Pundi X aims to make spending cryptocurrency as easy as buying a bottle of water. Find out how it works today in our Pundi X review.
What Is Pundi X?
Pundi X, found online at PundiX.com, is a POS solution for retail businesses and individuals. The company wants to make it easier for brick-and-mortar businesses to accept digital currencies in-store, while also making it easy for anyone to participate in the crypto-economy over a simple, mobile, accessible device.
The ICO is taking place in the near future, although specific dates have not yet been announced. The token sale will see the release of PXS tokens, which are used as the equivalent of gas on the platform.
Overall, the mission of Pundi X is “to make buying cryptocurrency as easy as buying bottled water.” They see themselves as “the Walmart and 7-Eleven of cryptocurrency” because they “want users to buy and use cryptocurrency anytime anywhere.”
How Does Pundi X’s POS Solution Work?
Pundi X’s point of sale (POS) solutions work similar to existing POS solutions. They allow merchants to accept payments from customers in a fast and easy way.
The system involves the following core features:
- The Pundi X Pass, which lets you store cryptocurrency securely, buy and sell digital tokens with a single swipe, and spend it over a card at Pundi X POS terminals
- Mobile payment integration, with digital wallets that you can use to buy, sell, and accept cryptocurrency (Pundi X plans to integrate itself with existing digital wallet solutions)
- Top-up using fiat currencies or a bank card at any Pundi X location; or, top up your balance over your mobile wallet
- Use cryptocurrency to pay utility bills
- Use cryptocurrency to buy and sell goods
There are two models of Pundi X’s POS machine under development, including a Single Screen and a Double Screen model. There are also three types of Pundi X Passes available to investors through the ICO, including the Black, Platinium, and Gold passes.
Within three years, Pundi X plans to be present in 100,000 stores in cities around the world, with 100 million users having access to cryptocurrencies at their nearest cafés, shops, or convenience stores.
The ecosystem revolves around the use of PXS tokens, which are the “gas” of the blockchain. In order for shops and convenience stores to connect to the Pundi X ecosystem and accept cryptocurrencies, developers and sellers will use PXS tokens as gas fees.
How Does The Pundi X POS Device Work?
Pundi X is more than just a basic point of sale device – like the ones you see on the counter at any retail store. Instead, it’s a smart device that can play multiple roles in the cryptocurrency ecosystem. Those roles include all of the following:
- Buy BTC, ETH, LTC, PXS, and other cryptocurrencies using cash or cards
- Sell BTC, ETH, LTC, PXS, and other cryptocurrencies for cash
- Top up fiat money in a digital wallet
- Buy utilities and services – like electricity – using cryptocurrency
- Buy physical goods using cryptocurrency
Each Pundi X POS machine is connected to the internet, which means software and feature updates can be performed remotely.
Obviously, some of the features above sound similar to bitcoin ATMs – which already exist around the world. What’s the difference between Pundi X and a bitcoin ATM? The company is designing their POS device at a much lower price and a smaller form factor (it fits onto your smartphone). It will be more mobile, and it will also be open to developers.
You know how when you visit certain merchants, they’ll have a POS device attached to their smartphone or iPad? The Pundi X POS device looks similar to that.
The PXS Token Sale
The PXS token sale lets you buy PXS tokens at the lowest possible cost. After the ICO, token holders will receive additional PXS every month for three years, with 40% of the extra tokens distributed in the first year.
The total supply of PXS tokens is estimated at 175 million, although the exact amount will be determined and announced after the ICO.
The company is accepting ETH in exchange for PXS. During the first phase, investors will receive an extra 15%. The base rate is 1 ETH = 500 PXS.
The sale has a hard cap of 280,000 ETH. 66.67% of tokens are sold during the ICO. 16.67% go to founders and the management team, 13.33% is going towards the company, and 3.33% is going towards the advisor and marketing campaign.
Dates for the Pundi X token sale have not yet been announced.
Who’s Behind Pundi X?
Pundi X is led by a team based in Jakarta and Shenzhen. The Jakarta office is the management and operations hub, with 15 people, while Shenzhen is the research and development hub with 14 people.
Key members of the team include President Advisor Constantin Papadimitriou, the founder and CEO of Indonesia’s two largest fintech companies. Other key members of the team include CEO Zi Bin Cheah (former founding chair of W3C HTML5 Interest Group), CTO/COO Pitt Huang (serial tech entrepreneur with multiple successful exits), and CFO Danny Lim (who has previously worked for Baidu, Lenovo, and APAC).
The first goal of Pundi X is to expand across Southeast Asia, although they plan to introduce devices in other parts of the world within the next 12 months.
Pundi X Conclusion
Pundi X is a POS machine that does so much more than an ordinary POS machine. It attaches to your smartphone to provide a wide range of cryptocurrency functions at your fingertips.
The Pundi X token sale will get underway in the near future, although specific dates have not yet been announced. To learn more about the token sale, visit online today at PundiX.com.