One of the primary challenges for cryptocurrencies is the accessibility for common and everyday transactions. This complication could keep cryptocurrencies from moving into the mainstream for common financial transactions. As major national banks are discussing the use of cryptocurrencies, this is one of the primary concerns. In a statement by the Bank of Australia, they express this same concern:
“The future use of cryptocurrencies will likely depend on how well they can meet the needs of users compared with other electronic payments, such as electronic bank transfers. The extent to which there is take-up of cryptocurrencies more broadly will depend on costs, incentives and convenience for users – for any payment system to succeed it needs to be convenient and accessible for both consumers and businesses.”
Making digital currencies accessible to more people has been one of the primary aims of Pundi X, a blockchain based Fintech company in Singapore. With “financial inclusion” at the core of its operations, the cryptocurrency-based sales network is exploring various ways of developing hardware and software for accomplishing this purpose.
Blockchain powered devices are a special feature of Pundi X. One such device is Blok-on-Blok (BOB), the world's first blockchain-powered smartphone supported by their own blockchain ecosystem, Function X. BOB has been named a CES 2020 Innovations Award Honoree and fans will be able to see it in person at CES 2020.
The use of blockchain for functions outside of cryptocurrencies is the next move for blockchain technology, and Pundi X has been taking the lead. This phone will use blockchain technology to handle all texts, phone calls, internet searches, file sharing, and all other functions. Meaning that every piece of data is decentralised, putting users back in charge of their data. The phone also runs Android 9.0 in parallel. With a swipe, users can switch between the two operating systems, allowing for a seamless transition between the traditional phone OS and the blockchain mode.
On the other hand, XPOS, the first blockchain powered point-of-sale product, allows people to purchase items on the blockchain in neighborhood stores. The significance is vast considering it brings the usage of cryptocurrencies down to the level of the common people and their everyday shopping experience.
With the introduction of XPOS, Pundi X is overcoming some significant crypto hurdles. The transactions on XPOS will occur instantly in less than 0.5 seconds, and it will work across various digital currencies. They consider this device as cryptocurrency-neutral. Customers can also top up digital currencies like Bitcoin using the XPOS. The merchants will get their settlement in a stable currency.
Pundi X is currently live and deployed in 25 markets. Among the countries that have received shipments are Argentina, Australia, Colombia, Korea, France, Switzerland, South Africa, Taiwan, USA, Uganda.
While numerous companies offer software and web solutions for users of cryptocurrencies, Pundi X provides hardware products that the end user can utilize in practical ways. This puts cryptocurrencies at the fingertips of the public almost as easily as cash.
With offices in Jakarta, London, São Paulo, Seoul, Shenzhen, Taipei, and Tokyo, Pundi X hosts its headquarters in Singapore. It was one of the top 50 innovative fintech startups in 2018 presented by KPMG and H2 Ventures. It is also a founding member of Asosiasi Blockchain Indonesia.
CES is considered the world’s gathering location for consumer technology companies. For over 50 years, it has been a proving ground for breakthrough technologies. As Pundi X gears up for this exhibition on 7-10 January 2020, supported by Enterprise Singapore, their primary focus will be to present their world’s first blockchain phone BOB.