The Pundi X POS, the world’s first blockchain-based point-of-sale (“POS”) device for multiple cryptocurrencies will be rolled out to hundreds of venues in Brazil following a partnership with the country’s leading OTC service provider, BitCapital.
The partnership, formed a little over a week since the formation of Pundi X’s South American headquarters in Brazil, is described as a natural fit by both parties.
BitCapital is one of the largest OTC dealers in Brazil for cryptocurrencies and is currently developing a payments infrastructure network that aims to make crypto-to-fiat transactions as frictionless as possible.
1,000 XPOS are expected to be distributed in retail outlets across Brazil through BitCapital.
Zac Cheah, CEO and Co-founder of Pundi X said: “In a region fast gaining a reputation as a centre 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.
“BitCapital is the ideal partner for our debut in Brazil. Not content to be an OTC leader in a market of global significance they are looking to take on banks and deliver a new payments solution.”
Last week Pundi X signed an exclusive distribution arrangement with Manticora Capital for the Colombian market. This is the second major distribution deal since the company announced its South American headquarters this month.
Ricardo Guimaraes Filho, founder of BitCapital said: “Brazil and Sao Paulo lead on every metric when it comes to traditional finance and tech in South America. Yet, crypto lags unaccountably behind. We think we know why: the answer is a crypto-friendly bank that facilitates adoption.
“There’s only one game in town at the moment for easy, understandable solutions for crypto adoption and that’s Pundi X. We’re thrilled to be partners”.