Exchange Listing PLU — Bitfinex
Tags: Bitcoin, Exchange, Announcements, Cryptocurrency, Fintech

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

View Plans

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.