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Ethereum Token Powers Crypto Cashback Rewards for Retail Giant Nike

June 02, 2020

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Nike’s latest crypto-friendly partnership gives shoppers up to 3% in cryptocurrency and 9% in cash rewards for making online purchases.

The footwear and apparel giant is collaborating with London-based Plutus, a finance app that allows users to manage both fiat and crypto from the same user interface.

Through the affiliate partnership with Nike, Plutus users who spend euros and British pounds to buy Nike merchandise with their Plutus-branded Visa card will earn Pluton (PLU), an Ethereum-based loyalty token.

The token can be used for various functions.

  • Convert into additional fiat card balance

  • Redeem for Plutus Premium services

  • Exchange without fees on the Plutus decentralized exchange

  • Transfer the tokens between wallets

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The team at Plutus says that rewarding regular debit card shoppers with tokens will inadvertently introduce them to the crypto ecosystem.

“We enable millions of enthusiasts to make use of their crypto-assets and spend at over 400 million merchants worldwide utilizing the existing Visa infrastructure.”

Plutus also reports that they’ve partnered with a list of big brands including Airbnb, Skycanner, Lenovo, Vodafone, Radisson, Logitech and Amazon.

The Plutus partnership is an expansion into the cryptosphere for the footwear retailer year. Last year Nike partnered with crypto shopping app Lolli that lets users earn Bitcoin when they shop online using BTC.

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Rohappy