What is Pundi X?

Pundi X is a DePIN (Decentralized Physical Infrastructure Networks) project within the Pundi X Lab ecosystem, supported by the Function X framework, primarily focusing on the payment sector. The project has developed a comprehensive hardware and software system for cryptocurrency physical payments, aiming to establish a universal payment ecosystem that promotes the widespread adoption of cryptocurrencies.

The core product of this project is XPOS, a decentralized point-of-sale (POS) hardware system designed for merchants. XPOS enables physical retail stores to conduct real-time digital currency transactions through mobile wallets and XPASS Cards. In addition to facilitating digital currency payments, XPOS supports smart retail functionalities, inventory management, order management, and loyalty programs.

Founded in 2017, Pundi X launched its initial coin offering (ICO) in January 2018, becoming the world’s first point-of-sale solution for cryptocurrencies. Following the success of its ICO, Pundi X introduced several key retail services, including XPOS, XWallet, and XPASS, as well as the world’s first blockchain phone, BOB (Blok on Blok).

The Pundi X team, with its deep understanding of the Indonesian market, initially promoted its products in Indonesia. XPOS devices covered retail stores, restaurants, and convenience stores, enabling consumers to purchase physical goods with cash, credit cards, or cryptocurrencies. Currently headquartered in Singapore, Pundi X has expanded its XPOS solutions and devices to over 25 markets worldwide, including Southeast Asia, the United States, Spain, Argentina, South Korea, Australia, Colombia, Japan, and Taiwan.

Source: Pundi X Management Team - Binance Research

Check out Pundi X Today’s Trading Data here.

How Does Pundi X Work?

Cryptocurrencies can be complicated for users, often limiting what can be purchased with them to other cryptocurrencies. Pundi X believes that until ordinary users can buy a bag of rice or a loaf of bread with cryptocurrencies, their adoption will remain limited to a small audience.

Therefore, Pundi X’s mission is to become the 7-Eleven of digital currencies, making purchasing digital currencies as simple as buying a bottle of water. In compliance with local regulations, Pundi X aims to enable any merchant to sell, buy, and accept digital currencies using the XPOS system.

Pundi X’s product portfolio includes the Pundi X Chain, XPASS Card, XWallet, DApp, and tokens $PUNDIX and $PURSE, which support and drive the XPOS hardware system.

Pundi X Chain

The Pundi X blockchain features low latency and low transaction fees, supports cross-chain payments and multi-chain transfers, and connects to other mainstream blockchain networks. Each Pundi X POS device connects to the Ethereum and NEM blockchains through XPlugins. Consequently, every physical outlet becomes a part of the Ethereum and NEM blockchains, enabling developers worldwide to connect with Pundi X devices and the physical outlet network.

Pundi X Management Platform

To integrate each POS device and retail store into the blockchain ecosystem, Pundi X has established a management platform. This visual management system comprises Pundi XPOS and other POS devices, utilizing open-source licenses, SDKs, and open APIs. Logging into the Pundi X platform or wallet app allows anyone to manage cryptocurrency transactions. All transaction records on Pundi X devices are stored on the blockchain, making them easy to access and track.

How Pundi X Connects Stores

Each device connects to two layers via the Pundi X platform API: the communication layer and the blockchain layer. The communication layer transmits purchase requests, while the blockchain layer records sales. This information is permanently stored on the blockchain, enabling all POS manufacturers to collaborate with Pundi X.

XPOS Device

XPOS is the first blockchain-driven cryptocurrency wireless point of sale (POS) device. The XPOS looks like a portable card reader, with a system designed specifically for Android and iOS tablets to distribute cryptocurrency and connect to the blockchain for recording each transaction. Every XPOS device can connect to the internet and perform remote software updates. Here are the features of XPOS:

