Cryptocurrency & Blockchain Business

PundiX: Making sense of cryptocurrency

Following the rise of virtual currency firms, Pundi X came to the scene to make buying cryptocurrency as easy as purchasing bottled water.

Built on the success of Pundi-Pundi, a QR code cashless payment app, Pundi X seeks to bring cryptocurrency to the next billion users. The multi-cryptocurrency point-of-sale (POS) solutions provider enables retail stores to facilitate cryptocurrency transaction for the average consumers.

Operating globally with offices in Jakarta, London, Taipei, Shenzhen and Singapore, Pundi X emerged as the answer to the lack of intuitive functionality of most cryptocurrency trading firms. The company offered a solution by digitalizing any physical stores with three interplaying pieces of technology: card payment, mobile wallet or Pundi XPass.

With the company’s initiative of empowering blockchain developers to sell cryptocurrency and services at any physical store in the world, Pundi X demoed Pundi XPOS during the Blockchain Asian Forum 2018 in Manila last May. The Pundi XPOS device in various brick-and-mortar retailers will allow customers to purchase cryptocurrency and pay for goods with digital currency already stored on a wallet.

Having lower costs while providing more services than the other blockchain-based POS system, Pundi XPOS is seen to decentralize offline cryptocurrency sales network and heightened convenience of mobile wallet and POS devices.

In the Philippines, the demand of acquiring cryptocurrency is on the rise as more and more people are considering using digital currency as means of cross-board payment and store of value.

Peko Wan, Vice President of Pundi X, said that the Philippines is one of the largest markets in ASEAN countries that is friendly to cryptocurrency startups. “There are over 2.3 millions of documented overseas workers in the Philippines. Some of them choose to purchase cryptocurrencies and send them back to their families. Cryptocurrency can make the cross-border transactions faster and more cost effective,” he highlighted.

Though the blockchain ecosystem in the Philippines is not as developed as in neighboring markets, the company is optimistic about the blockchain ecosystem and the technology’s future in the country.

Citing the plethora of financial-technology companies already headquartered out of the Philippines who leverage blockchain technology in some way and the rise of blockchain industry organizations, Wan sees the Philippines as one of the fastest growing startup scenes in Asia. “There are many talented entrepreneurs, designers, and developers here, and equally many interesting problems to address: I have no doubt that the country’s best talent will increasingly turn to more and more blockchain technologies to create truly innovative solutions.”

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