BlockTalks x Plutus AMA Transcript!

Block Talks
11 min readOct 14, 2020

Hello! BlockTalkers & Blockchain Enthusiastic!

BlockTalks x Plutus AMA Transcript

We recently hosted an AMA with Plutus, on October 12th, at 3.30 PM UTC. Many of you might have participated or many of not. But we make sure no one missed out from the knowledge shared by Danial Daychopan (CEO) , Jasper Tay (COO), & David Morrison (Community Manager) at Plutus. So here we are up with the AMA transcript, for those who missed the live session, this blog post will be a saver & feeder of knowledge for them.


We’re joined with our CEO & Founder, Danial Daychopan. Our COO & Co-Founder, Jasper Tay. Along with our Community Manager, David Morrison.

Thanks for having us, BlockTalks! Super excited to be here!

Introduction Questions Asked By BlockTalks

Q1. Could you please introduce Plutus to our community in layman’s term?

Ans — Plutus is an all in one financial application which bridges two financial systems; crypto and fiat. Our members are each issued a Plutus VISA Debit Card which enables them to spend their crypto, by proxy, at over 61m+ merchants worldwide. In addition, for all their valid spending they earn 3% reward in our native reward token, Pluton (PLU)

All this whilst never giving over your private keys or control of your assets.


Q2. What are the advantages of Plutus to the other alternatives in the Blockchain field?

Ans — The ability to spend your crypto in a secure, non-custodial, decentralised fashion whilst being able to retain sole ownership of your private keys. As I’m sure you’ll agree, financial sovereignty and private key ownership is one of the tenets of blockchain tech and Mr Nakamoto’s vision.

On top of this, we don’t lock our most desired features, including PLU Rewards (3%), behind absurdly high and unobtainable staking requirements; we live in the real world.


Q3. What are the major milestones Plutus achieved so far & what are in the future pipeline?

Ans —

Plutus Roadmap 2020 & Beyond

Plutus was first introduced to the community back in 2015 with the concept of bridging the two financial systems, crypto and fiat. in one user-friendly app. The team have truly brought to life what was once simply a concept, with some incredible partnerships, including VISA, innovative one-of-a-kind features, and an accessible system.

Future goals include co-branded cards, Latin America and Asia launch, and a banking license, among many others. You can check out our roadmap here


Questions Asked on Twitter For Plutus Team!

Q1. Can you explain to us the whole structure of Plutus Network? How can you say that Plutus is better than a bank? Does Plutus have a physical offices and branches like a bank?

Ans — The Plutus Ecosystem comprises of a decentralised exchange, the PlutusDEX, a fiat account, and an attached VISA Debit Card.

Users are able to instantly convert their crypto assets, via the PlutusDEX, into a fiat balance which they can then spend using their Plutus Debit Card at over 61m merchants. All whilst retaining sole ownership of their private keys and assets.

Plutus isn’t a bank; it’s better. We’re an all in one financial application which is a step ahead in that we merge the two financial systems; fiat and crypto.


Q2. I could see on your website that you will operate in the UK and Europe, do you plan to expand to America or Asia at some point? What is being done to drive global adoption?

Ans — I’m thrilled to say that we have international expansion to both Latin America and Asia pencilled in for 2021. Our vision goes far beyond that, however, as we intend to bring Plutus worldwide in the future.

Although our services are currently restricted to the UK and EEA, our token sale is not. This benefits the Plutus ecosystem by allowing us to get PLU into as many digital hands as possible in anticipation for our expansion.


Q3. Can you tell us the motivation and benefits for investors to hold $PLU long term? What plans do you have to help drive demand and scarcity for the token?

Ans — Pluton (PLU) is the native utility token of the Plutus ecosystem offering our members a plethora of benefits, including:

Stake for additional rewards — PLU holders can grab additional fiat cashback with our affiliate partner retailers through Plutus Perks.

Convert into fiat card balance — Convert your earned PLU directly into fiat instantly on our decentralised exchange, the PlutusDEX.

Redeem for Plutus Premium services — Members can redeem a single PLU for one month of Premium service.

Transfer without restrictions — As a decentralised token, PLU can be withdrawn and is not restrained to only the Plutus ecosystem.
The PLU reward rate is deflationary, meaning as usage of our services grow, the rate at which PLU is emitted to our members decreases. Our reward model ensures token scarcity which provides additional value to our Plutus members.

You can read more about PLU tokenomics, including the white and yellow paper, here


Q4. Cards usually take expensive fees while using it and have many limitations of centralized finance. How can Plutus card overcome that?

Ans — Our Premium and Pro users can convert their crypto assets on the PlutusDEX at the true, fair, spot rate with 0 fees. For those on our Starter (free) plan, the same is said for PLU conversions and purchases.

