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The difficulty of actually making purchases is one of the most well-known problems with cryptocurrencies. By providing merchants with hundreds to thousands of point-of-sale smart devices, Pundi X hopes to revolutionise all of that and enable them to accept payments in the form of NPXS, the network’s own crypto coin.
It’s a home run idea if it can offer the devices for free and with transaction costs that are lower than what current card and mobile payment systems offer.
Though Pundi X is targeting Indonesia with expansion plans throughout Southeast Asia, don’t anticipate seeing it in the United States any time soon. It’s a risky endeavour with a large potential reward, particularly in an economy where 73 percent of people lack access to banks.
Including South Africa, it is expanding its presence in around 25 emerging nations.
Even now, the business is collaborating with BitCapital to ship its POS equipment to South America via Brazil and Columbia. This might be the future if people in the developing world adopt cryptocurrency and are content to transact with a POS device.
At the CES 2019 in Las Vegas in January, Pundi X also unveiled the XPhone. The blockchain-based phone and its Function X protocol are in competition with HTC’s Exodus 1 and Samsung’s Electroneum-based M1 platform.
Zac Cheah, the company’s CEO and co-founder, has 12 years of expertise, and the rest of the staff is also well-qualified. Of course, given that the XPOS and XPhone’s shipping has been delayed into the first half of 2019, they may be attempting to expand too quickly. The team is having a hard time adhering to the timelines in the road map, like many blockchain-based firms.
Let’s examine the NPXS token’s specifications and market performance before delving into the Pundi X project’s technological and commercial prowess.
The Pundi X initiative seeks to simplify the process of purchasing cryptocurrencies with a credit card. The NPXS token’s creators intend to integrate it eventually with their Ethereum-based Point-of-Sale (POS) platforms. This approach could provide access to fundamental banking services to underdeveloped nations like Latin America and Indonesia.
There is no known maximum for Pundi X’s supply of 280,255,193,861 NPXS. On May 13, 2018, NPXS reached its all-time high price of $0.015341. Every day, about $4 million worth of NPXS is traded.
During its ICO token sale that took place between September 2017 and January 21, 2018, Pundi X raised $35 million.
During the ICO presale and crowd sale, 35,000,000,000,000 NPXS (formerly known as PXS) were sold. 15,750,000 were kept by the team, 1,750,000,000 went to early investors, and Pundi X handled the remaining funds for marketing and development. Additionally, 2% of the tokens sold were set aside to pay for bounty campaigns on various internet and social media channels.
A ERC-20 token for the Ethereum network is called NPXS. ERC20-compatible wallets like MyEtherWallet, LedgerWallet, and Trezor support it.
NPXS can be traded on a number of well-known cryptocurrency exchanges, but Binance sees the majority of trading activity. Additional trading platforms include Indodax, Hotbit, LATOKEN, Bitbns, Gate.io, and Bit-Z.
Pundi X is developing a technology that utilises Xplugins to connect POS hardware to Ethereum’s blockchain through two communication layers. Once installed on the POS platform, which comprises card readers, mobile wallet NFC scanners, and other payment technologies, these devices are subsequently provided to retail enterprises.
The two layers replicate the buy request delivery and sale recording functions of conventional bank-based payment verification and approval processes. Here is how your credit or debit card now functions.
The chip or magnetic strip on your payment card is scanned by the POS equipment to obtain basic account information. These specifics are communicated to the acquiring bank or processor over a phone line or the internet. Afterward, the transaction is finished, a receipt is printed, and you are authenticated using a PIN, CVV, etc.
The merchant, cardholder, and acquiring bank clear and settle the money in the days after the transaction. Except for the records that show on our account statements, this delay is largely unnoticeable to the cardholder.
Pundi X hopes that its blockchain-based solution will increase the acceptance of cryptocurrency payments by merchants. Even its own XPass credit card, sponsored by NPXS, was produced. Transaction fees aren’t the main challenge to overcome with merchants, though, as we covered in our article on how blockchain is revolutionising the retail industry.
Retailers might easily lose 10 percent to triple digits in a day due to price fluctuations in cryptocurrencies, which is a major issue. Selling a $100 item and taking home only $80 at the end of the day entails taking a 20% pay cut, which represents a significant portion of the normal 25-35 percent margin that retailers enjoy.
