London DeFi Payments Startup, Plutus, Raises $5M From Alphabit Fund
After being used by UK/EU customers to complete more than $10.33 million crypto-fiat swaps, new funds will fuel the continued development and expansion of Plutus' DEX and crypto-linked card
LONDON, May 4, 2021 /PRNewswire/ -- Crypto payments platform Plutus announced today it has raised $5 million from digital asset fund Alphabit to fuel the international growth of its DeFi Visa Card and the upcoming all-in-one browser extension, a non-custodial wallet for both Bitcoin and Ethereum.
With over 35,000 Plutus Accounts created in just over a year, the Plutus team now seeks to grow its customer base to 150,000 by year-end. To date, its platform has been used for a total of USD 10.33 million crypto-fiat conversions, seeing more than USD 3 million in transaction volume in just Q4 of 2020.
On Plutus, customers can create a UK Account or use a European IBAN to manage GBP/EURO. By using the Plutus Visa Debit Card to shop, customers can earn additional rewards with additional crypto and cashback offers at household brands such as Amazon, Apple, Sky, Nike, AliExpress, and many more.
"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," said Plutus CEO, Danial Daychopan. "Alphabit has been one of the first to recognise the potential, and we couldn't be more delighted to be working with them."
Plutus provides an alternative to modern banking and combines it with the ease of access to DeFi and cryptocurrencies.
Every time a member makes a purchase with their Visa Plutus Debit Card, they earn 3% back in crypto rewards (PLU). The accompanying app consists of a UK Account or a European IBAN to manage fiat and a non-custodial wallet to manage crypto. A built-in DEX allows users to swap between crypto and fiat.
These features combined allow users to manage/swap/convert/spend/earn both crypto and fiat from a single app and card. A true bridge between DeFi and modern banking. Founded by entrepreneur, Danial Daychopan, Plutus now has over 35,000 accounts opened and has set a target to grow to 150,000 users in 2021. Plutus is aiming for a banking license in 2022 which would make it the first non-custodial crypto bank, and plans to expand to both Asia and Latin America this year.
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