Singapore-based blockchain firm Pundi X announced that Traki, Venezuela’s largest chain of department stores, will be the first chain store merchant to implement the XPOS, the blockchain-powered point-of-sale device, across its 49 stores around the country.
Through the XPOS, Traki customers are able to use various cryptocurrencies as payment options for the retailer’s products, such as Bitcoin, Ether, Binance Coin, DAI, DGX, XEM, KCS, KNC, and Pundi X’s own tokens, the NPXS and NPXSXEM. The XPOS thus gives Traki’s customers a more secure and more seamless transaction option than traditional fiat currencies.
“Traki has been one of the early adopters of cryptocurrencies in Venezuela, which highlights its commitment to improve the traditional financial system,” said Zac Cheah, Co-founder and CEO of Pundi X. “We hope the XPOS further expands the crypto use cases that customers have come to expect from Traki.”
“At Traki, we aspire to offer the most convenient options for our customers, and cryptocurrency has proven to be an effective payment solution,” said Michael Gomez, Chief of Crypto Assets department of Traki. “This partnership with Pundi X solidifies our commitment to make cryptocurrency as easy to use as fiat currency in our stores.”
Venezuela is among the countries with the highest volume of crypto assets transactions. There are more wallets that have been activated and used for the purchase of goods and services. Factors such as hyperinflation and lack of cash makes cryptocurrencies a necessary form of commercial trade, and a perfect way to protect the value of liquid assets.
“With this recent partnerships with Traki we are beginning the execution of an ambitious plan that includes the introduction of the revolutionary Pundi X Platform, XPOS and XPASS in businesses connected to people’s everyday life, such as food and beverages, supermarkets, pharmacies, tourism, health, among others. Soon we will see more announcements from Pundi X in Venezuela, as well as, key partnerships that will benefit all users and merchants,” says Gabriel Falcone, representative of Pundi X Venezuela.
Bringing to the ecosystem
With the installation of the XPOS devices, Traki is now part of Pundi X’s global payment ecosystem. Close to 300,000 registered users of the XWallet, Pundi X’s mobile crypto wallet, as well as holders of the XPASS, Pundi X’s physical transaction card for crypto payments, will be able to transact with Traki through their crypto assets. It joins other merchants present in over 25 other countries around the world, including Australia, Argentina, Brazil, Colombia, France, Germany, Spain, Singapore, South Korea and more.
This also reinforces Pundi X’s commitment to make blockchain and cryptocurrency more accessible to everyone. With this partnership, Venezuelan consumers can now pay for food, clothing, and other essentials sold in Traki through any of the various cryptocurrencies supported by the XPOS, allowing them to easily integrate blockchain technology into their lives.
“We made the XPOS with the mission of creating real-life use cases for blockchain technology, and this couldn’t be better represented than Traki shoppers paying for their daily needs with cryptocurrency,” added Cheah. “We’re excited to see how this partnership will help give Traki’s customers a better payment experience.”
For Traki, this is the latest of many partnerships it has made with blockchain-enabled companies. The retailer has been constantly described as one of the biggest and earliest adopters of cryptocurrencies in Venezuela, paving the way for mass adoption of blockchain technology in the country.
Traki is the largest department store chain throughout Venezuela. Over 30 years established in Venezuela, it encompasses 49 branches in many major cities across the country, selling everything from fashion to food and cookware.
About Pundi X
Pundi X is a leading developer of blockchain-powered devices, including the world’s first point-of-sale solution, the XPOS, which enables merchants and consumers to do transactions on the blockchain in physical stores.
The XPOS has been shipped to over 30 countries including Argentina, Australia, Colombia, Korea, France, Switzerland, South Africa, Taiwan, the USA, Uganda, and more. The company aims to roll out 100,000 devices to the global retail market by 2021.
In October 2018, Pundi X made the world’s first blockchain phone call as it unveiled the XPhone, the first fully-functional blockchain phone with its unique Operating System called f(x).
The company is headquartered in Singapore. Its international presence includes offices in Jakarta, London, São Paulo, Seoul, Shenzhen, Taipei, and Tokyo.
Listed as one of the top 50 innovative fintech startups in 2018 by KPMG and H2 ventures, the company is also a member of Singapore Fintech Association, Fintech Association of Hong Kong, Blockchain Collaborative Consortium Japan, ACCESS, Swiss Finance, and the Fintech Association. It is also a founding member of Asosiasi Blockchain Indonesia.