For brick-and-mortar stores and 2.5 percent for internet businesses, the average processing fee for credit cards is 2 percent. Bitcoin had highs above $7000 and lows under $6000 between August 6 and September 5, 2018, a difference of slightly under 20%. These figures don’t add up, despite the fact that the retail industry is positioned for expansion.
Although selling is difficult, Pundi X might have other strategies up its sleeve.
Not only purchases, but also swapping cryptocurrency coins and tokens can be a costly burden. Most routes inevitably end up in BTC or ETH before being converted to fiat and utilised as money. Thus, it is more difficult than it seems to accomplish something as straightforward as donate money to someone.
When the first of Lombok, Indonesia’s four earthquakes struck in 2018, Pundi X got to work right away to enable cryptocurrency donations to support the relief efforts for more than 350,000 victims. To raise more than $42,000 in NPXS, ETH, BTC, and BCH, it collaborated with Kopernik.
Working closely with blockchains like Nem, Stellar, Zcash, Wanchain, and Verge, the team is hard at work. The Southeast Asian fintech community is also very supportive of it, and it has partners including the Singapore Fintech Association, Fintech Indonesia, and the Fintech Association of Hong Kong.
The technology may be modified for uses other than POS terminals, and thanks to Pundi X’s exchange capabilities, the underlying IP is valuable even if the firm that developed it never makes the Fortune 500. It may continue to operate for many years as a medium-sized business catering to its particular market or diversify into new business activities.
One illustration of this is the XPhone, a smartphone designed for consumers but using the same protocol as POS machines. The only true way for this phone to succeed in the market, despite its CES announcement to create attention, is if the development team teams up with Google, Apple, or another phonemaker seeking to easily compete with Samsung and HTC.
Pundi X has lofty goals, but they might not be sufficient to overcome the retail sector’s existing resistance to accepting cryptocurrency as payment. Despite its youth, it developed a strong concept and is already a top-performing cryptocurrency. The way Pundi X uses its primary advantages will determine its success.
Pundi X is solely dedicated to developing actual retail point-of-sale systems that can process bitcoin payments.
A ERC-20 token for the Ethereum network is called NPXS. It can take ETH, BTC, and BCH as trading pairings and is recognised by reputable exchanges.
In comparison to conventional credit cards, Pundi X features cheaper transaction costs. Unfortunately, it is constrained by cryptocurrency’s greater volatility than fiat money.
Pundi X might be a reliable investment that will hold up over time if it can put the appropriate components in place. We don’t yet know what it will take for mom-and-pop stores and established enterprises to accept cryptocurrency.
Price stabilisation will be beneficial, and if it occurs, Pundi X will be present when it does.
The group in charge of the new platform will begin dispersing its new POS gadgets in Indonesia, the biggest nation in South East Asia.
Users will be able to use the new device to either directly buy their new token or to use the cryptocurrency they already have stored in their wallet.
A smart gadget called the POS will be connected to the Pundi X blockchain, which is based on the Ethereum network.
The project’s developers think their new gadget will outperform Bitcoin ATMs in a number of ways:
Much cheaper price.
more compact and smaller dimension.
much more services is available.
The number of Bitcoin ATMs is currently only projected to be around 1500, despite plans to deploy over 50k units in a single year.
High mobility makes it possible for traders to use the gadget while travelling.
Developers will have access to the system.
According to them, the amount they can generate from their ICO will determine the rate of growth they can target. If they are successful in selling 35 million tokens, they plan to distribute 100,000 devices over the course of the next three years. After reaching a total of 50,000 devices in Indonesia, they will begin to expand into other Asian nations including Malaysia and Thailand.
They also want to collaborate to reach the rest of the world.
They are concentrating their efforts in South East Asia, where 73% of the population still lacks a bank account.
Pundi X is the project name.
175 million tokens in all.
Hardcap total: $35 million (have raised 23 million then you).
1 PXS is worth $2.1. (pretty chatted)
Time to launch the ICO: 21 January to 3 March (I think it will end soon somewhere 5 minutes).
