Plutus, a mobile bitcoin wallet for making in-store purchases at Near Field Communication (NFC) terminals, has announced that it raised more than one million dollars in nine days, in a flash crowdsale.
The official announcement said that the results of the crowdsale are above expectations which will enable the company to complete its platform and make Plutus Tap & Pay a reality. The Plutus app rewards the users with tokens called Plutons, on the blockchain for any in-store purchases. These tokens can be distantly compared to cash-back points or frequent flyer programs.
“For every Bitcoin conversion you make on the app, you will receive a rebate in Plutons. This starts at 3% and will reduce as the network grows, to a minimum of 0.01%,” the website stated. “You can transfer your earned Plutons to other users on the app or convert them on the DEX network the same way as Bitcoin.”
The reward system aims to enable practical day-to-day usage of bitcoin and Ethereum. These Plutons can be used to pay similar to bitcoin and Ethereum within the platform with the advantage of zero transaction fees.
Plutus’s liquidity is provided by a peer‐to‐peer trading network called the PlutusDEX which sets Plutus apart from other platforms. PlutusDEX runs as an autonomous gateway application (Dapp) on the Ethereum blockchain.
The bitcoin Tap and Pay Plutus mobile application enables a user to make contactless bitcoin payments to any merchant with an NFC-enabled checkout terminal. The primary purpose of Plutus is to provide an incentive for, and enable, the practical day-to-day usage of bitcoin; ultimately accelerating mass-consumer adoption.
