Plutus secures $5 million from digital asset fund Alphabit

By Megha Bhattacharya

Crypto payments platform Plutus announced today it has raised $5 million from digital asset fund Alphabit to fuel the international growth of its DeFi Visa Card and the upcoming all-in-one browser extension, a non-custodial wallet for both Bitcoin and Ethereum. On Plutus, customers can create a UK Account or use a European IBAN to manage GBP/EURO. By using the Plutus Visa Debit Card to shop, customers can earn additional rewards with additional crypto and cashback offers at household brands such as Amazon, Apple, Sky, Nike, AliExpress, and many more.

“The strategic investment in Pluton comes on the heels of its native token, PLU, almost doubling its market cap in the last three months,” said Alphabit CEO, Liam Robertson. “With clear product-market fit, we have tremendous confidence that Plutus will be one of the key competitors in the race to own the retail crypto markets.”

Recently, Plutus reportedly announced a collaboration with Nike in a bid to enable customers to earn cashback via the Plutus Visa Card that will be made available on Nike’s online store. The FinTech has previously partnered with Airbnb and Skyscanner. The agreement with Nike is expected to enable the former’s users to earn additional rewards on specific products, according to media reports. The partnership is expected to be put into effect in the latter half of 2020.