Enabling physical retailers to accept cryptocurrency payments

Pundi X and UTRUST, two of the world’s digital payment platforms, announced today they are joining forces to build a large-scale offline cryptocurrency payment platform.

At the Blockchain for Finance Conference in Singapore today, Swiss-based UTRUST and Pundi X signed a partnership to promote the mass adoption of cryptocurrency payments in stores and secure them for consumers.

Under the terms of the deal, UTRUST will commit to acquiring 1,000 units of the Pundi XPOS.

Pundi X Utrust
Zac and Nuno at the APAC Blockchain for Finance Conference in Singapore.

Pundi X, in turn, will deploy UTRUST as a liquidity provider for transactions on its devices and use its technology for account settlements. UTRUST is a leading cryptocurrency payments gateway and the first cryptocurrency payments platform in the world to implement consumer-focused cryptocurrency solutions, including buying and selling cryptocurrencies.

Swiss-based UTRUST has developed a groundbreaking purchase protection mechanism that can ensure that cryptocurrencies are transacted in a safe environment and while securing a trust relationship between buyer and seller.

“This is a major step for furthering the mass adoption of cryptocurrencies, which, despite having taken the world by storm, still remain outside the engine room of the global economy in consumer spending,” said Zac the CEO and co-founder of Pundi X. “Partnering with UTRUST as our merchant payment settlement gateway is a substantial addition to Pundi’s XPOS and grants us a trusted provider for liquidity, but also for customer security”.

Nuno Correia, the CEO of UTRUST, said: “We see here today in Singapore a partnership of two leading blockchain-based cryptocurrency payment projects with benefits flowing to the entire cryptocurrency ecosystem.

“UTRUST has always been committed to enabling the use of fast, easy, and secure cryptocurrency payments. To partner with Pundi X and use its XPOS technology will help us immeasurably in achieving this goal”.

Pundi X Utrust
The MoU will see two of the world’s most innovative digital payment platforms join forces.

It comes after Pundi announced earlier this month that the X POS is being developed for pilot production and testing before shipping to initial markets in Singapore, Switzerland, Japan and Korea.

Today’s deal with UTRUST takes the number of units of Pundi X technology that have been ordered for use by global retail clients to over 25,000, or over one-quarter of the company’s three-year sales target of 100,000 devices.