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Cryptocurrency payments startup PundiX is expanding its presence in Latin America in a big way.
Following a recent announcement of “strategic partnerships” in Panama to bring the company’s XPOS point-of-sale platform into South America, PundiX Venezuela lead Gabriel Falcone today revealed that the company isn’t stopping there.
Falcone told Spanish-language industry publication DiarioBitcoin that PundiX has closed a deal with Traki—Venezuela’s largest department store chain—to place its point-of-sale platforms in each of Traki’s 49 locations by the end of the year. For starters, PundiX’s crypto payments systems will be integrated in four Traki stores throughout Venezuela, expanding to every store in the nation’s capital of Caracas within two weeks.
And that means Venezuelans will now be able to buy goods at Traki stores using Bitcoin, Ethereum, and other cryptocurrencies (including PundiX’s own NPXS token) in seconds, with a crypto wallet provided by PundiX—or even offline with one PundiX’s physical cards.
The Asia-based PundiX has enjoyed success with its XPOS platform across its native continent. Last year, it began its Latin American expansion by setting up offices in Sao Paulo, Brazil. Now, it appears the company has identified Venezuela as its next prime destination.
"The economic conditions in Venezuela are an opportunity for easier adoption," Falcone told DiarioBitcoin. “The arrival of a point-of-sale [systems] makes it more viable and comfortable to use [cryptocurrencies] without the need to use the bolivars that are devalued day by day.”
According to Falcone, Venezuelans have more than 30,000 active PundiX Wallets, and the company expects to establish similar deals with hundreds of stores in Venezuela by the end of 2019.
PundiX’s interest in the Latin American market is already well established. Last week, the company announced a partnership with Panama-based crypto wallet provider ChainZilla. The plan is for PundiX to act as a crypto payment platform, and Chainzilla as a liquidity provider, throughout retail stores in Panama.
"This partnership enables merchants in Panama to immediately accept Bitcoin and other cryptocurrency payments and then withdraw to their local currency, stable currencies, and a wide range of popular alternative payment methods in Panama," the Chainzilla team said in a blog post.
As interest and awareness of cryptocurrency grows in South America, PundiX’s initial efforts in the region appear to be paying off.