xMoney, previously known as Utrust, is a digital platform that aims to address the challenges hindering the widespread use of cryptocurrency as a payment method. It seeks to provide a system that facilitates swift and seamless crypto transactions at reduced fees, thereby expanding the reach of merchants to a broader audience of crypto holders. xMoney provides a purchasing environment for buyers, with an option for refunds, while aiming to protect sellers from the high volatility of the crypto market. The platform's primary objective is to combine the features of blockchain and traditional fiat systems to create a reliable payments platform. The native token of xMoney, UTK 3.0, is designed to encourage behaviors such as accepting crypto and fiat for businesses and facilitating payments for users.

xMoney operates by leveraging cutting-edge technology and strategic partnerships, such as with MultiversX, to optimize payment processes for individuals and businesses. The platform allows users to make purchases and offers an option for refunds, thereby aiming to protect sellers from the high volatility of the crypto market. xMoney also introduces its native wallet that supports both on- and off-chain payments, allowing users to make transactions. This wallet also enables users to convert cryptocurrencies to fiat to help offset price volatility.

xMoney offers a wide range of potential use cases, particularly for businesses and individuals seeking to optimize their payment processes. For businesses, xMoney provides a platform to accept crypto payments seamlessly, facilitating fast and affordable cross-border transactions. For individuals, xMoney provides an environment for making purchases and the ability to convert cryptocurrencies to fiat to mitigate price volatility. The platform also fosters the adoption of decentralized financial tools and currencies through its collaborative approach, thereby encouraging more companies to join the ecosystem.

xMoney was co-founded by Nuno Correia, Roberto Machado, and Filipe Castro. Correia, who has been involved in the cryptocurrency industry since 2011, serves as the chairman of the board of directors. Machado, with a background in working with international companies, is a board member and CPO, while Castro, a computer science graduate from the University of Porto, is a board member and CCO. The platform was initially known as Utrust before being rebranded as xMoney. After being acquired by MultiversX, UTK was deployed on the MultiversX network as an ESDT token, backed by the proof-of-stake (SPoS) consensus mechanism.