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About Pundi X
Pundi X (NPXS) is the native utility token that powers the Pundi X platform. According to the website, “the mission of NPXS is to enable digital currencies to be more accessible to more people across the borders and further increase the utility of digital currencies.” To accomplish this, Pundi X has built an ecosystem including hardware equipment and software products to help physical retail stores to buy, sell, and accept cryptocurrency.
The primary hardware product is the Pundi XPOS, a blockchain-enabled point of sale (PoS) device for merchants which can facilitate crypto payments and transactions through mobile wallets. In addition to processing transactions, Pundi XPOS has its own app store where developers can create applications (such as wallets, insurance services, loyalty programs, retail intelligence, order management, and inventory management systems) for retailers to grow their businesses. NPXS tokens are required to publish an app on the Pundi XPOS app store.
The company plans on rolling out a minimum of 100,000 XPOS units to the global retail market by February 2021. According to the company, the PoS device has already been shipped to over 30 countries including Australia, Colombia, France, Korea, Switzerland, South Africa, Taiwan, United States, and Uganda.
The Pundi X team has also created XPass, a “smart card” where users can buy, sell, and trade cryptocurrencies with a swipe. With XPass, users can also make purchases at retailers that have the Pundi XPOS system. The team plans on incentivizing participation in the Pundi X network by offering free XPOS systems to retail stores in select countries.
The project is backed by the Singapore-based company, Pundi X Labs. The company was co-founded by Zach Cheah (CEO), Pitt Huang (CTO), and Danny Lim (CFO) in 2017. Before Pundi X, Cheah spent 12 years in the browser and mobile gaming market, Huang started and sold several startups including a Groupon-like company at the age of 25, and Lim was a product designer with Baidu and Lenovo.
In January 2018, Pundi X held an ICO for their first token (PXS) and raised $35 million USD. In the middle of 2018, the project transitioned to the NPXS token. Until September 2018, token holders could swap 1 PXS for 1,000 NPXS.
NPXS is an ERC-20 token utilizing the Ethereum blockchain.