DigixGlobal to offer physical gold-backed digital equivalents as a means of cashless Point-Of-Sale payment option

Pundi X and DigixGlobal Pte. Ltd. (Digix) today announce the official launch of DGX in the Pundi X payment system. The listing of DGX allows users of the DGX card to pay for their transactions using DGX at any XPOS-enabled counters.

Digix is the world’s first smart asset company harnessing blockchain technology to account for the provenance, verification and storage movement of physical gold bars to its retail investors. Investors are issued with an equivalent digital proof, called DGX. Each digital equivalent of DGX is registered to a physical unit of gold in Digix’s vaults in Singapore or Canada.

Digix works with the goal of unlocking the fungibility of traditionally illiquid asset classes, and to create new avenues of financial inclusion for the future.

Pundi X encompasses a fully fledged payment ecosystem consisting of an e-Wallet (XWallet), point-of-sales devices (XPOS) and NFC-enabled payment cards (XPASS cards). As part of this official collaboration, Digix is releasing 3,000 customized XPASS cards to partners, corporate customers, future event attendees and other customers of Digix. This will enable them to make purchases using DGX as a means of exchange at Pundi X-approved merchants across Singapore.

“In our philosophy of applying blockchain to dynamically account for the provenance, movement and storage of tradable physical gold, we have seen the possibility of harnessing gold more flexibly as a means of value exchange beyond a traditional asset class. By allowing our digital credits to circulate on XPOS, we intend to showcase practical and useable payment options, with the safety and accountability of blockchain. This process encompasses DigixGlobal’s spirit of deeper financial inclusivity for future generations,” said Shaun Djie, COO and co-founder of DigixGlobal.

“Empowering technology developers to innovate, and businesses to incorporate elements of blockchain, is at the heart of Pundi X’s vision. Aligning with DigixGlobal has been a natural choice. Our goal of providing more payment flexibility to merchants aligns with DigixGlobal’s vision for greater financial inclusion and asset liquidity. We see our partnership as complementary to furthering Singapore’s smart-city and cashless payment future,” said Zac Cheah, founder and Chief Executive Officer of Pundi X.

About DigixGlobal
DigixGlobal, incorporated in Singapore in 2014, is the blockchain company behind the world’s first gold-backed digital asset class. The company has secured physical gold vaults located in Singapore and Canada. A pioneer in Singapore’s blockchain ecosystem, Digix was the first company globally to send a live transaction on the Ethereum network.
For more information, visit ​https://digix.global​.

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