Blockchain-based point-of-sales systems provider Pundi X announced it would deploy over 1,000 payment systems in Colombia, a move that aims to interest in and adoption of cryptocurrency payments.
Pundi X Going Strong
As noted on an August 18th Medium post, Pundi X is partnering with local firm Manticora Capital to distribute its systems in the crypto-friendly state.
Recently, Pundi X announced its move to South American offices and a deal with Colombian investment fund Manticora Capital. The resultant development is a continuation of this move.
As per details, a thousand Pundi X devices will be distributed on a region-by-region basis to market retailers, hospitality businesses, and consumer goods specialists for spurring cryptocurrency growth.
Interestingly, the ties will Manticora Capital have proven highly-instrumental to the development. The Medellin-based investment house is said to have deep connections with local retailers in the region.
Speaking of the announcement, CEO and co-founder of Pundi X, Zac Cheah, said:
“Demand for cryptocurrency in Colombia has been surging in recent years. But there’s reason to believe it could even be understated due to a lack of accessible options for consumer adoption; to be part of a solution that extends its rise even further is an exciting new frontier for Pundi X.”
Colombia’s Cryptocurrency Push
Despite its weak economic presence in the world of traditional finance, Colombia highly-ranks in cryptocurrency lists, in terms of activity and developments, and was ranked as 2017’s fastest growing Bitcoin market by Forbes. The publication also named the Latin American country in the world’s top ten active Bitcoin markets list.
Meanwhile, Ivan Correa, CEO of Manticora Capital stated:
“Difficult conditions in local banking and investment have combined to make Colombia a hugely dynamic market for cryptocurrency usage.”
Correa added market research for Bitcoin transactions revealed a stark lack of payment and conversion outlets, despite a solid demand for crypto-products. The firm categorized this “lack of opportunity” as a perfect gap for investing in Pundi X and augmenting its business.
Joao Victor Mendes, the manager for Pundi X South America, added:
“Manticora Capital’s established business network will make XPOS a successful rollout in Colombia. We look forward to seeing cryptocurrencies become more accessible in the country.”
The investment fund solely focuses on ICO projects and cryptocurrency aiming for the commercialization of digital assets.
Cover Photo by Joel Duncan on Unsplash