Pluto Digital PLC (Pluto), the crypto tech and operations company, has announced the takeover of Yield Optimisation Platform (YOP) and has acquired all assets related to the innovative DeFi (decentralised finance) project; including the $YOP tokens, IP, brand, and website.
Founded in 2020 by Atif Yaqub, YOP’s vision was to make DeFi available to all; removing the technical barriers preventing engagement with decentralised finance, while making it easier for users to interact with leading crypto products. Having achieved its initial goal of introducing an all-in-one mobile app, featuring a Farmer’s Market, Wallet, Market Data, Swap DEX and IDO Launchpad Aggregator, the company followed this with the $YOP token; launched with an initial value of $0.05 in January earlier in the year and currently trading at over $0.40.
Pluto will be dedicating significant budget and resources to reimagining, redeveloping and relaunching the YOP platform; with priority given to communication and collaboration with the YOP community.
The new management team is headed up by Pluto CTO John Frizelle with support from COO Dave Burrells and the Pluto software development and yield operations team. Their objective of supporting the existing protocol, community and $YOP token will ensure a product that appeals to both experienced DeFi users and those with limited knowledge; all of whom will be able to enhance their education through Pluto’s supporting material on the Plutosphere.
Pluto Digital was formed in January 2021 and is a crypto tech and operations company that makes Web 3.0 Decentralised Finance (DeFi) more accessible to all. Pluto raised $50 million in Q1 this year and had already invested in YOP through their ventures division.
YOP Founder Atif Yaqub commented:” I’m thrilled about the Pluto takeover, as they have the resources and the team to deliver on the project’s bigger vision and take this to a higher level. I look forward to seeing the growth of YOP and all the exciting things in the pipeline from Pluto. As a large well-resourced entity, it made sense for the transfer of YOP to a well-known and responsible party. Being active in the crypto community for many years supporting start-ups, I will be keenly supporting and continuing to advise as a stakeholder and community member. In the coming weeks the V0 trial app will end. Any assets users have in the V0 mobile app should be backed up with the private key or moved into other wallets where you control the keys as support for the app will end once removed from the AppStore. I now know that we can all look forward to exciting times for YOP and the community.”
Pluto Director Barry Downes commented: “We would like to thank Atif for his vision to create the YOP token and protocol and his support of Pluto to acquire YOP. We look forward to allocating significant Pluto resources to reimagine, redevelop and relaunch the YOP platform and continue from day 1 to support the YOP project and its liquidity pools. Pluto is committed to delivering on the original vision of the YOP project and the community can look forward to engagement by the Pluto team to relaunch the project as YOP 2.0. Pluto has immediate plans to release a white paper on the DeFi sector and shortly afterwards a white paper on YOP 2.0, detailing the project and its future roadmap further. We look forward to engaging with the YOP community and keeping everyone up to speed on the redevelopment and relaunch with a series of announcements coming soon.”