Utu Trust, a Kenyan-based company building a trust...

Utu Trust, a Kenyan-based company building a trust infrastructure which recently launched the Utu Trust Token and the UTU Coin, has successfully completed its private token sale, and the crowdsale soon thereafter.

According to the CEO of Utu, Jason Eisen:

“That was incredible! We are already sold out. It was like a couple of minutes and we’re done. Now onward and upward!”

Following the successful crowdsale, the Utu Coin (UTU) will now be listed on UniSwap Protocol starting from October 16, 2020.

SEE ALSO: Kenyan-based Decentralized Artificial Intelligence Platform, UTU, Launches a Token Sale

Here is the difference between the two tokens by Utu:

• UTU Trust Token (UTT) – non-buyable token which represents (good) participation in the system. UTT measures the positive participation in the system. As a result, it is not buyable, but can only be earned. It is the heart of the protocol
• UTU Coin (UTU) – an ERC20 token on Ethereum (for now, later migratable / swappable to/from other chains) which is publicly available for sale. UTU will be required for consuming the services on the UTU platform. The token enables the monetary aspects of the system

NB: UTT can be converted to UTU Coin (to a limited extent) via an auction mechanism, but not vice-versa, to help incentivize people to earn UTT

The UTU Coin can be staked for taking part in governance, but more importantly, the UTT can be staked on service provider endorsements, to earn more UTT when these lead to successful recommendations by users.

UTU has team members around the world with heavy concentrations in Kenya and Nigeria as well as USA, UK, Germany, and Switzerland.

Utu has so far gotten strong backing from major investors that include:

• SoftBank Group’s DEEPCORE
• Zeroth AI
• Aeternity
• Animoca Brands
• Kenetic
• Genesis Block HK
• One Block
• DuckDAO
• MoonRock
• Brilliance Ventures
• Elrond

Currently, users can experience some of UTU’s innovative products and use cases embedded on apps like MARAMOJA (mobility) and JamboRow (P2P lending) across the African market.

It's very interesting to know Zeroth AI, AB and DEEPCORE are investing in the African market.