Posted on August 14, 2018 by staff

Crypto can bring stability after Brexit, says FinTech boss


The chief executive of a FinTech start-up has called on UK businesses to adopt cryptocurrencies to help weather the instability of Brexit.

Founded by Danial Daychopan, London-based Plutus is behind a tap and pay app that allows users to spend their cryptocurrency at any NFC-enabled terminal across the globe.

The Plutus app, which officially launched in May 2018, lets customers top up their accounts with Bitcoin, Ether or even Pluton and spend it anywhere.

Daychopan notes that cryptocurrencies are seeing increasing mainstream adoption from both consumers and established financial institutions.

He argues that currencies like the Pound and the Euro are interdependent and struggle in the face of global instability” – while cryptocurrencies are decentralised and “present a viable and stable alternative for businesses and consumers”.

“National currencies are reliant on people’s faith in governments and the global financial system,” Daychopan said. “There’s nothing inherently stable about them.

“In economies that aren’t stable, we’re already seeing digital economies developing and thriving.

“Cryptocurrencies are based on secure, reliable technology, and are decentralised, which makes them an excellent tool to weather a financial storm.”

Plutus was launched in 2015 after raising over $1m in a crowdfunding round.

The firm is also behind a platform called PlutusDEX, which exchanges the crypto to sterling or euros as soon as the payment is made, and the merchant gets paid immediately without additional fees.