Plutus Tap & Pay has officially raised more than $1 million in a crowdfunding campaign for bitcoin and Ethereum contactless payments. The company plans to launch an Android app that will make these NFC payments a reality, according to a press release.

This app is designed to remove the barrier of merchant adoption by enabling NFC payments so merchants don't have to accept virtual currency directly. In addition to the app, the company has also secured the funds for PlutusDEX, a peer-to-peer exchange.

With the exchange, traders will be able to exchange among themselves, and other virtual currency exchanges will be able to enter the network.

"Whenever you make a deposit with bitcoin or Ethereum, you will also gain a reward in Plutons from the network automatically. We created this model to incentivize users as well as expand our feature-set in the future," Daniel Daychopan, CEO and founder of Plutus said in the release. "Plutons exist autonomously on the Ethereum blockchain and are sufficiently rare to create an advantage for early adopters."

All users who participated in the crowdfund has received these Plutons, which are payment tokens designed to be worth a certain amount of bitcoin and Ethereum.