Zac Cheah vows to deliver this much by 2021, with South Korea in his crosshairs.
Pundi X, a start-up supplying point of sale (POS) systems for both cryptocurrency and traditional currency payments has just given a bold pledge: at least 100,000 machines for crypto payments worldwide by 2021.
Pundi X—whose token, NPXS, were among those stolen in the recent Bancor hack—is reportedly set to start shipping machines to Singapore, Switzerland, and Japan. They also recently secured a partnership with UTRUST, which has committed to purchasing 25,000 units of Pundi X’s POS systems. This is already a quarter of the company’s three-year sales target of 100,000 units.
“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,” the two companies said in the release. “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.”
Given this quick traction, Cheah’s projection of over 100,000 units within the next three years doesn’t seem so far-fetched.
“In the next three years, at least 100,000 crypto PoS machines will be distributed. In the past six months, merchants have requested 25,000 crypto PoS machines from Pundi X,” Pundi X CEO Zac Cheah proclaimed in an interview with ZDNet Korea. If they succeed, the move would fulfill the company’s oath: “We want to make using cryptocurrency as easy as getting bottled water,” they wrote in their website.
“I personally believe that there is going to be a one or a few legitimate trusted digital currencies off of the blockchain technology. And that legitimacy and trust in terms of its consumer application will have to be legitimized by a brand and a brick and mortar environment, where the consumer has trust and confidence in the company that is providing the transaction.”
Cheah adds that South Korea is of primary interest, since it holds a large percentage of global cryptocurrency trades.
“Given that South Korea accounts for 35 percent of global crypto trades, the demand for cryptocurrency acceptance by merchants from local investors will increase rapidly,” Cheah said.