Plutus crowdfunding has raised more than $1 million in 9 days, using mobile phones to pay for Bitcoin and Ethereum through POS terminals

Tap & Pay contactless cryptocurrency payment solution Plutus has successfully raised over $1 million in less than 10 days. The London-based financial technology startup attracted over 1,000 investors within nine days of launching its crowdfunding campaign.

During the same period, the company also signed up more than 4,500 members as early adopters. Plutus Tap & Pay is a long-awaited product that is expected to enable payments using Bitcoin and Ethereum through NFC-based POS terminals. The product has received extensive media coverage and is listed as one of the most anticipated cryptocurrency products.

The Plutus Tap & Pay solution is based on the PlutusDEX platform, which will soon be available on Android mobile devices. The PlutusDEX platform is a decentralized cryptocurrency exchange that provides funds to virtual wallet/debit card users, enabling them to pay for goods and services using fiat currencies. The PlutusDEX platform also enables traders to buy Bitcoin or Ethereum from users. Users should convert Bitcoin into fiat currency before using traditional fiat-based PoS terminals to make payments. This is done by sending the digital currency to a Plutus wallet address in their app. Once the trader receives the transferred digital currency, the fiat currency equivalent of these digital currencies will be released to the DEX trader in an escrow account, and the funds received by the Plutus app can then be easily used to pay at contactless payment terminals.

In order to maintain liquidity on the platform, the platform encourages traders to buy Bitcoin and Ethereum with zero transaction fees. The entire process is automated under smart contracts, making it more secure and trustworthy, and users do not need to worry about losing their funds. All transactions on the Plutus network occur through Plutons, a crypto token equivalent to the amount of Bitcoin and Ethereum held by this payment network.

Danial Daychopan, founder and CEO of Plutus, explained the process: “Whenever you withdraw Bitcoin or Ethereum, you are automatically rewarded with a Pluton from the network. We created this model to incentivize users and expand our feature set in the future. Plutons exist autonomously on the Ethereum blockchain, creating a rare early adopter advantage.”

In addition to the successful crowdfunding campaign, Plutus has assembled a strong team to ensure the success of the project. Some of the members include Bertrand Dezard (formerly from Visa and BrainTree) as Chief Payments Officer, and Tobias Sommer from Evercore and Morgan Stanley as COO.

Plutus is building a bridge between two evolving payment technologies. The traditional payment industry is increasingly leaning towards contactless payments, while the Bitcoin industry wants to encourage the use of Bitcoin for payments. Plutus connects these parts through its Tap&Pay app.