Plutus Weekly Report — September 11th 2018
Welcome to another installment of our Weekly Report after the live BETA launch. Pluton (PLU) is flowing through our app, orders are matching, and the first bank deposits and withdrawals are being made.
This is the week where all preparations are being met for the launch of BTC and ETH on both the PlutusDEX and Plutus Tap & Pay. This means that in the next few weeks, you will be able to swiftly buy and sell all of your favorite cryptocurrencies: Pluton, Bitcoin, and Ethereum.
Need to get from PLU to your bank account? Charge your balance on Plutus Tap & Pay, and instantly withdraw to your account of choice.
Want to buy PLU? Use the PlutusDEX to place a buy order using EUR or GBP. Your coins will not be stored on any exchange or centralised server. Instead, they will travel directly to your Ethereum address.
Bitcoin (BTC) and Ethereum (ETH) support is currently being tested and is nearly ready to be unlocked in the coming weeks. Stay tuned.
Currently we are in the process of revamping and redesigning our flows to minimise the amount of clicks and time it takes to get from crypto to fiat. Please note that this will include significant changes to the UI and UX of the entire app.
Our goal is to make navigation seamless. Among other things, this will depend on how our app is actively being used.
Any questions or suggestions on this topic are welcome in our Telegram channel: http://t.me/plutus_group
What is the strategy regarding exchanges, and how much is the exchange listing budget？
Due to tier 1 exchanges asking for $3–8 million to list, we feel this budget is better spent on our product and external promotion, as this will drive a greater brand proposition that is not based on external exchanges.
Several large exchanges are eager to see the complete version of features on the Plutus platform before listing. However, we are confident that we will be able to ramp up token awareness when we are close to a full release of our service offering.
How do you plan to mitigate card issuer risk?
When choosing a new card supplier, we complete both due diligence and our own internal compliance process, which inspects the organisation’s structures and licensing. We also make sure that all of our partners are open to crypto, and the presence of other successful crypto projects in their portfolio is additionally reassuring.
Who’s in charge of marketing and what is the current approach to name recognition?
Our large-scale marketing campaign itself is managed by our head of marketing, our agency, and our executive team.
Over the last 6 months, we have seen a huge increase in traffic to our site and subscribers, this is due to creating strong press coverage, which has helped elevate our brand to a global audience.
We have sponsored and been invited to leading conferences globally and we will be featuring on many more discussion panels over the next six months. Our digital coverage has been working well with ads appearing across the crypto space and social platforms.
Over the coming months we will be ramping up content, articles, as well as social campaigns.
When will the rebate model be published?
PLU rebates are being implemented as we speak. Meanwhile, please see the Pluton calculator for more information: https://plutus.it/pluton-calculator or refer to our Yellow Paper on our homepage.
How is Plutus being managed?
Our CEO Danial is working closely with our technical team to oversee every step of development, making sure that the overall product resolves all customer pain points and provides exceptional service to match his initial customer vision of Plutus.
Does Plutus work on iOS?
Yes, Tap & Pay is up and running in the Apple Store for early access testing.
How many users does the BETA have now and how many on the waiting list?
The BETA users consist of you, the core community of Plutus, who we trust to give us feedback in order to improve the U/X. When we have taken your (and our team’s) amendments into account, we will move to organically grow the number of Plutus members.
Is Plutus the only decentralised cash-out product out there in the crypto space? In other words: Do all the other card services hold the balances of their customers in a centralized way ?
That we know of, yes. We were one of the first decentralised platforms to launch overall, and we remain unique in this specific category.
Which banks are supported by Plutus?
You can withdraw fiat to any EU bank which supports SEPA.
Will Plutus be available in Russia?
At the moment, no. In the future we hope to be able to expand our services globally.
Do you plan to release cards in other currencies?
Yes. However, please keep in mind that releasing cryptocurrency cards is a challenging process that requires overcoming lots of red tape and regulatory hurdles, often individually for each country. We hope to be able to support USD next
When will there be an updated roadmap?
Once our initial features are well-tested and the rebate system is implemented into the app.
Is it possible to get a corporate card, or are cards available only to human “persons”? I have a crypto-oriented business and would love to set this up as my autopay mechanism for servers and other online stuff.
Unfortunately, at the moment we only offer B2C cards. Our philosophy at Plutus is to let individuals use cryptocurrencies for travel, online shopping, and their daily spending. However, corporate cards are on the roadmap for 2019.
Can PLU be considered a security?
No. We do not promise any returns, and Pluton are equivalent to shopping-related loyalty points. In this manner they are similar to air miles, for example.
When will the rebate functionality be implemented?
Our tech team has designated this as their next priority.
When will PlutusDEX be listed on CMC?
Once BTC and ETH are activated, we will reach out.
Who are the new marketing hires?
Our new hires are marketing interns who are looking to get initial experience in the field. They are going to be assisting us with social media and supplemental content, such as external articles and introductory guides to overall cryptocurrency and payments topics.
Please note that this is entirely separate from, and does not include, community support duties and Telegram. The goal is to get the ball rolling on additional backlinks for Plutus, and spread the word about Bitcoin, cryptocurrencies, and future payment methods.
The first step to using decentralised money isn’t downloading an app, it’s understanding why you benefit from it.
Where are the Twitter ads?
We had launched our social campaigns, but have decided to pause activity until after our six-week BETA test as we have limitations on transaction volumes. Essentially, we are holding off on promoting to new users until we are able to action all sizes and volumes of transactions.
What will you be promoting while the cards are not here yet?
Fast and convenient Crypto to Bank and Bank to Crypto conversions.
To us, converting your cryptocurrencies directly from your private wallet into a bank balance within minutes is a big deal. No need to ‘deposit’ on an exchange, or wait days for it to clear. Say what you will, but we think that’s pretty convenient.
Once our cards and Tap & Pay are released, there will be new features in the pipeline.
In the past, Plutus attended conferences like FinTech and Consensus. Will Plutus attend more of those in the (near) future?
Yes. However, these conferences are primarily for hiring and strategic partnerships, which we already have in place. Since we wish to address the B2C market, we don’t believe that the cost-benefit ratio would be justifiable at the present moment. Exceptions include local events, events by invitation, major Plutus announcements, and so on. Once we are more focused on international expansion, we will make sure to attend all of the high-visibility crypto and fintech events.
We have been working on several updates for our mobile app to improve user flow and experience.
- Preparing for a major update of our infrastructure for scalability.
- Initiated the process of the integration with our new card provider.
- Working on a new version of real-time updates for Plutus Tap & Pay and the PlutusDEX