Non-custodial wallet and fiat DEX
Already has a user base
Low supply of tokens and steady and slow emission rate
Lower ranks are better
Fully functional application with a working product
Unique FinTech solution with a non-custodial approach
Visa debit card associated with the current account.
3% PLU reward + up to 15% in crypto rewards on selected merchants and affiliates
Competent team with a background in the field of FinTech
Existing user base
Non-custodial wallet and fiat DEX
Already has a user base
Low supply of tokens and steady and slow emission rate
Depends on regulation and external banking infrastructure
The platform in itself isn’t decentralized.
Penetrating the Asian market can be one of the project’s biggest opportunities.
Getting a banking license will increase the reputability and the legitimacy of the platform.
The biggest threat to the project could be the change in the regulatory requirements.
The next one would be losing the Visa partnership due to changing requirements.
Plutus is a FinTech that operates an application for facilitating transactions and payments both in fiat and crypto. It does so by enabling its users a wide range of benefits and additional tools. Some of the most important ones are its not custodial nature for crypto, as it lets users keep their crypto in their wallets, and having a virtual bank account info like a SWIFT and an IBAN (for Europe) and acc number/sort code for the UK.
Being built in this way, the application lets you manage all of your funds from one place and in addition, offers a VISA debit card for spending funds in stores and online with over 60 million merchants worldwide. One of the benefits of using the card is a 3% reward emitted upon payment in Pluton token and up to 15% crypto rewards at selected retailers. Pluton (PLU) is the platform’s native cryptocurrency and is an ERC20 token that acts as the world’s first decentralized loyalty token.
A built-in decentralized exchange enables exchange between fiat and crypto and offering a gateway to the decentralized economy. With a non-custodial wallet, crypto is converted Peer-to-Peer.
All of the crypto transactions are done in a decentralized manner as Plutus verifies crypto transactions between buyers and sellers on the blockchain without ever having to touch the users’ assets. Fiat currency is managed under the FCA guidelines that ensure funds are held in a segregated account to protect your deposits.
Plutus is built on top of the Ethereum blockchain. As a finance app with traditional banking features, it is not decentralized on the fiat side, however, it has taken an entirely non-custodial approach on the crypto front and includes a decentralized exchange too.
On the fiat side, Plutus utilizes similar tech to traditional neo-banks to ensure efficient transferring of money and seamless payments. The unique aspect of their tech is how they have integrated crypto into these legacy finance systems.
Users can interact with their crypto by connecting their MetaMask wallet on desktop, this allows users to manage their crypto without ever submitting their private keys or seed phrase.
On mobile, users have the option of connecting other wallet types by entering the seed phrase. By design, the seed phrase is immediately encrypted onto the physical device’s running memory rather than on any Plutus server which ensures it is safe and upholds the non-custodial ethos.
Buyers’ escrow fiat upon creating a buy order, and sellers’ send crypto directly from their personal wallet to the buyers’ wallet. Plutus uses a proprietary order tracking technology that allows them to monitor the blockchain and release the buyer’s fiat from escrow once the seller’s crypto transaction has arrived safely. This allows seamless conversions between crypto and fiat without ever having to trust a 3rd party with your crypto assets.
The majority of staking systems require users to deposit their crypto onto a platform’s centralized wallet. Plutus has created possibly the first non-custodial staking system and scans the contents of your personal wallet once connected to verify your PLU holdings.
The Plutus ecosystem consists of three major components.
Internal Infrastructure - this is the app it serves and the DEX.
External Infrastructure – this is the network of banking partners.
UserBase - cryptocurrency holders using the service.
The project targets retail users who primarily need to spend their crypto without converting it back to fiat through a traditional way of selling it on the exchange and then withdrawing it back to the bank account. As this can last for days and could be costly due to high fees, users can easily pay for goods and services in an instant using the Plutus Visa Card.
The product has three uniquely distinct features.
Non-Custodial Wallet: Plutus doesn't hold the private keys and instead lets users connect, for example, their Metamask wallet to the web application. This ensures maximum security and control over the crypto funds accessed through the application dashboard.
Crypto & Fiat DEX: While decentralized exchanges aren't anything new, the fiat DEX certainly is. It allows users to swap between crypto and fiat directly from a personal wallet, thus minimizing the risk of interacting with a third party. It is integrated into a mobile app for ease of use and faster swap execution.
Over 15% in Cash & Crypto Rewards: The rebate system for users is two-sided: it can be in fiat as a cashback or a crypto reward in the form of the Pluton token on up to 3% for every single purchase. Fiat cash backs can be up to 15% at selected retail affiliate partners such as Amazon, Sky, and more.
Visa debit card - through a partnership with Visa, the platform issues a Plutus branded contactless card that can be used with over 60 million merchants worldwide. Convert your PLU or ETH and use the resulting balance for everyday shopping or top-up your VISA Debit Card with GBP or EUR and make instant payments.
