Plutus launches high-reward debit card and partners with Modulr

Author: Pluton

Compiled by: ChainCatcher

Research over the past three years has shown that Pluton Rewards is the most popular feature in the Plutus product suite. Therefore, we prioritize offering one of the highest rewarding debit cards on the market, providing up to 8% crypto rewards and over 20 popular Perks (household brands).

Plutus is now expanding and strengthening the robustness of its banking-like features, including establishing new partnerships with the reputable and UK-regulated payment-as-a-service provider Modulr—details can be found here.

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Part of this system enhancement also includes redefining our DEX foundation and upgrading our tech stack so that you can enjoy fault-tolerant cryptocurrency to fiat exchanges with higher swap limits and efficient order matching.

From March 1, 2023, to June 30, 2023, PlutusDEX will be paused, and the following two features will be unavailable:

During the aforementioned dates, Plutus will enhance most functionalities of PlutusDEX so that you can experience faster, more intuitive, flexible, and powerful services. This is a necessary step to achieve our goal of providing a top-tier Crypto-Fiat DEX in the market.

We also recognize that we can take steps to educate mainstream users on using self-custody wallets, and our goal is to do this by adding in-app guides and improving the overall UI/UX.

To achieve this, Plutus will:

Since the upgrade focuses on the infrastructure of PlutusDEX, only two features will be unavailable:

This refers to all cryptocurrency/fiat exchanges, including exchanging earned PLU for card balance.

Customers can still top up their Plutus cards with fiat currency, spend, earn rewards, and withdraw them to external wallets.

Note: After June 30, 2023, UK customers will continue to have DEX swaps disabled until Plutus obtains the necessary FCA license required to facilitate UK crypto trading (AML/CTF crypto asset registration applied for in May 2022).

Plutus advocates for self-custody of cryptocurrencies—customers can continue to earn PLU and withdraw it to their personal wallets.

Starting from March 1, 2023, we will change the processing time for PLU withdrawals. Plutus will begin processing withdrawals at 10:00 AM on Wednesdays instead of at midnight on Wednesdays to help ensure that all withdrawal requests are processed in a timely manner with minimal delays.

Any unsettled transactions will be canceled, and funds or cryptocurrencies will be returned.

As an ERC-20 token, PLU can be easily accessed on multiple third-party platforms. PLU can still be withdrawn to any self-custody ERC-20 wallet, such as Metamask, TrustWallet, or Ledger. Withdrawals will continue to be processed weekly as usual.

Note: We recommend self-custody and using decentralized platforms rather than relying on centralized custodians with various risks.

Yes. We are building a faster and better experience that caters not only to crypto enthusiasts but also to our growing number of mainstream customers—this improvement increases business costs. More details will be shared at the appropriate time.

Plutus is currently developing its new market maker API, which will initially be closed to approved third-party partners. This will allow Plutus to increase overnight interest limits, giving you greater flexibility. More details will be shared at the appropriate time.

We will partially rebuild most of PlutusDEX to provide a truly scalable and frictionless experience. Pausing DEX is necessary to provide a better user experience and accelerate the development timeline.

A scalable DEX combined with our new and improved banking-like feature set will provide a more comprehensive and powerful experience. Strengthening the foundational technology along with higher liquidity will enhance the customer experience and reduce support tickets, allowing our support team to return to a response time of <24 hours.

Look no further. You can continue to earn PLU, and you will also have complete control over any existing earned PLU. The only change is the ability to swap earned PLU within the app during the aforementioned dates. To redeem PLU, please withdraw it to an external wallet and use a third-party service.