SINGAPORE – June 20, 2018 – Two of the world’s leading digital payment platforms are joining forces to build an offline cryptocurrency payment platform for mainstream adoption. Pundi X’s market-leading blockchain-based point-of-sale (“POS”) solution provider is currently in pilot production and will, in coming weeks, begin shipping to markets including Singapore, Switzerland, and Japan where it will enable merchants to conduct offline cryptocurrency transactions, as Pundi X and UTRUST sign a deal to promote cryptocurrency payments in stores and secure them with consumer protection.
Under the terms of a deal signed in Singapore today, UTRUST will commit to acquiring 1,000 units of Pundi’s XPOS technology, a point-of-sales device that allows retailers to transact in, buy and sell multiple cryptocurrencies. Pundi X, in turn, will deploy UTRUST as a liquidity provider for transactions on its devices and use its technology for account settlements. UTRUST is a leading cryptocurrency payments gateway and the first cryptocurrency payments platform in the world to implement consumer-focused cryptocurrency solutions, including buying and selling cryptocurrencies.
Today’s deal with UTRUST takes the number of units of Pundi X technology that have been ordered for use by clients in global retail to over 25,000, or over one-quarter of the company’s three-year sales target of 100,000 devices. Swiss-based UTRUST has developed a groundbreaking purchase protection mechanism that can ensure that cryptocurrencies are transacted in a safe environment and while securing a trust relationship between buyer and seller. “This is a major step for furthering the mass adoption of cryptocurrencies, which despite having taken the world by storm, still remain outside the engine room of the global economy in consumer spending,” said Zac Cheah the CEO and co-founder of Pundi X.
“Partnering with UTRUST as our merchant payment settlement gateway is a substantial addition to Pundi’s XPOS and grants us a trusted provider for liquidity, but also for customer security”.