App launch hailed as ‘start of cryptocurrency revolution’
A FinTech start-up which wants to bring cryptocurrency spending part of everyday life has launched a new app allowing people to spend digital currencies at millions of stores across the world.
The Plutus Tap & Pay app allows holders of Bitcoin and Ether to spend the cryptocurrencies contactlessly in stores.
CEO and founder Danial Daychopan described the launch as “the beginning of day-to-day crypto usage” and “the start of a cryptocurrency revolution”
“While people originally saw cryptocurrencies as investments, more and more people want to be able to spend them as they would any other currency,” he said.
“For the first time ever, crypto investors can use their digital currency online and in shops across the world.”
Cryptocurrencies have been steadily gaining popularity but convincing merchants to accept them remains a real challenge. It is estimated that fewer than 0.1 per cent of the world’s stores accept Bitcoin because of the difficulties in exchanging it for legacy currencies.
The Plutus app allows customers to top up their accounts with Bitcoin, Ether or even Pluton and spend it anywhere.
The firm’s PlutusDEX platform exchanges the crypto to sterling or euros as soon as the payment is made, and the merchant gets paid immediately without additional fees.
Daychopan added: “Our system is the first that is safe for customers, easy for merchants and acceptable to banks.
“It’s a push-only system and purchases are verified using the Bitcoin and Ethereum blockchains, secured by the most powerful distributed computing networks in the world.”
Plutus was launched in 2015 after raising over $1m in a crowdfunding round.