In just nine days, the mobile Bitcoin wallet, UK-based Plutus, has raised more than $1 million in a flash crowdsale, allowing the company to complete their platform and make the Bitcoin Tap & Pay application a reality.
In a bid to make paying with bitcoins simpler, the Near Field Communications (NFC) firm has connected with the blockchain technology with pre-existing debit infrastructure permitting customers to pay for items as they would with Apple Pay.
The only difference being that users use Bitcoin and Ethereum to make payments through Ethereum smart contracts.
Plutus’s aim is to make using Bitcoin easy, simply by holding a device over any business’s NFC reader to complete their purchase. Not only that, but the company is rewarding users who use the app with tokens that can be used to buy ‘any in-store purchases.’ These tokens, known as Plutons, can be used like Bitcoin and Ethereum, except that they are reported to offer zero-fee transactions.
Also read: An Interview with the Makers of Plutus, a Payment App for the Bitcoin Adopter
Additionally, Plutus will control liquidity provided by a peer-to-peer trading network known as PlutusDEX. This is an autonomous gateway application (Dapp) on the Ethereum blockchain.
Since 2014, the company has been developing the idea of combining Bitcoin and NFC payments as mobile payments continued to grow, highlighting the fact that the number of NFC-enabled phones have doubled and is expected to rise to one billion users in 2016.
The company said that it is tailored toward a growing number of remote employees and freelancers around the world who are quickly turning their attention to cryptocurrencies like Bitcoin and Ethereum because of the speed, low transfer fees and convenience they provide.
We believe that Plutus is the most practical app for anyone who earns in digital currencies, and has the potential to drive adoption through referrals.
Not only that, but Plutus adds that ‘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%.”
Despite the fact that this may be a challenging market, Plutus could potentially become the doorway linking the cryptocurrency world with that of financial institutions in a hassle-free way.
Featured image from Shutterstock.
Last modified: May 21, 2020 10:20 AM UTC