Breaking News
Ad-Free Version. Upgrade your experience. Save up to 40% More details

Institutional fund acquires $5m in PLU – backing a MetaMask killer App

CryptocurrencyMay 18, 2021 04:00AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
© Reuters. Institutional fund acquires $5m in PLU – backing a MetaMask killer App

Plutus, a pioneering DeFi start-up has received $5 million in funding from a prominent crypto fund, Alphabit, in light of their upcoming product release, a crypto wallet that includes both Ethereum and Bitcoin which could rival the likes of MetaMask.

Bitcoin recently hurdled the $1 trillion market cap milestone which makes it more valuable than Facebook Inc (NASDAQ:FB)., the 6th most valuable company in the world. What started out with a 9-page document by a pseudonymous writer has gone on to change modern finance as we know it.

Whilst Bitcoin has paved the way as the first peer-to-peer encrypted currency, other contenders have joined the space in an attempt to improve upon areas that Bitcoin is lacking.

Vitalik Buterin, an early ambassador of crypto, co-founded Ethereum in 2015 to do exactly this. He built a blockchain that people can build all kinds of decentralised applications (d’Apps) upon instead of it being used merely for payments.

After some huge price jumps, Ethereum hit its own milestone with a market cap of $500 million. To put that into perspective, this is where Bitcoin was just five months ago. As a result, Vitalik gained billionaire-dollar status.

Potentially the most popular DeFi wallet for Ethereum at the moment is MetaMask. With 5 million active monthly users, MetaMask has established itself as a reliable, secure, and trusted wallet for crypto enthusiasts.

For those who are new to crypto and are unfamiliar with MetaMask, it comes as a browser extension and allows you to send and receive Ethereum-based tokens (ERC-20), which accounts for the majority of coins on the market.

One issue, Bitcoin is still considered the king of crypto and accounts for 42% of the entire cryptocurrency market; and this is at a point where Bitcoin dominance is at a comparatively low point in its lifetime. Traditionally, Bitcoin’s market cap amounts to closer to 60% of the crypto industry’s market cap.

The New Rival Player
One UK based crypto start-up spearheaded by crypto entrepreneur, Danial Daychopan, who is looking to capitalise on the opportunity in Plutus by beta testing their all-in-one wallet for Bitcoin, Ethereum and others, the Plutus Wallet on 18th May. This is a company that has been developing innovative DeFi tech since 2015 and already has an extensive array of DeFi products publicly available including the PlutusDEX and their Plutus DeFi Card which are both connected to a regular fiat current account.

The Plutus Wallet is stated to follow a very similar format to MetaMask except with the added benefit of Bitcoin. Users will be able to create, or import, Ethereum and Bitcoin wallets and manage both under one user-friendly browser extension. This multi-currency functionality will prove hugely convenient for those who dabble with more than just ERC-20 tokens.

One of the biggest perks of MetaMask is its ability to interact with d’Apps; you can retain possession of your private keys whilst interacting with other services. Plutus has made it possible for their Bitcoin equivalent to interact with compatible d’Apps which could prove a huge milestone for the industry.

Alphabit, an established crypto fund, recently purchased $5 million worth of Plutus’ native token, Pluton (PLU) in light of the wallet developments. The funds are said to contribute to international expansion and product development. Off the back of the news, the token climbed over 104% in less than a week, and given the size of competitors in the space, there could be a lot of upside potential still to come.

Continue reading on BTC Peers

Institutional fund acquires $5m in PLU – backing a MetaMask killer App

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
Sign up with Email