Pundi X announced November 14 that its point-of-sale terminals now connect to the NEM blockchain, allowing retailers across Southeast Asia to let customers buy and sell cryptocurrencies. The startup t
Pundi X announced November 14 that its point-of-sale terminals now connect to the NEM blockchain, allowing retailers across Southeast Asia to let customers buy and sell cryptocurrencies. The startup targets shops, cafes, and convenience stores.
Customers can trade five cryptocurrencies—Bitcoin, Ethereum, NEM's XEM token, Litecoin, and PXS—using fiat money, bank cards, mobile wallets, or Pundi X Pass payments.
NEM's XEM token ranks tenth by market capitalization at $1.6 billion, according to CoinMarketCap. Businesses and financial institutions worldwide have adopted NEM's blockchain. The token ranks among Japan's most popular altcoins.
"By using NEM's blockchain solution, we can confirm transactions instantly, which enables us to lower the exchange risk and provide a better user experience," said Zac Cheah, CEO of Pundi X. "Moreover, Pundi X can now focus on rapid expansion to new markets thanks to our inclusion in the NEM network."
Pundi X built this venture on an existing foundation. The company operates Pundi-Pundi, one of Indonesia's most popular QR code payment applications. The cryptocurrency service extends that same infrastructure.
Lon Wong, president of NEM.io Foundation, described the integration as part of the organization's vision. "We are working to achieve mass adoption of the NEM protocol through sovereign fiat money issuance, financial settlements, payments, trade finance, stock markets, forex and other applications. The Pundi X business matches this goal because it makes cryptocurrencies more accessible for people to use in their daily lives."
NEM.io Foundation operates as a Singapore-based non-profit established to promote NEM's blockchain technology around the world. The organization ranks among the cryptocurrency industry's most well-funded and successful blockchain ventures.
Engineers completed the integration in a single day, supporting both NEM's public and private blockchains. Pundi X devices also work with Ethereum.
The company plans to install more than 700,000 terminals across Southeast Asia over three years. A token sale launching November 20 will fund the initiative. Whitelist registration closes November 19 at 10:00 GMT+8.
Both organizations are presenting at Singapore Fintech Festival 2017 this week, with Pundi X in Booth 2L12 and NEM at Booth 1F21.
