Shoppers in EU Can Receive Crypto Rewards for Buying Nike Products

Plutus, a fintech firm headquartered in London, is providing rewards via credit card when users make purchases through Nike’s ecommerce site.

Such a process unlocks a maximum of 3% in crypto and 9% as cash rewards for the value of purchase.

To receive those rewards, clients must shop online using the Plutus Visa Card. As Plutus presently operates in the UK and the European Economic Area, the reward benefits are available for purchases made using the Eurodollar and the pound.

The rewards are created in the form of decentralized loyalty token Pluton (PLU), which is Plutus native token hosted on the Ethereum network. In addition to 12% total rewards, Plutus users can also generate extra rewards by staking their PLU tokens through Plutus app.

At the time of writing this article, the token was trading at $1.70 with a market cap of roughly $1.50 million.

By rolling out Nike crypto rewards, Plutus is taking another initiative in its objective of introducing cryptos in day-to-day life.

This partnership with Nike has come months after Plutus rolled out a comparable feature on key travel websites Airbnb and Skyscanner in early 2020. Regretfully, development had to be stopped due to Covid-19 pandemic.

Danial Daychopan, the founder and CEO of Plutus, stated:

“Plutus was approved as an affiliate partner for both Airbnb and Skyscanner at the start of the year, however all programs in the travel category have been temporarily paused by the company due to travel restrictions caused by COVID-19. Both of these partners were included to offer cash back to qualified Plutus members.”

Late last year, Nike got the patent for “CryptoKicks” shoes, tokenized as a non-fungible token on the Ethereum blockchain. Nike also took part in a blockchain powered supply chain trial aided by Alabama’s Auburn University.