Venezuela’s largest department retailer will set up blockchain-enabled cash registers in its 49 stores.
The megastore operator Traki introduced August 22; it can integrate Singapore-based Pundi X’s point-of-sale system, XPOS, to supply a cryptocurrency payment rail for shoppers.
Already out there in 30 nations, Pundi aims to promote 100,000 XPOS units by 2021. This is a part of the firm’s plan to introduce cryptocurrencies for everyday use, via an ecosystem of financial commodities like its XPASS crypto debit cards and Xwallet.
“We made the XPOS intending to make real-life use cases for blockchain technology, and this couldn’t be higher represented than Traki customers paying for their daily requirements with cryptocurrency,” said Pundi X CEO, Zac Cheah.
Cheah continued to say that Traki has been an early adopter of blockchain expertise in Venezuela.
“At Traki, we aspire to supply the most convenient options for our clients, and cryptocurrency has confirmed to be an effective cost answer,” stated Michael Gomez, Chief of Crypto Assets department of Traki. Of Pundi’s close to-300,000 wallet users, nearly one-tenth are based mostly in Venezuela.
The XPOS payments system helps funds in a spread of cryptocurrencies together with BTC, ETH, Binance’s BNB stablecoin, as well as Pundi X’s NPXS and NPXSXEM tokens.
A time of hyperinflation and lack of liquidity has seen many Venezuelans adopt cryptocurrency as a store of value and payment options. Last year, President Nicolas Maduro launched the petrodollar cryptocurrency, pegged to the South American nation’s substantial oil reserves, as a method to sidestep economic sanctions. Maduro lately ordered banks and state-owned corporations to use the token.