XMoney

What is the token?

xMoney (UTK) is a cryptocurrency that serves as a unified gateway to the future of payments, offering both crypto-enabled and fiat-ready solutions. It is powered by MultiversX and aims to provide a comprehensive digital payments network for all things money. xMoney facilitates seamless and affordable cross-border payments without the need for traditional banks, allowing businesses to accept crypto and fiat payments easily.

xMoney offers a comprehensive suite of tools for payment processing, invoicing, and API integration to meet the needs of individuals, businesses, and merchants. Its infrastructure aims to lower transaction fees, enhance financial security, and promote business growth within its ecosystem, featuring a quorum-based wallet, AI avatars, NFT ecosystem, launchpad, chat feature, and an educational center.

Tokenomics

• It was introduced in 2017 as an ERC20 token on the Ethereum blockchain.

• The predetermined maximum supply of 1 billion UTK tokens.

• UTK 3.0 tokenomics update to benefit all ecosystem players.

• Integration into the MultiversX ecosystem for better technology and features.

• Rewards are in the form of UTK cashback and stake rewards.

• Guilds as a mechanism for growth and utility expansion.

• The total xMoney (UTK) token supply is capped at 500,000,000 UTK.

Market Data

As of today #{today’s date}, the price of XMoney is ₹3.89 INR or 0.04449 USD, with a 24-hour trading volume of 12434297.32 USD. The market capitalisation for XMoney is 31297167.87USD. The circulating supply is 704112145 XMoney, with the total supply also being 704112145 XMoney.

Token Pros and Cons

Pros:

• It offers a unified platform for crypto and fiat transactions, enhancing convenience for users.

• Empowers businesses with tools for payment processing, invoicing, and API integration.

• Provides rewards and incentives such as cashback and staking rewards to encourage ecosystem participation.

• Backed by MultiversX, which offers advanced blockchain technology and features.

• Supports cross-border payments, reducing reliance on traditional banking systems.

Cons:

• As with any cryptocurrency, there is a risk of market volatility affecting the value of UTK tokens.

• The success of xMoney depends on widespread adoption and integration by merchants and businesses.

• Regulatory changes in the cryptocurrency landscape could impact the operation and growth of xMoney.

• The platform’s reliance on technological infrastructure means that any technical issues could disrupt services.

• Competition from other payment platforms and cryptocurrencies could affect xMoney's market position.

Why Should You Invest in the coin?

• xMoney’s integration with MultiversX provides a technologically advanced and secure blockchain network.

• The platform’s comprehensive set of payment tools offers a one-stop solution for businesses and individuals.

• The tokenomics of UTK incentivizes holding and using the token within the ecosystem, potentially increasing its value.

• xMoney’s focus on reducing transaction costs and improving financial security aligns with the broader trend toward digital payments.

• The platform’s ability to handle crypto and fiat transactions positions it well in a market increasingly looking for versatile payment solutions.

USP of the coin

• xMoney’s seamless integration of crypto and fiat payments sets it apart from traditional payment processors.

• The platform’s backing by MultiversX provides a robust and decentralized blockchain network, enhancing security and scalability.

• xMoney’s ecosystem offers additional features such as a quorum-based wallet, AI avatars, and an NFT ecosystem, providing comprehensive services beyond payments.

Problem the coin is solving

xMoney addresses the need for a unified payment solution that can handle cryptocurrency and fiat currency, simplifying cross-border transactions and reducing reliance on traditional banking systems. It aims to democratize payments and decentralize finance by providing a fully compliant, user-friendly platform, and offers competitive rates for fiat transactions.

Founder and team background

The founders of xMoney (formerly known as Utrust, UTK) include Nuno Correia, a co-founder and chairman of its board, with a background in marketing and law. Roberto Machado, another co-founder, is a board member and CPO, bringing experience from his work with international companies. Filipe Castro, also a co-founder and a board member, holds a degree in computer science and has experience in software solution development.

ICO Price

• The ICO price of xMoney (UTK) was set at $0.07 USD per token. The fundraising event successfully raised $21,000,000 USD by selling 300,000,000 xMoney tokens. This ICO took place from November 02, 2017, to November 20, 2017.

• During its ICO, xMoney (UTK) offered 300,000,000 tokens, constituting a significant portion of its total supply. The event aimed to fund the development and expansion of their platform, emphasizing a solution to enhance cryptocurrency usability in payments. This strategic distribution sought to foster growth and adoption within the crypto and DeFi ecosystems.

Risks Associated in Investing in the Coin

• Market volatility can significantly affect the value of UTK tokens.

• Regulatory risks could impact the operation and adoption of xMoney.

• Technological risks associated with blockchain and payment platforms.

• Competition from other payment solutions and cryptocurrencies.

• Dependence on the adoption rate by merchants and users for the platform’s success.

Whitepaper Insights

The xMoney (UTK) whitepaper outlines the vision and structure of a unified crypto-fiat payment network designed to revolutionize the digital payments landscape. The document details the integration of xMoney into the MultiversX ecosystem, which is expected to enhance the technology, product offerings, and community engagement. Here are the key points from the whitepaper:

• xMoney’s Goal

• : xMoney aims to create a new digital payment network that combines the benefits of both cryptocurrency and fiat payments, providing a comprehensive and convenient payment solution for people, businesses, and merchants.

• Token Supply

• : The total supply of UTK tokens is capped at 1 billion, as initially planned in the 2017 whitepaper. The tokenomics are designed to incentivize growth and align the interests of all ecosystem participants.

• Tokenomics Update

• : An update to UTK’s tokenomics will benefit the ecosystem by leveraging xMoney’s expansion within the MultiversX ecosystem. This includes rewards in the form of UTK cashback and staking rewards, as well as the introduction of Guilds, which serve as a growth catalyst and utility expansion mechanism.

• Product Modules and Roadmap

• : xMoney has unified its services under one umbrella and offers a suite of products, including a versatile invoicing tool with QR codes for easy crypto payments and a tool for onramping fiat to crypto.

• Community and Ecosystem Growth

• : The whitepaper emphasizes the importance of community involvement and outlines steps for users to contribute to the growth of xMoney and the MultiversX Ecosystem.

• Rewards and Incentives

• : Users can earn UTK cashback through the xPortal app and by staking UTK in Guilds. Guild Masters are provided with tools to create loyalty programs, cashback programs, and other incentives.

• Payment Infrastructure

• : xMoney transcends traditional payment processors by offering a payment infrastructure powered by MultiversX technology, supplemented by the xPortal Super App and xCard.

• Conclusions

• : The whitepaper concludes by inviting users to be an active part of xMoney’s growth, providing feedback, and participating in community discussions.

The whitepaper presents xMoney as a significant step towards bridging the gap between cryptocurrency and fiat currency, aiming to provide a swift, secure, and convenient payment network that is universally accessible. It also highlights the importance of community involvement in the platform’s continued growth and the strategic partnership with MultiversX to drive innovation in the financial industry.