Indonesian fintech firm Pundi X launched their ICO today and sold out within two hours. Eligible investors from outside the US, China or Malaysia have snapped up PXS tokens to the tune of $35 million, $18 million in the extended pre-ICO and the final $17 million sold this morning.
The company announced on Twitter that 6,000 transactions were placed through the Ethereum platform in the first five minutes of sale, causing network congestion reminiscent of the CryptoKitties craze of late last year.
[ANN] Over 6,000 transactions in first five minutes after we kick started the ICO!! It caused the jam on the #Ethereum platform like what #CryptoKitties did. Apologies for the slowness of data syndication. You can check your status here at https://t.co/1VQkGiNDIJ #ICO pic.twitter.com/0ihmpdSNGv
— Pundi X (@PundiXLabs) 21 January 2018
South East Asia is one of the most populous areas of the world, accounting for some 640 million people. However, only 25% of that population have a bank account.
Pundi X are seeking to open up financial inclusion in the region, particularly access to cryptocurrencies. According to their estimates only 1% of the world owns any crypto, and they want to change that.
“7-Eleven of Cryptocurrency”
Pundi X describes itself as the “Walmart and 7-Eleven of cryptocurrency” and wants to “make buying cryptocurrency as easy as buying bottled water”. To achieve this they aim to introduce a point of sale (POS) network for cryptocurrencies.
In practical terms that means that anyone would be able to buy cryptocurrencies with cash, bank card or the Pundi X Pass, a smart card which can be used for everyday purchases as well as trading currencies. The company plans to roll out upwards of 100,000 POS devices to shops over the next three years.
It remains to be seen how Indonesian regulators will respond to the plans. Regulators there are wary of this new sector, with the Bank of Indonesia recently reiterating its warnings that Indonesians should steer clear of cryptocurrencies as they are “prone to forming asset bubbles and tend to be used as method for money laundering and terrorism funding”.