0.1 ETH is the minimum and there is no maximum for ICO purchases (too delicious)
Internet address: https://pundix.com
Pundi X sold out its initial coin offering in less than 90 minutes despite the bleak January market conditions and the promise of becoming the “Walmart of blockchain.” With the increased simplicity of their mobile wallet and Point of Sale (or “POS”) devices, Pundi X is now optimistic that they can become the largest decentralised offline cryptocurrency sales network and attract the next generation of crypto speculators and traders. Pundi X’s main focus is accessibility, and if they are successful, we will live in a world where “purchasing cryptocurrency should be as easy as buying a bottled water.”
In response to the steep learning curve for people who want to enter the cryptocurrency markets, Pundi X has developed. The majority of exchanges lack the user-friendly features required to acclimate new users, with the exception of Coinbase and the soon-to-be-released Robinhood app. Further, even veterans may find it difficult to manage their money effectively due to the realities of juggling many personal wallets, keys, and authenticators. The Pundi X Platform, mobile wallets, and card payments are three interdependent pieces of technology that Pundi X offers as a solution.
The Pundi X technology has a distinctive feature in that devices are incorporated into both the Ethereum and NEM blockchains, the latter of which is a widely used financial software in Asia.
The Pundi X POS device will be sold by a variety of businesses and let customers buy cryptocurrencies or use cryptocurrency that is already saved in a wallet to pay for things. Pundi X asserts that this service is superior to Bitcoin ATMs since it is more affordable, offers more services, and is smaller (roughly the size of a current PayWave device). The Pundi X token will be used to qualify users for discounts as well as serve as gas for transactions and marketing.
There will be many of these devices. If Pundi X reached their $35 million ICO hard-cap, which they did, they promised to distribute 100,000 devices over the next three years (as contrast to Bitcoin’s purported global total of 1,500). The team’s initial focus will be on
Although it’s encouraging to see that the team is on pace to release its platform, it’s challenging to believe that the ability to buy cryptocurrency from a POS device while waiting for a coffee will become popular any time soon.
The Pundi X team seems to be a skilled group ready to commercialise their technology throughout South-East Asia.
Most of the executive team are former computer engineers who are now successful business owners. Constantin Papadimitriou, the president advisor of Pundi X, has a lengthy career in the financial technology sector and founded Infinetworks and E2Pay, two of the biggest Fintech companies in Indonesia. Pundi X is well-positioned to take advantage of the Indonesian cryptocurrency market and fulfil the team’s commitment to installing at least 100,000 POS devices within three years thanks to Papadimitriou’s extensive experience growing financial technology enterprises.
Although the Pundi X C-suite has a history of expanding technology ventures, there are some instances where this has not been the case for CEO Zac Cheah, whose most recent endeavour is creating HTML games. While not ideal, Papadimitriou and other important members will definitely provide Cheah with excellent leadership in the upcoming months.
With 14 workers (most of whom are engineers), the Pundi X research and development team is based in Shenzhen, while the management and operations teams have offices in Jakarta and Indonesia. This is the core group that introduced Pundi-Pundi, their “MVP” cashless payment system, in the start of 2017. According to a report from September, the Pundi-Pundi project achieved over 100,000 downloads with over 500 merchants; this number is likely to have increased since then. The majority of the engineers’ time will now be spent creating hardware integrations and preparing to deploy their Pundi X offline payment system across South-East Asia over the next months.
Many people were aware of this virtual currency, also known as cryptocurrencies, but the majority of them still lacked a clear understanding of how to buy, sell, or use their bitcoin. Furthermore, waiting for hours or days to change their cryptocurrency to money is not a pleasant experience. We no longer have to deal with these issues thanks to XPOS machines; simply picture a world in which buying cryptocurrency is as simple as buying bottled water.
Have you examined the device’s appearance and operation? We are thrilled to meet Tara Basro, a well-known Indonesian actress, and to present her with the Pundi X POS system. Tara was unfamiliar with the concept of
The new PXS token serves as the project’s underlying token. As the enterprise develops, investors should receive a growth in their initial investment.
In the new environment, the token can be used as “gas” to complete transactions and place advertisements. To use the new system, users must purchase a new token, which should raise the cost.
All told, 30% of the tokens will be distributed through the ICO. Investors will receive 20%. The distribution of 70% of the tokens to token holders provides an incentive for investors to hold onto their asset.
Additionally, token holders will get discounts when utilising the new gadgets.
1 ETH is equal to 500 PXS.
Payment options include ETH and Bitcoin.