• Immediate Transactions: XPOS transactions occur instantly within 0.5 seconds, ensuring low latency.
• Multi-Currency Support: Supports various cross-chain digital currencies including BTC, ETH, BNB, XEM, DAI, FX, PUNDIX, USDT, ARRO.
• Cryptocurrency Purchase: Consumers can purchase digital currencies directly from the XPOS.
• Support for Digital Payment Cards and Wallets: Compatible with digital asset payment cards and digital wallets such as XPASS Card and X Wallet.
• Stable Settlement: To avoid volatility risks, merchants settle in stablecoins or fiat currencies in cooperation with distribution partners.
• Credit Record Establishment: Builds consumer credit records to reduce financial risk.
• Loyalty and Membership Management: Supports loyalty or membership management systems.
• Network Management for Financial Service Providers: Provides network management for financial service providers.
• Promotions and Rewards: Supports promotional activities and the $PURSE reward system.
• Developer-Friendly App Store: Developers can publish applications for retailers in the Pundi XPOS app store, such as cryptocurrency trading, wallets, financial or insurance services, membership or loyalty programs, delivery management, etc., to meet the needs of different countries.
• Advertising Platform: Advertisers, developers, and ad networks can place ads through the Pundi X advertising platform. Ads can be displayed on XPOS devices, consumer receipts, and cards.

Merchant Revenue Model

• Transaction Fee: Merchants charge a 1% fee for processing transactions.
• Card Sales: Can sell cryptocurrency cards and XPASS cards.
• Inventory and Loyalty Management: Set up inventory and loyalty programs, advertisements, and print smart receipts.

Cryptocurrency Payment Transaction Process Using XPOS Devices

Source: Pundi X Management Team - Binance Research

XPASS Card

The XPASS card is a physical smart card similar to a membership recharge card, utilizing NFC and contactless technology. It enables payments using the cryptocurrency stored in the card. Cardholders can also enjoy special discounts when shopping at merchants equipped with XPOS devices.

The card securely stores private key information, allowing it to be used even if your phone runs out of battery or is lost. If you keep the card safe, you can avoid losing your private key.

X Wallet

The X Wallet is a mobile application available for Android and iOS devices. Users can store and manage cryptocurrencies through the X Wallet App, supporting the tokens that XPOS devices accept.

• It supports multiple blockchains, including Bitcoin, Ethereum, Solana, and Function X, as well as staking and cross-chain functionalities.
• The wallet provides real-time token management and digital asset updates, including over 500 ERC-20 tokens. Updates include real-time prices, market values, rankings, and project information.
• It integrates the WalletConnect scan protocol, compatible with DeFi applications and web-based blockchain projects.
• The wallet also supports decentralized token exchange functions, offering currency exchange for ERC-20 tokens at low prices.

Pundi X Token

$PUNDIX

$PUNDIX is the native token of Pundi X. When developers release applications on the Pundi XPOS App Store, the default settlement is made using $PUNDIX. Depending on the type of developer, a fee of up to 30% in PUNDIX is charged, and these PUNDIX tokens are then burned. Additionally, the XPASS Card and X Wallet can be used with it.

$PUNDIX Token Workflow

Source: pundix.com

$PURSE

$PURSE tokens are Pundi X’s reward tokens, part of the loyalty program for the XPOS solution. Their primary function is to activate and strengthen the Pundi X Chain ecosystem, encouraging consumers to use XPOS for payments, which helps merchants increase revenue, build customer loyalty, and expand Pundi X’s business network. Both $PURSE and $PUNDIX are designed with burning mechanisms. Below is an overview of the use cases and purposes of $PURSE:

• $PURSE tokens are now circulating on the BSC and Pundi X chains.
• $PUNDIX holders can delegate their tokens and corresponding voting rights to validator nodes on the Pundi X chain, earning $PURSE tokens as block rewards.
• Holders can exchange $PURSE for gamified items (raffles/lotteries), discount vouchers, NFTs, XPOS devices, other tokens, etc.
• $PURSE rewards users, incentivizes XPOS usage and its network, and expands the Pundi X Chain ecosystem.

On May 31, a browser plugin for PURSE was released, allowing participation in PURSE task rewards on X.com. Check @Purse_Land for updates.

