Plutus Roadmap | 2022 (Improvements)
The Vision
“Liberate everyone with a rewarding and accessible financial system.”
New Payments & Card Provider
We want to provide our customers with a service that is better than a bank!
Scaling Plutus with additional bank-like features is necessary for mass-market adoption and, after the recent influx of new customers, this requirement is now more apparent than ever.
Our management team at Plutus has spent this quarter gathering data on customer pain points and establishing new and improved partnerships with payment and card providers to overcome those challenges.
Whilst the details of the partnerships are reserved to be revealed at the upcoming Plutus Community Event on the 6th July, it will enable us to develop the following features:
- Virtual cards
- SEPA — instant top-ups 24/7
- Send money directly to others
- Receive money directly from others (e.g. salary)
- Current account and card balances combined into one
- Direct debits
- Standing orders
- International expansion
Plutus will provide a whole suite of innovative bank-like features combined with an industry-leading non-custodial rewards programme.
As transitioning infrastructures is a complex process, existing customers in the United Kingdom and European Economic Area will be transitioned in batches onto the new service and card across 2023.
Updated Roadmap
The above additions strengthen the foundations of Plutus and enable us to be your single dependable and highly-rewarding bank card.
Henceforth, the release of NFTs and Pool & Earn will be moved from our planned release this year into 2023 and beyond to accommodate the development of new bank-like features. The new and improved roadmap delivers a more critical product suite that we know are in-demand and will excite the wider mass market.
Roadmap Highlights
Polygon Layer-2 Solution
As of 27th July, Plutus has officially confirmed its partnership with Polygon, the most widely used Ethereum scaling solution. The agreement includes both co-development and co-marketing opportunities. The implementation of this will now go live in Q3 2022.
DEX on Mobile (EEA)
The DEX will be re-enabled for EEA customers on mobile with a new and improved UX, allowing you to swap your crypto and fiat on the go.
Website Improvements
The Plutus website will undergo a refresh that better delivers our unique product offering and streamlines the website’s user experience.
Web App Improvements
This includes better aligning of features across the web and mobile applications, including rewards, perks, onboarding, and more.
Mobile App Improvements
This will be a major overhaul to the fiat side of the application and includes an improved view of your transaction history and limits, as well as a more detailed breakdown of your spending habits and rewards.
International Expansion (Upcoming Announcement)
This is a major announcement that will be unveiled on the 6th July 2022. Those attending our Plutus Community Event in London will be the first to receive the news.
Additional Nice-to-Have Features
Utility-based NFTs will be rewarded to those on different Reward tiers — they will each come packed with their own reward.
Pool & Earn is an opportunity for users to earn additional rewards for providing liquidity support on the PlutusDEX.
Towards the end of the year, Plutus plans to release the highly-demanded Metal Cards as well as Business accounts. These additions will enable higher spending and rewards, as well as the ability to issue multiple cards under a single account.
FAQ
Why has Plutus’ Roadmap pivoted?
The new service provider opportunity enables us to deliver more critical features that better achieve the company, and our customers’, vision. Whilst the prior roadmap edition included nice-to-have features, the new roadmap edition offers a more powerful and scalable product suite which we know the mass market requires. User feedback has also played a crucial role in the decision-making process.
Our focus is placed on high-value bank-like features that create a bigger impact on the long-term success of the business, as well as improving our customers’ overall experience.
Is there other development going on outside of Roadmap?
Absolutely, we are continually iterating the product to improve the functionalities and user experience. The above Roadmap covers the key milestone that are most exciting for our readers, but there will be many additional releases along the way including new partners, Perks, and cards returning in stock (Q3).
What happened to the Wallet Extension and BTC release?
The Plutus Wallet Extension was originally conceived as a solution to the lack of support for non-ERC20 tokens. As the industry continues to rapidly evolve, the need for a custom-built Plutus Wallet has diminished — there is now an array of publicly accessible wallets (e.g. Trust Wallet) that supports multiple networks.
Plutus relies on a blockchain’s speed and low costs to provide its peer-to-peer and non-custodial on/off ramps for crypto and fiat. Therefore, we have decided not to add Bitcoin due to its tech’s many incapabilities and the negative user experience (e.g. +1hr card top-ups).
When will the PlutusDEX become available for UK residents?
A firm timeline depends on external processes which are outside of Plutus’ control. Plutus has submitted its application and this is already several months into the review process, however, current FCA processing times for 5AMLD applications can range from 6–9 months.
Whilst a concrete date is not confirmed, the Layer-2 solution scheduled for Q3 will allow UK customers to withdraw, transfer, and/or swap PLU externally for just a few cents.
How will the transition process work?
Users will be transferred onto the new service and card provider in batches without experiencing any downtime. Customers will be informed in advance via multiple channels as to how this will work.
How are the timelines estimated?
The timelines provided are based on the time required to complete necessary compliance procedures for third-party integrations and internal development capacity. As Plutus continues to scale, these are likely to improve.
We are currently filling several positions so, if you want to join our team, apply below.
How can I stay up-to-date with Plutus?
Follow us across one of various social channels to stay up-to-date on the latest ongoings at Plutus. We share news in our community channels first.