Any transaction made on your Plutus Debit Card in the native currency of your Plutus Card is fee free.

On top of that, the 3% in PLU Rewards you earn on your valid spending assist in offsetting any fee you may receive from spending abroad.

— Jasper

Q5. What are the benefits for PLUTUS users of being under the FCA guidelines for purchasing FIAT coins? How does this provide security and stability in transactions?

Ans — Plutus is able to deliver our banking and debit card features as we’re partnered with two FCA regulated banking partners; Clear Junction and Contis.

FCA regulation ensures our partners, and ourselves, operate to the highest standard at all times.

— Jasper

Questions Asked by our BlockTalks Community Members during live Session to Plutus Team!!

Q1. Due to recent exchange hacks, does Plutus have an insurance fund to cover possible losses?

Ans — No insurance fund necessary in a non-custodial system like ours, which is coupled with a decentralised exchange, the PlutusDEX.

I’m certain Mr Nakamoto would be proud that Plutus is maintaining one of the core value propositions of crypto; sole ownership of your own assets at all times.

— David

Q2. what is Plutus ? Where does “Plutus” name comes from &
What it’s stand for?

Ans — Interesting fact for everyone — Plutus is the name for the Greek God of Wealth, hence why the name fits so well with a Fintech like ours. I’m sure Plutus (the God) would be an early crypto adopter & would certainly HODL

— Jasper

Q3. What does the Plutus Perks programme consist of? what are the major advantages it offers your users? is it available to everyone?

Ans — Plutus Perks is our innovative money saving initiative which enables our Premium and Pro members to earn additional fiat cashback at our affiliate partner retailers, essentially ensuring our members earn double dip rewards just for spending with their Plutus Debit Card.

You can check out more on Plutus Perks here -

— Danial

Q4. Can you list 1 or 2 deadly features that make #your project stand out from its competitors? What competitive advantage does your platform have that make you feel the most confident in yourself?

Ans — Plutus offers an entirely non-custodial approach to crypto whilst merging both the traditional fiat financial system and the more modern crypto approach.

Unlike other crypto card providers, we don’t lock our most desired features (3% PLU Rewards) behind an unobtainable (for most) staking requirements. We live in the real world.

— Jasper

Q5. Typically, investors buy tokens that are likely to increase in price in the future. I saw that, total supply of the token is huge.
So, do you have any plan for burning tokens in the future to reduce the supply of the token and increase its investment attractiveness?

Ans — The total supply of Pluton (PLU) is only 20m, the majority of which (17.15m) are locked away to fuel the PLU Reward system which we expect to last 60+ years.

Additionally, the PLU reward rate is deflationary, meaning as usage of our services grow, the rate at which PLU is emitted to our members decreases. Our reward model ensures token scarcity which provides additional value to our Plutus members.

— David

Q6. 1. PLU Token sale is live. What policies are being put in place to ensure the risk for participants is reduced? Is there a Refund Policy, Price Guarantee, Free Service?

2.There are currently two completely different financial systems which are Legacy fiat and Decentralised crypto. How does Plutus aim to bridge this gap?

Ans — 1. There is both a price guarantee (limits apply) in place on the PlutusDEX until 08/01/21 and a refund policy in place until the 14/10/20, after the token sale closes.

2. Great question. This is the driving force behind our company and our product offering. By integrating a decentralised exchange into our internal ecosystem, and coupling that ecosystem with a VISA Debit Card, we’re able to connect and merge the two financial system you’ve mentioned; fiat and crypto.

— Danial

Q7.Plutus is intended for EU users only? Is it possible to open an account with IBAN if I am on another continent? Can I use Plutus Card at any establishment that accepts traditional debit cards? Is the conversion from crypto to fiat done directly?

Ans —Currently, Plutus is available to users in both the UK and EEA, with expansion to Asia and Latin America pencilled in for 2021.

You can utilise your Plutus Debit Card, and thus spend crypto by proxy, at over 61m+ merchants worldwide. Wherever VISA is accepted, Plutus is accepted.

Due to the decentralised nature of our crypto services, users must convert their crypto assets to fiat prior to payment.

— David

Q8. What all the rules that must be obeyed in Plutus , can explain a little. and does the Plutus platform have a security or what is called KYC ??? Thank you!

Ans — As I’m sure you’ll understand; merging two financial systems (fiat and crypto) exposes a company to a minefield of regulatory restrictions. Our experienced team are in a position to handle this, however, and have done an excellent job so far.

We have bridged the gap between crypto and traditional neo-banking features such as Sort Code/Account numbers as well as an IBAN for our European based members.