Pundi X Team and Investors

Core Team

Pundi X operates globally, with physical offices in Jakarta, Taipei, Tokyo, and Singapore. As of October 2023, the company had over 100 employees, half of whom were dedicated to research and development. The following image shows the core team members and their profiles.

Zac Cheah and Danny Lim co-founded Pundi X, with Danny also serving as a board member.

• Zac Cheah: As the CEO of Pundi X, Zac is a technical expert and a member of the Function X sub-council. He chairs the W3C HTML5 Interest Group in China under the World Wide Web Consortium (W3C), working alongside over 700 technical experts to coordinate web standards adoption. Before founding Pundi X with Danny, Zac established Wozlla, a small company focused on developing games and game tools. Danny was involved in managing the project, handling marketing and sales. Despite Wozlla closing after five and a half years due to funding issues, the experience helped Zac and Danny identify market needs and develop more viable projects, creating Pundi X, now a global business with over 100 employees.
• Danny Lim: Co-founder of Pundi X and a board member, Danny holds a PhD in Law from Tsinghua University. He is a core contributor to the Margin X exchange and a token economics expert with ACMA and CGMA accounting qualifications. Danny has participated in product design for companies like Baidu and Lenovo.
• Peko Wan: Peko, the Co-CEO of Pundi X, previously worked at the advertising giant Ogilvy, handling public relations and client relationships across Asia. She excels in market analysis, strategy formulation, and public relations management. Before joining Pundi X, Peko worked with Zac at Opera Software AS, where she was the Head of Public Relations and Communications for Asia, while Zac served as the Chief Standards Officer focused on web standards.
• Sri Balan Krishnan: The COO of Pundi X, Balan has a strong legal background, having studied political science and maritime law at the National University of Singapore Law School. He served in the Singapore Armed Forces and worked at the Ministry of Defense. Later, he joined the law firm RLC as a practicing lawyer in Singapore and won notable cryptocurrency-related disputes. Balan’s extensive experience in blockchain regulation and fintech governance ensures Pundi X’s products comply with regulatory standards.

These four individuals form the cornerstone of Pundi X, each excelling in their respective fields—technology, economics, marketing, and legal affairs. Their synergy has enabled Pundi X to expand globally, facilitating merchants’ and consumers’ daily use of cryptocurrencies, and transforming them into true currency.

For more details, refer to the team background at pundix.com/about.

Investors

An overview of Pundi X’s investors can be found in the image below.

Source: crunchbase.com

Pundi X Roadmap

2024 Q1-Q4

Below is an overview of the Pundi X 2024 roadmap, which the project team released on January 11, 2024.

Q1 2024

• List new tokens and create use cases for tokenized real-world assets
• Launch ZK-supported Pundi X Chain testnet
• Improve the Pundi X website
• Support instant stablecoin settlement on the Bitcoin mainnet

Q2 2024

• Add new blockchain networks on XPOS®
• Increase the issuance of stablecoins
• Launch decentralized loyalty tokenization services for merchants

Q3 2024

• Pilot XPOS® technology to enhance remittance/currency exchange infrastructure through authorized operators
• Launch “.pundix” DID service using OneID

Q4 2024

• Launch XPOS® mobile application
• Develop the prototype for the next-generation hardware wallet card

Q1 2025

• Announcements will be made in early January 2025

Source: Q1 2024 Progress Report

All items on the Q1 roadmap have been completed, including the creation of new use cases for tokenized assets such as digital gold tokens (e.g., PAXG).

In Q2, the development process included some additional projects that were not included in the original 2024 roadmap.

Priorities may be adjusted depending on developments in the cryptocurrency market. The first completed project from the Q2 roadmap is listing the PUNDIX token on a new exchange.

Recent News from Pundi X

Monthly Review: April 2024 Activities: This review covers product development in April, updates on the Pundi X Chain, XPOS merchant highlights, and community and event progress.

Q1 2024 Progress Report: This report introduces the development, launch, and partnerships of XPOS, as well as updates on PURSE, Pundi X Chain, and the outlook for Q2.