In September 2020, we announced a token awareness campaign aimed at increasing accessibility of the Pluton (PLU) token to be used in-app for numerous unique and rewarding features:
- Earn as a reward for everyday shopping
- Convert into spendable card balance without fees
- Stake to unlock additional rewards
- Redeem for a Premium subscription worth £/€9.99
- Transferable to friends to use on the app
- Low circulating supply & deflationary token model as app demand rises
New Exchange Listing — Bitfinex
Time
02 Dec 2020, 12:00 GMT
Activity
Listing
Pairs
USD/PLU
What is Plutus?
Plutus provides an easy alternative to modern banking with access to cryptocurrencies.
The finance app allows consumers to create a UK account or a European IBAN to manage fiat, and connect any non-custodial wallet to manage crypto whilst maintaining sole ownership of the private keys.
An in-app decentralised exchange allows users to swap between both asset types without having to trust a 3rd party.
A rewarding Visa Debit Card allows users to spend both fiat or converted crypto at over 60m merchants worldwide. Every time a user spends with their Plutus Card, they earn 3% back in crypto (PLU) as standard without having to stake anything, however; staking PLU unlocks additional bonuses and rewards (up to 15%) at selected household brand names such as Amazon, Apple, Sky, Nike, and more.
Having built a product with tens of thousands of users, Plutus is now seeking to expand to Asia and Latin America in 2021, as well as obtain a banking license in 2022.
Plutus Positioning
Growing Crypto Industry
According to a 2020 InfoSys report, the global cryptocurrency market is expected to grow at 6.2% annually until 2024 to reach a total of $1.4B. With the growth of the market, debit cards for crypto enthusiasts could play a strong role in reaching mainstream adoption.
Rewards Favourable Amongst Wider Public
In a recent, comprehensive primary research study by the Deloitte Center for Financial Services (DCFS) on pricing innovation in banking, 80% of respondents said that they were much more likely to choose a solution that offered them rewards. Plutus is currently pursuing a banking license which would secure its position as the first non-custodial crypto bank, and was among the first to introduce a full crypto-based rewards system that incentivises the use of a physical debit card for shopping with crypto.
New Interest in Decentralised Applications
In Q3, the monthly average DEX trading volumes (of top ten DEXs) grew by 197%. Plutus was one of the first to introduce a crypto-fiat DEX, something that is still very uncommon (the majority are crypto-crypto), and this combined with a non-custodial wallet offers some strong USP’s in trending areas.
Plutus has seen 157.2% growth in new card accounts opened quarter-over-quarter this year alone. It has also converted over 34% of its customer base from free to paying customers due to its highly demanded features, the industry-standard sits at 2–5%. This makes it a projected competitor to the likes of booming neo-banking applications.
