After being acquired by the MultiversX, UTK was deployed on the MultiversX network as an ESDT token. The MultiversX network is secured by the secure proof-of-stake (SPoS) consensus mechanism. All nodes need to stake EGLD in order to secure the network and act as validators.

The maximum supply of UTK is 500 million, all of which are in circulation.

By combining the strengths of cryptocurrencies and traditional fiat currencies, a Unified Crypto-Fiat Payment Network has the potential to reimagine the way we transact and bridge the gap between the existing financial systems. With a deep understanding of individuals and businesses’ diverse needs, we have developed proven solutions widely embraced by millions of people around the world. Available solutions at the moment are: xMoney Crypto Pay – Accept crypto payments for your business. Seamlessly - Make or collect fast and affordable cross-border payments effortlessly, regardless of your location. Our platform empowers individuals and businesses, providing a seamless and affordable cross-border payments without relying on traditional banks. Cryptocurrency users tend to make use of more than one wallet and exchange for managing their crypto assets. xMoney aims to reduce this complexity by introducing its own native wallet that allows users to make fast and secure transactions. This mobile wallet supports both on- and off-chain payments. Furthermore, it allows users to convert cryptocurrencies to [fiat](https://coinmarketcap.com/alexandria/glossary/fiat) to help offset price volatility.

Nuno Correia is a co-founder of xMoney (formerly known as Utrust) and a chairman of its board of directors. Correia has worked in the cryptocurrency industry since 2011, having founded various B2C businesses. He has a background in marketing and law. Roberto Machado is a co-founder, board member and CPO of xMoney (formerly known as Utrust) . Prior to xMoney, Machado has worked with international companies, such as Uphold, AT&T and Airtel. Filipe Castro is a co-founder, board member and CCO of xMoney. Castro has a computer science degree from the University of Porto. Before xMoney, he was involved in developing software-related solutions.

xMoney (formerly known as Utrust) was designed to provide a solution to the problems resulting in low usability of cryptocurrency as means of [payment](https://coinmarketcap.com/alexandria/article/the-role-of-crypto-in-cross-border-payments-the-ultimate-comparison), particularly the underdeveloped transactional security of payment platforms and relatively high fees. The main goal of the platform is to build a system that will enable fast and seamless crypto transactions at lower fees, therefore allowing merchants to reach a large audience of crypto holders. The platform allows buyers to make secure purchases while also offering an option for refunds and protecting sellers from the high volatility of the crypto market. The main goal of the platform is to build a system that will enable fast and seamless crypto and fiat transactions at lower fees, therefore allowing merchants to reach a large audience of crypto holders. The platform allows buyers to make secure purchases while also offering an option for refunds and protecting sellers from the high volatility of the crypto market. xMoney also aims to create a more reliable payments platform by combining the best features of blockchain and traditional fiat systems. By leveraging cutting-edge technology and a strategic partnership with MultiversX, xMoney empowers individuals and businesses to optimize their payment processes, drive growth, and deliver exceptional experiences to their customers. With its commitment to innovation and excellence, xMoney continues to lead the way in transforming the financial industry. xMoney (UTK) native token and its tokenomics UTK 3.0 primary purpose is to drive desired behaviors, such as accepting crypto and fiat for businesses and facilitating payments with the same for users. This encourages more companies to join the ecosystem, creating a flywheel effect that benefits buyers, users, investors, token holders, and businesses. The adoption of decentralized financial tools and currencies is further fostered through this collaborative approach.