Blockchain startup Pundi X enables crypto payments in Traki, the largest chain of department stores in Venezuela

We first wrote about Pundi X in December 2018 when the blockchain startup unveiled the world’s first blockchain-powered phone. The Singapore-based blockchain startup has been expanding ever since.

Today, 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.

Founded in 2017 by Constantin Papadimitriou, Danny Lim, Pitt Huang, and Zi Bin (Zac) Cheah, the Singapore-based Pundi X is a leading developer of blockchain-powered devices, including the world’s first point-of-sales (“POS) solution enabling merchants and consumers to do transactions on the blockchain in the physical stores.