Project Insight: Plutus
In this specific newsletter, I wanted to take a deep dive into ‘Plutus’ a super cool, and brand-new exciting cryptocurrency finance application that allows you to manage, convert and spend both fiat and cryptocurrencies.
Plutus is an emerging crypto finance app and card that allows you to manage, convert, and spend both fiat and cryptocurrencies. Even though Plutus is not a bank, they do provide many of the same financial services and more.
Users can connect their cryptocurrency wallets to a Plutus current account and interact with both forms of money from one interface. What’s more, they have achieved this in a non-custodial way meaning they never have access to your crypto which is fairly significant and, as they mention on their website, “stays true to the decentralised culture of crypto”.
Plutus has also integrated a secure decentralised exchange, conveniently built into their web and mobile app so users can convert their assets 24/7, 365 days a year without having to trust a 3rd party.
By combining an exchange with a Visa Debit Card, Plutus effectively makes spending crypto-assets possible at over 60 million merchants worldwide as it utilises the existing Visa infrastructure. Users convert their crypto into GBP or EUR prior to shopping and then earn generous rewards back on all purchases. Unlike many crypto companies that are still in the development stage, Plutus is already used by thousands across the UK and EU.
Plutus essentially provides:
A current account that you can connect your wallet to manage both forms of money
An intuitive and secure decentralised exchange
A visa debit card that lets you spend both fiat and crypto
A rewards feature that offers 3% back on any purchase in PLU, a decentralised loyalty token.
Plutus is offering a wide range of products and services similar to traditional banks but is able to provide extended payment scenarios and rewards for cryptocurrency enthusiasts. Projects like this, in my opinion, are a huge stepping stone for the blockchain industry and will hopefully be that vital component to bridging the gap between traditional finance and cryptocurrencies.
The team has a combined experience of over 40 years in finance, payments, and software development. The Plutus team are very well experienced across the board and have essential representation in all of the critical areas that are important when it comes to building such a deep and meaningful application.
The founder of Plutus is Danial Daychopan, A FinTech entrepreneur and an early ambassador of digital currencies. Dan has been immersed by blockchain to deliver innovative payments systems and licensed crypto exchanges since 2013. He previously founded LazyCoins, one of the earliest cryptocurrency exchanges licensed in the UK.
Two other key members of the team are Jasper Tay (Co-founder) and Minyi Soon (Chief Product Officer) who both have extensive experience within financial services and asset management, their expertise is a perfect fit for this project. Jasper Tay has a vast amount of experience when it comes to FinTech, trading, and brokerage, and has previously held positions at ICAP and Tullet Prebon, to name two.
The team is currently based in London, and while it’s not super clear on just how big the development team is, the amount of products and services they are delivering and upkeeping is very impressive. The team seems to be consistently hitting roadmap targets and are crushing it, which is great to see, especially in a market and economy like this where lots of projects and companies are struggling.
One of the essential products being shipped by Plutus, is its debit card, a visa card that allows millions of people to be able to buy products all around the world at over 60 million visa merchants. Top-up your Visa debit card with GBP or EUR and make instant payments anywhere in the world in just a few seconds.
Using cutting edge technology, Plutus has made it possible to link your cryptocurrency wallet to your Plutus Card without revealing your private keys. This means you can convert your crypto assets to fund your Plutus debit card without having to trust any centralised third parties. This is a considerable achievement and is something super exciting about the Plutus Card, even though Plutus put security at the forefront of everything they do, there is something so special about this added extra layer, and it should be a unique key selling point that attracts a lot more users onboard.
As we previously mentioned, Plutus also has a very generous reward system for their card. Currently, anyone who uses a Plutus card will receive a 3% crypto reward in Pluton (PLU) tokens on every purchase made, this is a pretty substantial reward considering the cashback percentages of other similar products in the market that are usually between 1-2% with only some retailers being available. Users of the Plutus card also get up to 30% cashback for shopping online at stores such as Amazon, EBuyers, Lenovo and Nike.
Additionally, users who hold onto their Pluton tokens will unlock Plutus Perks which give the user additional cashback on top of the 3% crypto reward at some of their favourite retailers. These perks create both an extra incentive for new users to onboard and use the card, and also creates a reason for users to build up positions in the Pluton token which helps the overall tokenomics and circulating supply.
