Important Note: DEX functionality is currently disabled for UK customers. Read more about the changes [here].
Having been founded in 2015, Plutus is one of the longer-standing crypto companies and the creator of the, now popular, decentralised loyalty rewards concept. Plutus is a personal finance application that creates a bridge between crypto and neo-banking.
Plutus is currently available in the UK and Europe (EEA regions) but we are aiming to expand to Asia and Latin America next year. Plutus members can:
- Manage their fiat and crypto from a single app
- Swap fiat and crypto securely via a decentralised exchange
- Spend with a Visa debit card (loaded with fiat or converted crypto)
- Earn cash and crypto rewards back in the process
Plutus combines a current account, a non-custodial wallet, a peer-to-peer exchange, and a Visa Debit Card; all under one user-friendly app. These features combined enable various use-cases.
UK Sort Code/Account or European IBAN
Plutus is available to the UK and EEA region countries. Upon opening an account, users will receive either a UK Sort Code & Account Number (GBP), or a European IBAN (EUR).
Plutus has made it possible for users to attach their personal cryptocurrency wallets (such as MetaMask and others) to their regular fiat account and debit card, whilst retaining sole possession of the private keys. Plutus at no point has access to the crypto, meaning in the unlikely event of Plutus experiencing a hack, corruption or downtime, the users’ crypto assets remain safe and accessible outside of the app.
Decentralised Exchange (DEX)
Plutus has integrated a custom-built decentralised exchange into the application that allows you to swap between crypto and fiat. Most DEX’s on the market are crypto-crypto, so this is a rare feature.
Plutus has made it easy for users to utilise their cryptocurrencies for everyday purchases. By linking a decentralised exchange to a debit card, users can load their debit card with balance converted from cryptocurrencies and spend at over 60 million merchants around the world, both online and in-store.
Every time a user spends with their Plutus Card, they will receive up to 3% of the purchase back in Pluton (PLU), the world’s first decentralised loyalty token. PLU performs in a similar way to traditional loyalty points except with many other added benefits.
WHAT ARE PLUTON?
Pluton can be converted into additional card balance, or staked for additional benefits.
- Swap into Additional Card Balance
Earned or purchased PLU can be instantly swapped (at 0% fee) for fiat that is spendable in-store or online.
- Transferred without Restrictions
Unlike traditional reward tokens, PLU can be sent to friends and family to be used for their in-app benefits.
- Staked for Additional Benefits
PLU can be staked to unlock Plutus Perks which includes both cashback and crypto rewards as high as 15% with others added bonus Perks.
WHAT IS PLUTUS PERKS?
Pluton Rewards is a feature that offers Premium/Pro members 3% in crypto (PLU) as standard on any Plutus Card purchase made at the 60+ million stores at which the Visa card works (both online and in-store). No staking is required to unlock this 3% Pluton Reward.
Plutus Perks is a separate feature that offers additional rewards to those who stake PLU on top of the usual 3% in crypto, this only applies to selected online retailers.
Brands at which you can earn up to 15% in rewards include Apple, Amazon, Sky, Nike, and more. Plutus Perks also includes benefits such as a free Pro account, bonus crypto when purchased on the PlutusDEX, increased Pluton Rewards (5%), and numerous others.
Level 5 users (highest staking level requiring 4,000 PLU) can enjoy increased Pluton Rewards as high as 5% for all Plutus Card purchases.
Example: Users who stake 600 PLU can enjoy 10% crypto rewards (PLU) on all Amazon purchases.
Total Supply: 20,000,000
Circulating Supply: 1,850,000
Plutus has intentionally kept the circulating supply low to create a rare token with high utility.
Pluton Rewards Pool: 18,150,000
The majority of the tokens are locked away to be awarded to users of the Plutus Card (the 3% reward comes from this).
Note: Plutus holds a small portion of the circulating supply in the Plutus Development Fund viewable on the blockchain.
Plutus offers three different account types: Starter (Free), Premium (£/€9.99) & Pro (£/€16.99).
Members on the Premium/Pro earn 3% in Pluton Rewards on every single debit card purchase. They also enjoy other benefits such as 0% fees on crypto-fiat swaps and generous limits.
Pluton Liquidity Injection Programme (PLIP)
Plutus recently embarked on a programme aimed at increasing accessibility to the Plutus app and its native reward token Pluton (PLU). Since November, PLU has been listed on numerous well-known exchanges (Bitfinex, BitMax, KuCoin, etc.) and there are plans to list PLU on numerous other top tier services.
2021 - Launching in Asia
2021 - Launching in Latin America
2022 – Banking License
UNIQUE SELLING POINTS (USP)
The market is becoming increasingly saturated with cards, but Plutus is distinctly different and carries many unique features that make it a market leader in terms of innovation.
Plutus is entirely non-custodial on the crypto side. Plutus is potentially the only company that lets you attach any personal crypto wallet to your card and account, and it is also one of the only companies that uses a decentralised exchange to facilitate the conversion process prior to spending.
The PlutusDEX is also a rare feature; a peer-to-peer crypto-fiat exchange on mobile is a significant step for the industry. Users never have to trust a 3rd party with their crypto which reduces the risk of fraud/corruption/hacking - this is a strong feature given over $4 billion was lost to crypto related crimes in 2019.
Plutus offers one of the highest reward rates, available to all Premium/Pro users as standard. The rewards are not blocked behind staking requirements which makes them attainable to the average user. Plutus works on an affordable monthly subscription model and the majority of users earn significantly more than their subscription costs back in Pluton Rewards.
Fiat Banking Features
Plutus is dedicated to obtaining a banking license in order to offer all of the latest neo-banking features. Plutus is already one of the only cards with a true fiat on/off-ramp and is continually adding to the wide range of features.
There are a lot of requirements to achieve such a license such as profitability/longevity/compliance and the low CAC and strong business model puts Plutus in a good position to obtain it. Plutus is on track to become the first non-custodial crypto bank.
The Team & Product
The team has accomplished a phenomenal amount off a very lean budget. The volume and complexity of the code written from such a modest budget, in comparison to VC funded FinTech’s or ICO projects, is very high. Plutus has prioritised development of a real product which is key to creating a business with long-term viability. Instead of over-allocate to marketing budgets and hype, Plutus has built an efficient and scalable product ready for the masses.
If you would like to read the original concept of a decentralised loyalty rewards token from 2015, and the nitty-gritty technical aspects of the Plutus app, take a read of the whitepaper.
To understand the tokenomics and longevity of the Pluton token, take a read of the yellowpaper.
For a complete breakdown of all the benefits and brands within Plutus Perks, visit the HelpDesk article here.