Discounts: 10% week 2, 15% week 3, and 15% more tokens during week 1
The team reserves the right to launch a second ICO at a higher price if the initial coin offering (ICO) doesn’t sell at least 35,000,000 tokens.
280,000 ETH is the hard cap.
Together with their vendors, they are always enhancing and optimising their POS solution, which includes hardware, software, and security. The start of mass production was in February 2018. In more than 12 countries, Pundi X will roll out more than 100,000 Pundi XPOS machines.
Both cryptocurrency wallets and conventional mobile wallets, such as Alipay, the Bitcoin wallet, and others, are accepted for payment through Pundi XPOS. All of these payment channels can be connected into one location by simply having one Pundi XPOS device in your business. The advertising space on the Pundi XPOS device’s side screen can also generate more cash for you. Advertisers are able to make purchases using NPXS in this location.
The Pundi XPOS device’s user-friendly interface aids store owners with transaction facilitation, including the purchasing and selling of BTC, ETH, XEM, QTUM, or ACT. Additionally, a check-out menu is available for completing cryptocurrency transactions. Here, order, inventory, and membership management are all interwoven.
Customers can view the pricing in their own currency when staff members make transactions, such purchasing Bitcoin. After scanning the QR code from their wallets, individuals quickly execute the transaction.
The Pundi XPOS gadget prints out the receipt for customers and store owners to keep after the transaction is successful. In order to boost sales for the store owners, the advertiser may also use NPXS to buy ad inventory that will appear on the receipt.
To develop a cryptocurrency payment card, the Pundi X team is now forming partnerships with exchange platforms, cryptocurrency wallets, fashion brands, and chain stores. Customers can easily purchase and utilise bitcoins even if they are unfamiliar with mobile payment systems.
Utilizing it is pretty simple. The staff will request that consumers use their Pundi XPASS cards to make their payments.
The rate of the chosen cryptocurrency will be displayed to clients. Once the rate is confirmed, they can tap the card to finish the transaction.
The receipt will be printed by Pundi XPOS for both customers and store owners.
Similar to how they use the metro top-up card, clients conduct transactions with the primary card. The encrypted private key information is stored on the primary card.
The security card can only be used to activate and retrieve the primary card. Customers must store the security card carefully and never combine it with the primary card.
Up to January 2021, all Pundi X token owners are entitled to receive the monthly unlocked tokens. The unlocked tokens will be automatically distributed to both NPXS and PXS token holders during the swap period, which runs from March 20 to September 20. Only NPXS owners will receive monthly unlocked tokens after September 20.
You won’t receive their unlocked tokens if you retain your NPXS or PXS in the wallets of the public exchanges (with the exception of NPXS holders using the Bancor wallet, Coinnest, Coinrail, Coinbene, and Cashierest).
The distribution of the April unlocked NPXS coins is supported by Bancor (wallet), Coinrail, Coinnest, Coinbene, and Cashierest. To avoid losing your PXS tokens, do not transfer your customers’ PXS tokens to these exchangers in return for unlocked tokens.
For individuals who choose not to exchange their PXS tokens for NPXS tokens, we strongly advise against doing so between April 26 and May 8 because of the high volume of transactions on the Ethereum network. It’s likely that if you swap PXS for NPXS between April 26 and 30, you won’t receive your NPXS token in time and miss the snapshot.
The steps we take to calculate and distribute the unlocked tokens are detailed below:
Time of snapshot: April 30, 2018, 11:59 p.m. Singapore time
First week of May, execution date.
Amount: 7.316% of your total NPXS/PXS tokens.
Using automatic. The wallet address from the wallet snapshot will get the released token.
To learn more about their monthly unlocked tokens, below are some frequently asked questions:
I want to acquire the monthly unlocked tokens. Can I store my NPXS/PXS tokens in various wallets?
You can, indeed. Follow the timeframe and hold your NPXS/PXS coins in the aforementioned recommended wallets.
Should I purchase NPXS via the exchanges, would I still receive the unlock tokens?
No matter where you buy your NPXS or PXS tokens, you are entitled to receive the monthly unlocked tokens. The “ownership” of an unlocked token is confined to its holders. You will receive the unlocked token, for instance, if you purchase NPXS tokens on April 29, 2018, and transfer them to the wallet specified above three hours before 11:59 pm GMT+8 (Singapore time) on April 30, 2018.