We are only able to do this with the blessing of the FCA and other regulatory bodies in the UK and Europe. Some of our partners include Contis, Clear Junction and Visa.

All users signing up are required to pass KYC, this is a regulatory restriction. Plutus is dedicated to remaining 100% regulatory and legally compliant at all times.

— Jasper

Q9. I SAW THAT SECURITY & PRIVACY ARE THE MAIN FEATURES OF your platform that’s great. Tell us in details about what programmable technology & security developed by your team to build the platform very secure?

Ans — A non-custodial approach to crypto is, by default, many times more secure than a centralised approach.

Unlike KuCoin, we don’t have a target on our backs that malicious attackers are attempting to strike. Well, it’s certainly not as large, since there’s no crypto stored in one central entity — our users are risk free in that regard.

— David

Q10. Successful projects are the result of an experienced team ,the project will not develop without being managed by an experienced team,whatever it is good. So, how about Plutus? does your team have good experience in the cryptocurrency world?

Ans — As well as launching one of the first licensed crypto exchanges in the UK, I have also previously ran a merchant Bitcoin solution called LazyPay which was operational at brick and mortar stores across the country. Due to the low merchant adoption caused by friction between the legacy system and Bitcoin in the earlier days of crypto, I was led to create Plutus in 2015, in order to bridge the gap and enable crypto payments at over 60 million retail merchants across the world that accept Visa.

— Danial

Minyi Soon, our CPO, has a diverse background across asset management, blockchain, product and tech. Most recently she managed the digital asset platform of a crypto digital-asset exchange.

Unfortunately, she can’t be with us here today, innovation is a hefty workload and she’s powering on with that.

— David

I have over 10 years experience in traditional capital markers focusing High Yield and Distressed debt (fixed income). I also helped build an all-to-all platform linking buy side liquidity to the sell side.

— Jasper

Q11. Plutus team just have 3 members like the website shows? There is more ? Also do you have job vacants ?

Considering that are you trying be better that a bank, you also have a better security that a bank too? Also there exist the possibility of do Staking ?

Ans — Our team is much larger than 3, those on our website make up our C-Suite team.

We do indeed have a role available as we’re always expanding, you can check out our open positions here —

In regards to security for crypto; we’re entirely non-custodial so you retain sole ownership of your assets at all times.

On the fiat side of things:

Plutus cards are issued by Contis Financial Services Limited under an e-money licence which is regulated by FCA and whilst deposits are not covered by the FSCS, there are strict ringfencing measures set up, all our users’ funds are held in a segregated account in Contis so that in the most unfortunate event where Contis Financial Services becomes insolvent, the money is protected against any claims made by creditors as they are ring fenced.

As a company, we are working towards getting regulated so we may come closer to even higher standards for consumer protection which is key for us.

On the staking front, our members will soon be able to stake their PLU directly from their own wallets with 0 lock up in return for additional fiat cashback at our affiliate partner retailers through Plutus Perks.

— Jasper

Q12. Usually if I want to spend my bitcoins, I use a p2p to receive cash. WHY should I choose a debit card?

Ans — Converting crypto assets on the PlutusDEX is done in a non-custodial manner, which means you retain sole ownership of your assets at all times.

Fiat from the buyer is escrowed in until they receive the crypto asset which you send directly to them. This mitigates any risk and removes a layer of trust that may be necessary in a P2P marketplace.

Unlike 99.9% of off-ramp methods, the PlutusDEX does not apply any spread to your exchange meaning you get the true spot market rate.

If you’ve got your Plutus Debit Card connected, then there’s no waiting. Just top up and spend ✅

— David

Q13. What technology is used or behind Plutus? and what are the advantages compared to other technologies?

Ans — The PlutusDEX is an entirely peer to peer system built on proprietary technology which allows you to convert your assets whilst retaining ownership of your keys but still having the confidence that you’ll receive the fiat form the buyer as it’s escrowed.

As we’ve seen over the past few months, when the Ethereum network is congested fees can spike to absurdly high levels, particularly when interacting with a smart contract.

The PlutusDEX doesn’t rely on a smart contract, saving you valuable Gwei on transaction fees.

— Danial

Q14. In link your personal cryptocurrency wallet to your Plutus Card without revealing your private keys,what happen in the case of hack?whatl means as plutus put in place to prevent these occurences?

Ans — Since we don’t store your private keys, should the Plutus ecosytem be a victim of a hack then your funds are safe as they’re stored in your personal wallet, rather than in a centralised entity.

— David

Here are some important links of Plutus👇

Official Website —
Facebook —
Twitter —
Telegram Chat —
LinkedIn —
Discord —
Instagram —
Medium —



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