Pundi X are sending a thousand of their blockchain-based Point Of Sale (POS) devices, known as XPOS, to Brazil following a partnership deal with one of the country’s leading Over The Counter (OTC) service providers, BitCapital.
Designed to enable retail stores to accept cryptocurrencies, Pundi X’s POS is seen as an ideal fit for BitCapital who are in the process of developing a payments infrastructure network to deliver a frictionless solution for crypto-to-fiat transactions.
[ANN] Hundreds of XPOS will be deployed in Brazil ???????? #PundiX and BitCapital announced partnership. 1,000 XPOS devices will be distributed by BitCapital across the country. For more info, you can read https://t.co/Pja1xrztUz
— Pundi X Official Account (Pls do not send ETH) (@PundiXLabs) August 29, 2018
Speaking on the deal, Zac Cheah, CEO and Co-founder of Pundi X said “In a region fast gaining a reputation as a centre for cryptocurrency to enter, the Brazilian market is an ideal point of entry and the demand from merchants has validated our expansion strategy into South America.”
RAPID EXPANSION INTO SOUTH AMERICA
Since launching a successful ICO at the beginning of the year that netted the Indonesian FinTech company $35 million, Pundi X have aggressively pursued expansion into the Americas.
This is the second major distribution deal announced in the last couple of weeks as the Indonesian outfit has also signed an exclusive arrangement with Manticora Capital to supply a further 1000 XPOS units for the Colombian market.
These deals follow the opening of Pundi X’s new South American headquarters in Sao Paulo, Brazil earlier month with Country Manager, Joao Victor Mendes, hinting at other possible target areas, stating “In this part of the world, cryptocurrency has been the subject of growing demand, especially in countries such as Brazil, Argentina, Colombia and Venezuela.”