Pundi X Labs, the Indonesian maker of cryptocurrency-compatible point-of-sale systems, has announced a retail partnership bringing 1,000 of its XPOS terminals to Brazil through BitCapital, a local fin
Pundi X Labs, the Indonesian maker of cryptocurrency-compatible point-of-sale systems, has announced a retail partnership bringing 1,000 of its XPOS terminals to Brazil through BitCapital, a local fintech firm. The agreement marks the second major South American distribution arrangement for the company, which established regional headquarters in Sao Paulo just weeks earlier.
The expansion comes as Pundi X pursues an aggressive global strategy. In Colombia, distribution partner Manticora Capital will roll out an additional 1,000 devices over the next six months.
South America presents fertile ground for crypto adoption. Venezuela's currency has deteriorated sharply—inflation projections exceed 1,000,000% annually—driving merchants and individuals toward digital alternatives. The Dash network alone has onboarded roughly 200 retail locations across the country, with wallet downloads reaching thousands monthly, according to Dash Core Group CEO Ryan Taylor. Neighboring economies face similar pressures. Argentina and Brazil have emerged as cryptocurrency strongholds, with Buenos Aires ranking among the world's top ten bitcoin-adoption cities. The city's merchant ecosystem includes 130 bitcoin-accepting shops and an installed bitcoin ATM.
"Brazil represents the logical entry point for our South American strategy," said Pundi X CEO and co-founder Zac Cheah. "The merchant demand validates our approach. BitCapital brings exactly what we need—ambitions to challenge traditional banking with new payment infrastructure."
BitCapital aims to function as a crypto-friendly financial institution, developing payment networks that eliminate friction between cryptocurrency and fiat systems. Ricardo Guimaraes Filho, BitCapital's founder, noted that "Sao Paulo and Brazil dominate South America across conventional banking and technology, yet cryptocurrency adoption remains puzzlingly limited. Accessible solutions like XPOS bridge that gap."
The XPOS hardware accepts crypto transactions, digital wallets including Alipay and WeChat Pay, and traditional payment cards. The devices connect to both Ethereum and NEM blockchains.
Pundi X's advance into South America reflects its broader international footprint, following comparable distribution agreements across South Korea, Hong Kong, and Taiwan. The company targets 100,000 installed terminals throughout Southeast Asia by 2021.
