Nike Unlocks up to 3% in Crypto Rewards with Plutus Partnership

The United States footwear giant Nike continues to explore the blockchain and cryptocurrency industry by introducing cash backs in crypto.

The famous footwear and clothing company has just entered an affiliate partnership with London-based fintech startup Plutus​ to unlock up to 3% in crypto and 9% cash rewards for making purchases on Nike’s online store.

Rewards are available for GBP and EUR only

In order to receive the rewards, customers should use the Plutus Visa Card while shopping online. As Plutus operates within the United Kingdom and the European Economic Area to date, the service is now available for purchase in euro (EUR) and the British pound (GBP), a spokesperson at the firm told Cointelegraph.

The rewards are generated in Plutus’ native token, Pluton (PLU), a decentralized loyalty token running on the Ethereum network. Apart from 12% in total rewards available, Plutus users can also earn more rewards by staking the PLU token via Plutus’ app, the firm said. As of press time, the token is trading at $1.75, with a market capitalization of about $1.5 million.

Plutus is an affiliate partner for Airbnb and Skyscanner

By introducing Nike crypto rewards, Plutus is making another step in its mission to bring cryptocurrencies into everyday life. Nike’s affiliate partnership comes months after Plutus introduced a similar feature on major travel websites, Airbnb and Skyscanner, earlier this year. Unfortunately, development had to be paused due to the coronavirus outbreak.

Danial Daychopan, Plutus CEO and founder, said:

“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.”

Crypto-linked features are nothing new to Nike brand so far. In late 2019, Nike patented the so-called “CryptoKicks,” shoes that are tokenized as a non-fungible token on the Ethereum blockchain. Nike has also participated in a blockchain-based supply chain pilot backed by Alabama’s Auburn University.