On the other hand, you would not receive any unlock tokens in May and afterwards if you sold NPXS or PXS tokens before April 29, 2018.
How soon after the snapshot is taken will the monthly unlocked tokens be delivered?
The distribution will be carried out in the first week of May. Typically, you’ll get them seven days after the photo was taken.
How many unlocked tokens will I get each month?
The number of NPXS or PXS that you have in the compatible wallet at the time of the snapshot determines how many monthly unlocked tokens you will receive.
For the first 12 months following the conclusion of their open token sale on January 21st, a rate of 7.316% is applied to the monthly unlocked token, then
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You’ve been added to the KYC whitelist, or “authorised to participate.” In other words, you have already completed the KYC application process on their website and have gotten an email from Pundi X confirming your KYC approval. You can check your whitelist status in a variety of various ways by visiting the Pundi X public token sale update website.
Alarm will be available at 16:00 GMT+8 on January 21. On this day, the token crowd sale will begin and run until the hard cap is met. Visit the Pundi X public token sale update page on individual hardcap and other details for further information on hardcap.
Visit their website at https://pundix.com to get started by following the steps. Browse a page like the one below:
You may find the address by entering their approved KYC email address on their participation page.
Each participation has a distinct ETH address. After entering your email address, only send to the specific Ethereum address stated on their website, https://pundix.com.
Please never transmit ETH via an exchange; instead, send from an address for which you have the private key.
Please double check the information on their website, Pundix.com, their blog, Medium.com/Pundix, and their pinned post on Telegram, Pundix.com (https://t.me/Pundix).
Make sure you are always on the Pundix website, https://pundix.com.
Verify that the address bar’s “Secure” label and the “lock” icon both indicate a secure connection.
For each participation, an ETH dynamic address exists. Please send ETH only to the address provided on https://pundix.com, not to any other addresses.
Do not believe anyone who contacts you through any medium and claims to be related to or working on behalf of Pundi X, and always confirm their claims (We have taken safety precautions but please be extra careful still).
Please refrain from sending ETH from open exchanges like Coinbase, Kraken, or Bitcoin.co.id. Only
48 hours after the token sale is over, tokens will start to be generated. Delivery times for PXS will be influenced by the volume of transactions on the Ethereum network. Please review the instructions for verifying the received PXS token (the article is written for Pre-token sales but the method to check the PXS tokens received is the same).
The PXS tokens are now yours.
Pundi X hires chief counsel: former Microsoft and Ethereum veteran, David Ben Kay
David Ben Kay, a top Asian technology company and blockchain startup lawyer with more than three decades of experience, has been named as Pundi X’s new chief legal counsel.
David has extensive experience working in China and is an expert in both international intellectual property law and investment law. His career in China began with the preeminent global law firm Dentons.
More than 250 businesses, including Microsoft’s China affiliate, were founded in that nation by David during the course of the next 30 years. This included the early 1990s. David later joined Microsoft China as general counsel in 2003 and oversaw the company’s efforts in the areas of corporate social responsibility, anti-piracy, and intellectual property.
He has become a specialist in legal concerns regarding blockchain technology in recent years after providing advice to over fifty start-up and early-stage technological companies.
David will support Pundi X as it strives to roll out 100,000 XPOS devices globally over the following three years. David will help Pundi X navigate worldwide legal and regulatory problems.
David expressed his excitement about joining the Pundi X team and working with them to realise their goal of mass inclusion by making it simple for customers and businesses to use and trade cryptocurrencies worldwide. “I’m also hopeful we can engage with industry groups and governmental regulatory agencies to adopt a sensible and welcoming attitude to the blockchain and cryptocurrencies, which will have a good effect on the entire ecosystem.
I’ve served as an advisor to several blockchain-based firms, but it was Pundi X’s purpose, as well as the team’s passion and clarity of vision, that inspired me to join them and do my part to ensure their success.
David served as an advisor and then a board member for the Ethereum Foundation, a Swiss non-profit devoted to promoting the innovative smart-contract enabled cryptocurrency and blockchain-based distribution network of the same name. He joined Ethereum in 2015 and provided guidance to the foundation in 2016 during a time of crucial expansion.