Blockchain Retail Startup Pundi X Raises $4 Million in ICO Pre-Sale

Announcements, Blockchain, ICO News, Investing | October 31, 2017 By:

Blockchain reatail startup Pundi X has raised 14,000 ETH ($4 million) in its initial coin offering (ICO) pre-sale. The Pundi X public ICO will commence on November 20.

Pundi X aims to make cryptocurrency an enabler of ubiquitous cashless payment environments across South East Asia and beyond. Pundi X POS (Point of Sale) enables shops, cafes and convenience stores to sell cryptocurrency to a broad cross section of general consumers and builds on the success of Pundi-Pundi which is one of Indonesia’s most popular QR code cashless payment apps.

Investors in the PXS Token pre-sale included David Lee Kuo Chuen and Lon Wong. Chuen serves as a Professor of Quantitative Finance and is an investor of ZCash, Qtum, TenX, InfoCorp and OmiseGo. Wong is the President of Foundation and CEO of Dragonfly FinTech.

Pundi X will use the funds to purchase Pundi X POS devices to be installed over a three-year period in Indonesia, Singapore, Hong Kong, Japan, South Korea, Thailand, Malaysia, Vietnam and other Asian markets.

The company said the cost of each POS device is approximately $300 USD and consequently about $30 million USD will be spent on rolling out the first 100,000 devices. The remaining 600,000 devices will also be funded by sales proceeds from tokens and revenue from participating B2B merchants in the Pundi X ecosystem. The company expects to generate a profit from services offered by POS devices including sales of cryptocurrency such as bitcoins.

“We are truly grateful to achieve our presale target thanks to the commitment of hundreds of enthusiastic retail investors,” said Pundi X CEO Zac Cheah. “Such huge community support gives the team a great deal of pride ahead of the full public ICO, which we will see institutional investors getting involved for the first time.”