The Pluton card has enforced 2FA and time lock JWT tokens used for auth for added safety to Plutus customers’ accounts, and services are provided under the FCA guidelines which ensures all customer deposits are held in segregated bank accounts.
Plutus is additionally offering a friendly crypto-fiat decentralised exchange where users can instantly swap their crypto assets into fiat, ready to be spendable on their Plutus debit card. A DEX, in my opinion, is a very powerful tool in the blockchain space at the moment, people are pushing more against centralisation as exchanges such as Binance or Coinbase become more and more regulated. This is not the real vision of blockchain and a DEX opens back up the barriers to entry for all users and offers a lot more features that can be attractive to new users, these consist of;
Convert directly from your personal crypto-wallet instead of trusting a 3rd party
Allows members of Pluton to trade and swap tokens faster and quicker
Security benefits of a traditional DEXs but through better user-friendly interface
Easy to use platform + Mobile friendly interface
Buy/Sell crypto without any fees (0%), for members
A DEX, in my opinion, goes hand in hand perfectly with a payment debit card, no longer do you have to send funds to third-party sources to place quick trades, sells or buys that your card handler could not process. Plutus is making the process for both experienced and inexperienced users as simple as possible and trying to limit how much loops users have to jump through to be able to make payments and trade.
An essential part of producing such a forward-facing product is that firstly the application has to be light, easy to use and easy to understand, there is no point building a complex process that only engages with users who have vast experience with cryptocurrency payments/exchanges. Plutus has done a fabulous job at creating a system that works seamlessly for its users; it's bright, vibrant and simplistic design makes it exciting for new users and the general UX matches that and makes it easy for anyone to get started…
In my opinion, Plutus has one of the cleanest websites, d’app and exchange UI/UX's on the market and the overall experience is incredible. The team have put a lot of work into producing regular articles, updates and newsletters about what is happening with the project and what is to come in the near future, which is excellent as it allows users and community members to be kept in the loop, and as we all know transparency is critical in this space. One area I think Plutus could improve on is having more user documentation, even though their process and applications are pretty straight forward, having some documentation on exchanges, fees and other technical elements would be a great addition.
Generally speaking, there is nothing really missing in terms of UI/UX, it’s clean, simple and easy to use, which is excellent for a product that is looking to engage with new users. I guess there could be some more information on the development team, the team size and maybe a public roadmap on what is currently being worked on, but apart from that the design and flow of both the website and the apps are really smooth and well designed.
Plutus is the perfect connection between traditional finance and cryptocurrency. It is fantastic to see a product that puts its users first and attempts to bridge the gap between these two industries seamlessly. Plutus has integrated crypto into everyday finance in a way that maintains the non-custodial culture but also makes it super easy to use and friendly to view from both people who are experienced and those who are not so experienced. It’s essential in my opinion when building such a user-focused product that the whole process from user creation to depositing, to spending should be as easy as possible, I think Plutus have delivered an incredible product so far!
One of the major benefits we see with Plutus is the fantastic core team that is leading the project, their experience across the board is incredible, and they have the required expertise to deliver such a detailed and complex product to the market. Even still being unaware of the size of the team itself, it’s still pretty easy to notice just how much work has gone into the platform from both a design and marketing standpoint. The team has consistently been delivering on targets and shipping new fresh ideas/products, so I have no doubts or concerns about their ability.
Pluton (PLU) is the world’s first decentralised loyalty token to enter the market, and it can be earned, spent and saved anywhere in the world, it’s amazing to see such a clean and fresh product penetrate the market, especially in such a challenging environment. I firmly believe that Plutus is going to be a very successful platform and even though the demand for visa debit cards in crypto is a pretty competitive market right now, Plutus has expanded on this idea and has built out way more features and products that make the process much better. Very excited to see the future of Plutus over the next 6-12 months, I’m sure they will take the market by storm!
If you enjoyed this newsletter please make sure to sign up with your email address, it’s free and I write newsletter content a few times a week! I really enjoy writing these articles! If you would like to find out more about Plutus, you can head over to https://plutus.it/ or find them on Twitter at @Plutus. Thanks again for reading.