-
NFL and Crypto’s Growing Entanglement - 7th December 2021
-
Gambling with NFTs and Crypto - 17th June 2021
-
What Exactly is Bitcoin Mining? - 26th April 2021
-
Cryptocurrencies Over The Past Three Years - 12th March 2021
-
Online Crypto Gambling in Canada - 3rd March 2021
-
Some Tips on Crypto - 2nd March 2021
-
Where Does Ripple Fit Into The History of Money? - 2nd March 2021
-
Bitcoin Trading Tips - 4th February 2021
-
The Top Trends In The Fintech Sector In 2021 - 29th December 2020
-
What You Need To Know When Trading Stablecoins - 19th December 2020
Cryptocurrency Courts Latin America
Pundi X and MakerDAO have announced they will provide merchants in the Latin America (LatAm) region with free blockchain-based point of sale (POS) devices – known as XPOS – to enable cryptocurrency transactions. While customers will be able to pay in Bitcoin, Ethereum or a host of other currencies, the sale is settled by the XPOS in MakerDAO’s DAI stablecoin which is pegged to the USD.
Together with @MakerDAO, we are kicking off the #Crypto Merchant Program in Brazil 🇧🇷. Qualified merchants will be able to receive free XPOS® devices to sell and accept $Dai, #Bitcoin, $ETH, $NPXS, and other cryptocurrencies! For more details 👉 https://t.co/905u3tvOyx
— Pundi X Labs (@PundiXLabs) February 17, 2020
The Crypto Merchant Program is designed to increase cryptocurrency adoption while using DAI to significantly reduce any exchange volatility risk for the retailer. As an added incentive, merchants will receive 2% commission on cryptocurrency transactions.
More Control Over Finances
The benefit of using DAI as the settlement currency rather than any regional national fiat currency was highlighted when MakerDAO began their co-operation with Pundi X in August last year. Nadia Alvarez, MakerDAO’s LatAm Business Development representative, was quoted at the time as saying “DAI provides an easy way for people in Latin America to escape the devaluing effects of hyperinflation.”
Alvarez suggested that “By integrating DAI across its global payment network, Pundi X makes it very simple for people – even those unfamiliar with cryptocurrencies – to use DAI and have more control over their finances.”
To start the new campaign, 100 XPOS terminals will be made available for the Brazilian market and a further 650 will be spread throughout other countries in the region including Argentina, Venezuela, and Colombia.
Certain criteria will need to be met by retailers proposing to host a terminal. In Brazil for example, merchants are required to have an actual brick and mortar store rather just an online presence and to possess a valid identification number (CNPJ) issued by the Department of Federal Revenue of Brazil.
Pundi X came to market in a successful initial coin offering (ICO) for the sale of their NPXS tokens at the beginning of 2018 and have persistently pursued partnerships designed to expand operations in South America.