UTIX takes on Ticketmaster after receiving designation as a Virtual Financial Asset (VFA)
Blockchain ticketing company achieves VFA status by Malta Regulator, with help of Grant Thornton
UTIX, a Malta-based blockchain ticketing company, is set to revolutionise the e-ticketing industry by addressing the persistent issues of fraud, counterfeit tickets, and ticket scalping. With its recent designation as a Virtual Financial Asset (VFA) by the Malta Regulator and the successful registration of its whitepaper with the Malta Financial Services Authority (MFSA), UTIX is poised to challenge industry giants like Ticketmaster.
The UTIX Platform is an online, blockchain-based event hosting and e-ticketing platform that utilises smart contracts to reduce market inefficiencies and provide event organisers with variables they conventionally would not be able to control.
Users and event organisers can buy or sell tickets through cryptographic signatures stored on a blockchain that cannot be altered or destroyed, removing the requirement of centralised servers, over-reliance on costly third parties and other negative externalities that arise through an unregulated free market mechanism.
Headquartered in London, this designation paves the way for the UK-based company to expand and address the persistent ticketing issues faced by UK consumers. In an economy grappling with soaring inflation, UTIX aims to alleviate the financial burden on consumers by offering more affordable ticketing solutions. Furthermore, the company’s growth in the UK market will stimulate job creation, ultimately benefiting the local economy and reinforcing the city’s reputation as a hub for innovative technology ventures.
Thanks to a user-friendly interface, an event organiser/user will have all the functionality of a blockchain, without the added complexities typically involved. By utilising smart contracts, the UTIX platform can reduce complication, cost, and minimise the threat of fraud.
The ticketing market is broken, UTIX integrates blockchain functionality to reduce negative externalities that currently existing within the fractured system, leading to an inexpensive, elegant solution for event organisers and consumers.
“UTIX is determined to reshape the e-ticketing landscape by addressing the major pain points that have plagued the industry for decades,” says Mihkel Tali, Head of Development at UTIX. “Our user-friendly platform ensures a seamless experience for both event organizers and consumers, while providing an elegant, cost-effective, and fraud-resistant solution.”
“UTIX had the foresight to predict a market shift to a mature, regulated cryptocurrency environment and the rare determination to build their part of it,” said Jessica Born of Grant Thornton Malta.
With the regulatory support of Grant Thornton, UTIX is prepared to launch its initial offering (IVFAO) within Malta’s regulated framework. The collaboration with Grant Thornton, a leading provider of regulatory, governance, and tax consultancy services, has enabled UTIX to maintain compliance with regulatory and AML/CFT requirements, ensuring a solid foundation for the company’s future growth.
For more information, visit www.utix.io
