The team can proudly announce that Alphabit, a prominent digital asset fund, has inked a deal to acquire a further stake in the Pluton (PLU) token, with a combined holding that will surpass $5 million worth of PLU.
Benefits for Plutus
The derived funds will fuel the international growth of our DeFi app and accompanying Visa Debit Card. The higher budget dedicated to product development and acquisition will bring more features to market, and attract a wider audience to start using our services. This, in tandem, will increase awareness of our native token and usage on the Plutus platform.
The news puts Plutus in a position stronger-than-ever for tackling new geographical regions and strengthening the Pluton token ecosystem. Plutus has also implemented lock-up measures to ensure fair distribution of tokens to, and by, Alphabit in order to maintain its low circulation and the decentralised integrity of the PLU Rewards programme.
Reasons Alphabit Chose Pluton
One of the core driving forces that led to an agreement from Alphabit was the array of pre-existing use-cases attached to PLU combined with the upcoming product roadmap.
Over the coming months, Plutus will be launching the Plutus Wallet, a Meta-Mask-esque browser extension that allows you to manage both your Ethereum and Bitcoin in one place. This new product release has been custom-built so that BTC can be supported on the PlutusDEX and this has positive side-effects, not only for the Plutus community and its token holders, but for the industry as a whole.
Alongside the recent ATH’s the market is experiencing, we believe this is a major milestone for Bitcoin, as the Plutus Wallet will be the first-ever BTC browser extension that users can connect to compatible DeFi apps such as the PlutusDEX.
Users will be able to earn up to 5% Pluton Rewards every time they convert and spend Bitcoin, the largest cryptocurrency in the world, at a Visa-enabled merchant. This greatly increases the potential market size for Plutus and the usage of our accompanying token.
Commentary
Alphabit CEO, Liam Robertson, commented on the token acquisition:
“The strategic investment in Pluton comes on the heels of its native token, PLU, almost doubling its market cap in the last three months. With clear product-market fit, we have tremendous confidence that Plutus will be one of the key competitors in the race to own the retail crypto markets.”
Plutus CEO & Founder, Danial Daychopan, added:
“Some of the features we are releasing really are on the cusp of innovation, and because PLU is a utility token, the success of these features really strengthens our platform and ecosystem. Alphabit has been one of the first to recognise the potential and we couldn’t be more delighted to be working with them.”
[Update 01/01/ 2022]
Did Alphabit purchase all $5m worth of PLU?
Alphabit is a cryptocurrency and digital asset investment fund that committed to a $5m option trade of PLU back in 2021. Approximately 5% of the deal was exercised before both parties agreed not to fulfil the rest of the trade.
Since Plutus released its subscription model, the need for any external funding diminished. Dissolving the deal also avoided large stakeholders of PLU and a single risk point.
Plutus remains one of the few self-funded companies in the industry, continually building and growing since 2015!
More to Come…
The team has been working on some exciting opportunities behind-the-scenes so you can expect a flurry of announcements over the coming weeks. Follow us across our various social channels to stay up-to-date with the latest announcements.
Website: https://plutus.it/
Blog: https://medium.com/plutus
Twitter: https://twitter.com/plutus
Telegram: https://t.me/plutus_group
Discord: https://discord.com/invite/JRzs7YQ
Press Release: https://www.prnewswire.co.uk/news-releases/london-defi-payments-startup-plutus-raises-5m-from-alphabit-fund-862940307.html
