Colombia to have 1,000+ Pundi X (PXS) PoS Crypto Payment Systems Deployed
Pundi X is known for their point-of-sale systems that have allowed the cryptocurrency industry to bring their blockchain technology to the rest of the world. The honest ledger has understandable perks and advantages, which is why Pundi X has decided to bring the system to Colombia. This is not just a small shipment; it involves the addition of more than 1,000 new payment systems in the area to help Colombia adapt to cryptocurrency payments in a wider range of use cases.
The company originally made the announcement on August 18th in a Medium post, which also revealed that this distribution would be in collaboration with Manticora Capital.
Manticora Capital has only been around a year, but it is the “leading cryptocurrency investment house” in Colombia, and it has deep ties with the retain industry in this South American country. The plan is that the devices will be “progressively rolled out across Colombia over six months to specialist, general retailers, and hospitality businesses by Manticora Capital, which has its headquarters in Medellin.”
Apart from the blog post, CEO and Co-Founder of Pundi X, Zac Cheah, had this to say about their new exploration of the industry:
“Demand for cryptocurrency in Colombia has been surging in recent years. But there’s reason to believe it could even be understated due to a lack of accessible options for consumer adoption; to be part of a solution that extends its rise even further is an exciting new frontier for Pundi X.”
As far as traditional finances, Colombia has remained fairly weak, which could be largely credited to the unfair distribution of wealth. Based on figures from both the International Labor Organization and the BBC, the average monthly income is less than half of the world average, which is only $1,480 as it is. However, this has yet to negatively impact their role with cryptocurrency, considering they were named the fastest growing Bitcoin market last year by Forbes. Manticora Capital CEO Ivan Correa offers a simple explanation for this difference, saying,
“Difficult conditions in local banking and investment have combined to make Colombia a hugely dynamic market for cryptocurrency usage.”
The market research for the area showed that there were few opportunities and conversion outlets for applying Bitcoin to purchases, even though it is clear that the entire community is for it. That makes Pundi X the perfect addition to help the country grow in their spending of cryptocurrency. Joao Victor Mendes, who is the manager for the Pundi X office that the company established in South America, said,
“Manticora Capital’s established business network will make XPOS a successful rollout in Colombia. We look forward to seeing cryptocurrencies become more accessible in the country.”