Traki, the largest department store in Venezuela, has announced a partnership with Singapore-based Pundi X to integrate blockchain-based cash registers in its 49 retail outlets.
According to a press release published on August 22nd, the giant retail store will integrate Pundi X’s point-of-sale device – XPOS – to offer customers a new method of payment in ten cryptocurrencies and tokens.
The XPOS payments systems will support cryptocurrencies including Bitcoin (BTC), Ether (ETH), Binance coin (BNB), DAI stablecoin, Digix gold token (DGX), NEM (XEM), KuCoin Shares (KCS), Kyber Network (KNC), and Pundi X’s own two tokens – NPXS and NPXSXEM.
Whilst sharing more details about the new partnership, co-founder and CEO of Pundi X Zac Cheah stated:
“Traki has been one of the early adopters of cryptocurrencies in Venezuela, which highlights its commitment to improve the traditional financial system. We hope the XPOS further expands the crypto use cases that customers have come to expect from Traki.”
He further added:
“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.”
Founded in 2017, Pundi X is a developer of blockchain-powered devices, which includes the XPOS and blockchain phone called BOB powered by Function X. The XPOS solution has been present in over 25 markets including Argentina, Australia, Colombia, Korea, Singapore, Spain, Taiwan and the USA. The company aims to roll out 100,000 XPOS devices across the globe by 2021.
Following this partnership, Traki is now a part of Pundi X’s global payment ecosystem, which currently has nearly 300,000 users of XWallet, its mobile crypto wallet, and holders of XPASS – its physical transaction card for crypto payments. According to the press release, out of Pundi’s 300,000 wallet users approximately one-tenth are based in Venezuela.
Chief of Crypto Assets Department at Traki Michael Gomez stated that this new partnership will strengthen and establish its goal to make digital currency as easy and convenient to use as fiat in stores.
“At Traki, we aspire to offer the most convenient options for our customers, and cryptocurrency has proven to be an effective payment solution,” Gomez said.
Meanwhile, a long period of hyperinflation and a lack of liquidity in markets has caused the currency to be severely devalued. Pundi X believes digital currency to be a necessary form of commercial trade, and a perfect way to protect the value of liquid assets.
Venezuelan President Nicolas Maduro has attempted to create the Petro, a nationally-backed cryptocurrency, as a way to save the Venezuela economy. Maduro recently ordered banks and state-owned companies to use the token, however many still remain skeptic about the project’s legitimacy.