About

Plutus is a financial technology company that offers a crypto rewards card and banking services. They provide a debit card for crypto enthusiasts that allows users to earn crypto rewards on everyday purchases. In addition, they offer perks and rewards at selected retailers, as well as a bank-like app for tracking rewards and managing fiat balances. Plutus also allows users to swap between crypto and fiat currencies through their mobile app.

History

Plutus was founded in 2015 by Danial Daychopan and Jasper Tay, and it has become one of the longer-standing crypto organisations in the space. Back in 2015, it was particularly difficult to make payments using cryptocurrencies, so Plutus was founded with the aim of enabling its users to make every-day payments using cryptocurrencies, by developing a Debit Card that would allow users to make payments while retaining the custody of their tokens. Over time, Plutus expanded the range of financial services that they provide to its customers, by including features such as peer-to-peer exchange, token rewards and others that are yet to be launched such as NFTs.

When compared to some direct competitors in the crypto payment market, Plutus stands out because it allows its users to keep custody of their assets. The Plutus Wallet, combined with the Plutus DEX offer an alternative to users who do not want to use cryptocurrency cards from Centralized Exchanges, which typically hold the assets on behalf of the customer.

Plutus launched a token (PLU) back in 2016 to incentivise the usage of its Debit Card. Users who make payments using Plutus’ card, receive up to 8% back paid in PLU tokens. Users can also trade or stake the token to have access to some additional benefits. The majority of tokens are allocated to the Rewards Pool, which will help provide long term sustainability to Plutus and its token rewards model.