Pundi XPOS Terminal
Indonesian point-of-sale (POS) terminal maker Pundi X Labs (Pundi X) has struck a distribution deal with Brazilian company BitCapital to have 1,000 of its XPOS device distributed in retail outlets across the South American country, the startup said[1] earlier this week.
Ricardo Guimaraes Filho, founder of BitCapital, and Zac Cheah, CEO and co-founder of Pundi X Labs
The partnership, formed just a few weeks after the establishment of Pundi X’s South American headquarters in Sao Paulo[2], is the second distribution deal it signed in the continent. Another 1,000 XPOS are expected to be rolled out across Colombia[3] over a six-month period by distribution partner Manticora Capital, a Colombian investment fund.
In recent years, political instability and economic turmoil in countries across South America have undermined trust in local currencies and prompted citizens to turn to cryptocurrencies as a more stable store of value and means of transaction.
In Venezuela, where inflation is set to hit 1,000,000% this year, cryptocurrency has rising in popularity among locals with some 200 merchants signing up to accept Dash and thousands of wallet downloads per month, according[4] to Ryan Taylor, CEO of the Dash Core Group.
Countries such as Argentina and Brazil too have become fast adopters of cryptocurrencies. Buenos Aires is listed as one of the top ten countries in the world leading bitcoin adoption[5]. The city has 130 merchants accepting the cryptocurrency and one bitcoin ATM installed.
“In a region fast gaining a reputation as a center for cryptocurrency to enter, the Brazilian market is an ideal point of entry and the demand from merchants has validated our expansion strategy into South America,” said Zac Cheah, CEO and co-founder of Pundi X.
“BitCapital is the
