Important Update | PlutusDEX Paused (EEA)

Over the last three years, research has shown that Pluton Rewards are the most demanded feature out of Plutus’ product family. As a result, we have prioritised delivering one of the most rewarding debit cards on the market, offering up to8% in crypto rewardsand access to20+ in-demand Perks(household brands). Plutus is now expanding and strengthening the robustness of its bank-like features, including a new partnership with the highly reputable and UK-regulated Payments-as-a-Service provider,Modulr— the details of which can be foundhere.

Part of this system enhancement also includes redefining our DEX base layer and upgrading our tech stack so that you can enjoy fault-tolerant crypto-to-fiat swaps with higher swap limits and efficient order matching. Between1 March 2023and30th June 2023, the PlutusDEX will be paused and the following two features will become unavailable: Edit:See updated timeframes at the top of this blog During the aforementioned dates, Plutus will enhance much of the PlutusDEX so that you can experience a faster, more intuitive, flexible, and robust service. This is a necessary step towards our goal of delivering the best-in-class Crypto-Fiat DEX on the market.

We’re also aware that there are steps we can take to educate mainstream users on self-custody wallets and we aim to do exactly that by adding in-app guides and improving the overall UI/UX. To achieve this, Plutus will be: Since the upgrade is focused on the PlutusDEX’s infrastructure, only two features will be unavailable: This refers to all crypto/fiat swaps including the swapping of earned PLU for card balance. Note:DEX Swaps will remain disabled for UK customers beyond30th June 2023until Plutus has secured the necessary FCA license (AML/CTF Crypto Asset Registration applied for in May 2022) required to facilitate crypto trading in the UK.

Plutus is an advocate for self-custody of crypto — customers can continue to earn PLU and withdraw it to their personal wallets. Starting from1st March 2023, we will change the time at which PLU withdrawals are processed. Instead of processing withdrawals at midnight on Wednesdays, Plutus will start processing them at 10:00 am on Wednesdays to help with ensuring all of the withdrawal requests are processed in time with minimum delays.

Any unsettled trades will be cancelled and the funds or crypto returned. As an ERC-20 token, PLU is readily available on several third-party platforms. PLU can still be withdrawn to any self-custodial ERC-20 wallet such as Metamask, TrustWallet or Ledger.

Withdrawals will continue to be processed on a weekly basis as usual. Note:We recommend self-custody and the use of decentralised platforms rather than centralised custodians who carry various risks. Yes.

We are building a much faster and better experience that is suitable not only for crypto enthusiasts, but also for our growing number of mainstream customers — such improvements add to the cost of business. More details will be shared in due course. Plutus is currently in the process of developing its new Market Maker API which will be closed to approved third-party partners initially.

This will enable Plutus to raise the swap limits so you can enjoy greater flexibility. More details will be shared in due course. We will be partially rebuilding much of the PlutusDEX to provide a truly scalable and frictionless experience.

Pausing the DEX is necessary for delivering a better user experience and accelerating the development timelines. A scalable DEX combined with our new and improved bank-like feature set will provide an all-around more robust experience. Strengthening the base-layer technology coupled with higher liquidity will improve the customer experience and reduce support tickets, enabling our support team to return to <24hr response times.

No change. You can continue earning PLU, and you also have complete control over any existing earned PLU. The only change is the ability to swap earned PLU within the app between the aforementioned dates.

To swap PLU, withdraw it to an external wallet and use a third-party service.