London-based Plutus, a Fintech firm that helps users easily convert their digital assets at 0% into major fiat currencies including the British pound (GBP) and Euros, has announced an affiliate partnership with sports apparel giant, Nike.
Through the partnership, users will be able to earn cashback by using the Plutus Visa Card when making purchases via Nike’s online store. Airbnb and Skyscanner have also introduced similar programs by teaming up with Plutus.
The challenger bank says that it aims to bring decentralized cryptocurrencies like Bitcoin (BTC) into everyday life with “a distinct fusion of banking and cryptocurrencies” within its intuitive and user-friendly app.
Danial Daychopan, founder at Plutus, told Crowdfund Insider:
“We recognized the importance of cryptocurrencies early on, and, in particular, honed in on the retail adoption struggles of the nascent asset and payments class.”
“The aim was to circumvent the need for retail acceptance by integrating cryptocurrencies with our traditional legacy infrastructures to make them spendable anywhere immediately.”
Plutus allows users to connect their digital currency wallets to the company’s app, however, the company does not hold users’ assets and doesn’t have access to their private keys.
The non-custodial service allows users to hold and manage their crypto-assets along with their fiat currencies (GBP and EUR accounts). There’s also support for a spendable Visa debit card which is accepted by over 61 million merchants worldwide.
Plutus offers a non-custodial cryptocurrency exchange, and various rewards options.
Minyi Soon, CPO at Plutus alongside Daychopan, remarked:
“Plutus lets you attach your personal cryptocurrency wallet to your Plutus account and interact with your crypto alongside your GBP/EUR from the same intuitive dashboard.”
Soon also mentioned:
“Within the same interface, a custom-built [non-custodial] exchange allows users to swap crypto for fiat (and vice versa) without ever having to trust a 3rd party. Users can top-up their VISA Debit Card with the funds, and Premium and Pro Members can earn up to 3 percent cash back on every single purchase made with the Plutus Card.”
The service allows users to buy various products and items like the Nike Air Max ’90s. There’s also an option to customize them by using the “Nike By You” website, and receive as much as 9% cashback on top of the 3% crypto back on purchases, which are sent to users’ Plutus accounts.
Rewards are offered in Plutus’ native Pluton (PLU) token, which is an ERC-20 compliant token. Users may also earn rewards by staking their PLU tokens through the Plutus app.