Forty-nine outlets of the largest departmental store in Venezuela will offer cryptocurrency payments using cryptocurrency cash registers offered by Singapore-based Pundi X, a blockchain-based payments solutions for retail businesses.
In its attempt to promote a potential alternative to one of the world’s least valued currencies Bolivar, Venezuela’s superstore operator, Traki, has announced its partnership with Pundi X on Aug 22, for offering cryptocurrency payment solutions to its customers.
The revolutionary point-of-sale device offered by Pundi X, called XPOS, will enable shoppers to buy any amount of merchandise from the store and pay for them using their cryptocurrencies. XPOS will support payment from Bitcoin, Binance’s BNB, Ether, along with Pundi X’s native tokens, NPXS and NPXSXEM.
Pundi X enables cryptocurrency payments in Venezuela
Pundi X’s futuristic devices are already prevalent in thirty other countries, and the organization has set an ambitious goal of selling at least 100,000 XPOS devices in the next two years. Part of the firm’s mission is to identify the real-time applications of cryptocurrencies and empowering customers by offering products that support the real-life uses.
Zac Cheah, Pundi X CEO, expresses his excitement over the fact that the firm has got an opportunity to set foot in the Venezuelan retail industry at such a large scale. He explains that the partnership aligns with the firm’s overall strategy, which is to get people to use cryptocurrencies for their everyday needs.
Cryptocurrency payments are the way forward for Venezuela
Traki’s Chief of Crypto Assets department, Michael Gomez, states that Traki seeks to provide the most user-oriented payment options. Following the hyperinflation in the country, cryptocurrencies have become a way of life. Thus, its adoption in the retail market was in the offing.
It is of no surprise that the dire economic situation of Venezuela has brought out the best and worst in technology. While on the one hand, President Maduro is promoting Petro coin to support the authoritarian regime and fight the US dollar dominance, on the other, cryptocurrencies are offering a glimpse of hope by emerging as a safe store of value and a payment option for necessities.