The primary use case for the Plutus application is for making electronic banking and integrating cryptocurrency into everyday payments and transactions. The project aims at bridging the gap between the legacy and decentralized economy by enabling users to keep and manage all of their funds from one place.
With the Visa card attached to the account, they can use the debit card to purchase goods and services worldwide as they would with every other debit card, except it is loadable from the personal wallet’s balance.
Regarding the Pluton token, its use case is being the loyalty token for incentivizing the users of the platform and is being offered as a rebate. PLU is convertible to Fiat through the DEX and into Plutus Card balance. Users can also choose to stake the token to earn an extra rebate percentage and redeem it for Plutus Premium services.
Plutus operates as a fully functioning application with support for desktop and mobile. Also, it has an app for accessing the DEX called PlutusDEX to facilitate everyday payments, which is available for desktop and mobile as well.
Users can start signing up for an account and receive a UK sort code or an IBAN associated with the account and a Visa debit card to make payments online and at the stores. The card can be loaded with fiat or crypto deposits, which are then converted and ready for use.
The team behind the Plutus application has a combined experience of over forty years in payments, financial trade, and software development. This is why they understood the issues with the current payment systems and hassles of crypto to fiat exchange for payments. They are set to revolutionize the practical usage of bitcoin and its use of blockchain technology.
The idea started back in 2015 when the company was incorporated, and the concept was released. The following year was marked by the whitepaper's release, the development of beta products, and the first crowd sale was conducted.
Since then, it has secured the crucial MasterCard partnership that led to the release of its first card and proved the concept. Later they switched from MasterCard to Visa and made a new banking partnership. 2018 was the year where Plutus launched the first live products in the form of desktop and mobile applications and the first iteration of its Decentralized Exchange.
In 2019 the project was mostly working on enhancing the existing features and upgrading the platform, which set the Pluton reward token launch in 2020. Moving forward, the project aims at increasing the existing user base in Europe and UK and expanding to other markets such as Asia and Latin America. The greatest milestone to be achieved and is acquiring the banking license, which is expected in 2022.
Plutus is using the Ethereum network for their native ERC20 token known as PLU, which is rewarded to users of the service. The total supply of Pluton token is 20 million. At the first round of the crowd sale back in 2016, the project distributed 850,000 PLU (4.25%) and raised around 1 million dollars.
The first sale has ensured that the project has funds for early development but now, as the infrastructure is in place, further capital to provide liquidity on the peer-to-peer PlutusDEX and spread awareness of the token on third party exchanges. Out of the remaining 19.15m PLU, the users have taken 5,363 PLU from rewards, which brings the current circulating supply to around 855,000 PLU.
Another sale was conducted in October 2020. Through a community vote, out of the reward pool, 2m PLU tokens were taken to be distributed as follows:
300,000 PLU (15%) - for another round of the crown sale. PLU was sold at a 30-day average price determined on the day of the listing.
700,000 PLU (35%) - designated towards our PLU initiative and short-term development. 100,000 PLU is for Community Based Marketing, 300,000 for further development like infrastructure improvements, and 50,000 for governance & legal costs. The next big portion of 250,000 is designated towards further exchange partnerships and market makers.
1m PLU (50%) - are locked away for two years in the Plutus Development Fund. The first half will be unlocked on September 30th, 2021, and the next half on the same day in 2022.
Tokens emission rate depends on the usage of the platform, and the amount of rebates users get. However, according to the Pluton Longevity Calculator, it can be estimated that the total supply will be in circulation in about 100 years. The rebate reward also depends on the PlutusDEX volume - if it’s under 30 BTC, the Pluton reward rate will equal 3%, but after that, each 0.1 BTC increase in volume causes a 0.0165% decrease in rewards.
Within the first year, over 25,000 Plutus accounts were opened. As a utility token, interest in the coin (which directly affects value) is impacted by how many users there are on the platform. Plutus has announced publicly that they aim to obtain 150,000 users by the EOY which should have a positive impact on the token in an organic way.
The project is currently operating in the UK and EEA but has plans for penetrating the Asian and Latin American market by 2022. These markets are potentially even more fertile than the European because of the Asian enthusiasm for crypto. Although the competition would be large, the project’s unique design positions itself as a unique and all-encompassing product.
Besides PayPal, Skrill, Revolut, and other more traditional services that have added crypto currently, there is only one major competitor from the crypto space: MCO or crypto.com. However, Plutus is a non-custodial solution, which makes it distinguishable.
The demand for these kinds of products is great because users are in need of a solution that enables them to directly spend their crypto holdings in a store without having to go through a lengthy and costly process of converting their crypto in a traditional way. Having crypto available for shopping on hand has always been the measurement of success when it comes to crypto being used as a currency, and that narrative in combination with the demand can lead to widespread adoption.
Token Sale: https://plutus.it/token-sale
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