A London-based startup aims to allow consumers to use Bitcoin as a form of payment – even with merchants that haven’t started using the digital currency.
Slated to launch in 2016, Plutus is a Near Field Communication-based digital wallet, driven by a team of traders that can convert a user's Bitcoin into dollars, euros or other currencies.
The app also includes reward points called Plutons, which can accumulate into funds redeemable at NFC-enabled stores.
"The intent of the app is to be practical," said Danial Daychopan, Plutus' CEO and co-founder, in a Dec. 28 press release. "Plutus plugs into existing infrastructure to allow contactless payments, which reward you on the blockchain. It's simply a stepping stone towards adoption and a practical use-case that many have been asking for."
The concept of converting Bitcoin into fiat currency at the point of sale isn't new. Companies like Xapo have attempted this through the use of debit card and a mobile wallet.