UTRUST And Pundi X (NPXS) Partner To Deploy Blockchain-Based PoS System

Two leading digital payment platforms are partnering with a view of building an offline digital currency payment platform. UTRUST and Pundi X have inked a deal aimed at promoting digital currency payments in retail outlets. A Point of Sale (PoS) solution that is based on blockchain developed by Pundi X (NPXS) is currently in the pilot phase and will start shipping in a couple of weeks. Among the markets that the solution is expected to be shipped to include Japan, Switzerland and Singapore. The blockchain solution is expected to enable retailers to conduct offline virtual currency transactions.

Story continues below

Under the deal terms UTRUST has made a commitment to purchase 1,000 units of the blockchain-based point of sale technology developed by Pundi X. On the other hand UTRUST will be deployed by Pundi X as a provider of liquidity for transactions. Additionally the technology of UTRUST will be used by Pundi X for settlement of accounts. UTRUST is one of the leading virtual currency payment gateways in the world. It is also the first virtual currency payments platform across the globe that has implemented a digital currency solution that is focused on the consumer.

Liquidity provider

“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,” the co-founder and chief executive officer of Pundi X, Zac Cheah, said.

So far the number of orders of the devices developed by Pundi X has reached more than 25,000. This is more than 25% of the company’s sales target for a period of three years which is 100,000 units.

Binance exchange

This comes in the wake of the Pundi X token being picked to be freely listed on Binance (BNB) cryptocurrency exchange, one of the busiest and most active exchanges for altcoins in the world. Initially the pairs that will be available on the exchange include NPXS/ETH and NPXS/BTC.

Besides Zac Cheah other individuals on the Pundi X team include Danny Lim, the chief financial officer, Constantin Papadimitriou the president and Pitt Huang the COO and the CTO.

An ad to help with our costs