, is what Utemis is created to be for Latin America, a platform bringing international trade to one marketplace.
Some of the greatest drawbacks involving international trade are the ridiculously high transaction fees and the time it takes to process a transaction. These deficiencies stem from the fact that international trade involves a multitude of fiat currencies and with different currencies come the complexities. These problems would be solved if there was a single, universal currency to be used for trade irrespective of the countries involved, cue the Utemis token. The Utemis token is the native token of the Utemis platform created to facilitate transactions on the platform. It is an ERC20 compliant token built on the smart contracts protocol of the Ethereum blockchain. The Utemis token denoted by UTS will serve as the only recognized cryptocurrency on the platform to facilitate online trade all around Latin America. The first phase of the UTS ICO is currently in progress and will end on the 1st of April 2018 after which the second phase of the ICO will kick off immediately.
The Utemis and Bancor Partnership
A cryptocurrency exchange is a digital marketplace that allows for the conversion and trade of one cryptocurrency to another cryptocurrency or fiat currency. Essentially, a cryptocurrency exchange is a platform where one cryptocurrency can be exchanged for another cryptocurrency or fiat currency. The Bancor Network functions like a cryptocurrency exchange by providing a decentralized liquidity network for cryptocurrency exchange.
Bancor allows for the conversion of one token to any other token in the network, with no counterparty, at an automatically calculated price, using the Bancor formula. Bancor network uses an algorithmic formula that allows tokens to be converted to one another even without matching two connecting parties like in regular cryptocurrency exchanges. The formula balances buy and sell in such a way that so that every token has a standard formulaic relationship to other tokens in the network. The continuous liquidity provided by Bancor is a direct result of this formulaic price calculation mechanism.
On the 12th of March 2018, The Utemis platform announced in a press release its integration partnership with the Bancor Network. A partnership which will see to the trading of the Utemis token – UTS on the platform. The Utemis token will be made available for trade on the Bancor Network starting from the 1st of May 2018. Some of the benefits the Utemis platform stands to gain from this integration include;
- Continuous liquidity
Users will be able to convert the UTS token to any integrated token on the network at any time irrespective of buyers and sellers, exchange listings or trade volume.
- No counterparty risk
The Bancor Network, using the smart contracts protocol will serve as an intermediary between buyers and sellers of the UTS token, no initial deposit or exchanges required.
- No registration
All transactions involving the UTS token will be made directly from the user’s web3 wallet.
- Integrated tokens
Bancor has over 50 integrated tokens on the network including Eos (EOS), Lead coin (LDC), Gnosis (GNO), Tron (TRX) and Bancor Network Token (BNT). BNT Smart Token is the native hub token that connects every token in the network so that they can be easily converted to one another.
The integration of the Utemis token in the Bancor network is just the first step in the expansion plan of the platform. According to the CEO and co-founder of UTEMIS Juan Pablo Vazquez, there are plans underway to appreciate the price value of the UTEMIS token and the partnership with Bancor is just one of the steps towards realizing that goal. For more information on the Bancor network, visit the website here. For regular updates on the Utemis platform, their ongoing ICO and new partnerships, visit the website here. For a more in-depth explanation of the Bancor and Utemis partnership, interested individuals can get more information about that here.