Company CEO And Co-Founder Zac Cheah Revealed That The Buy-Back Would Fund A Partnership Reserve Fund (“PRF”) To Continue The Company’s Growth Following Unexpectedly High Interest In Its Devices From The Global Retail Sales Market
Pundi X, the leading blockchain-based, global point-of-sale (“POS”) solutions provider enabling retail stores to conduct transactions in cryptocurrencies today announced a buy-back program for company holdings in NPXS tokens following unanticipated demand for its technology.
Company CEO and co-founder Zac Cheah revealed that the buy-back would fund a Partnership Reserve Fund (“PRF”) to continue the company’s growth following unexpectedly high interest in its devices from the global retail sales market.
“Within the past few weeks, we have visited merchants, banks, governmental and organisational partners and exchanges in the markets we are targeting to launch and activate our blockchain-based point of sale solutions,” Cheah said. “We have discovered the demand for NPXS tokens is much higher than anticipated.”
“With plans to ship 4,000 pre-ordered units in Q2 2018, a commitment of 20,000 devices from our partners at the NEM foundation and recent sales and yet-to-be-announced deals we have already achieved nearly one-quarter of our low-end three-year target for global distribution just months after our public token sale.”
Since reaching a hard cap of $35 million (USD-equivalent) in 90 minutes via its public token sale in January, Pundi X has signed partnerships including with the NEM foundation, which is behind a leading cryptocurrency, XEM, in the burgeoning markets of Japan and Korea and is exploring others.
The Partnership Reserve Fund is structured to allow Pundi X to expand its global blockchain network and encourage and incentivize new business partnerships within its ecosystem without exhausting its supply of reserved tokens.
Strategic business relationships and new advisors, community members, merchants, exchanges, banks, technical partners among others will be developed through the Fund and directed to the company’s advisors and marketing pool.
The fund will also be used to subsidize the roll-out of XPOS devices, cover transaction fees, marketing costs, listing costs, incentive bonuses and even airdrops to new users and merchants.
“The goal is to expand and expedite Pundi X’s network as quickly as possible,” Cheah said. “We are having some extremely productive and exciting discussions with potential partner organisations around-the-globe”.
Pundi X will buy back the equivalent of 2000 Ethereum (ETH) in NPXS token company holdings which will be subject to a staged roll-out.
Pundi X is a multi-cryptocurrency point-of-sale (“POS”) solutions provider for retail stores seeking to accept digital currencies in the world. Pundi X POS enables shops, cafes and convenience stores to facilitate cryptocurrency transaction for the average consumers. Pundi X builds on the success of Pundi-Pundi, one of Indonesia’s popular QR code cashless payment apps, has already signed up more than 100,000 registered users and over 600 merchant partners in Jakarta in less than a year of operation.
To build a better cryptocurrency ecosystem in different countries, Pundi X is a founding member of XPOS Consortium and Indonesian Blockchain Association. The company is also a member of Singapore Fintech Association, Fintech Association of Hong Kong, ACCESS, and Swiss Finance and Fintech Association.