Binance Coin (BNB), the token of the world’s leading cryptocurrency exchange, Binance, will now be available on Pundi X POS terminal for consumers to buy goods in shops around the world where XPOS is installed.
As this news of an agreement between the Binance and Pundi X reached the street the BNB coin jumped to over 10% as investors shared the excitement. The same impact was seen in the Pundi X (NPXS) as it too a spike of around 15% in trades.
Pundi X partnership brings BNB coin closer to utility
Pundi X had launched its POS system with an aim to empower blockchain developers and token holders to sell cryptocurrency and services at any physical store in the world hence making cryptocurrency accessible to everyone. It also has built-in capabilities of accepting payments from traditional mobile wallets as well including Alipay, the Bitcoin wallet, and more making it hassle for the store to install it, as the customer now pays with crypto or fiats from the same machine.
Additionally, Pundi X POS device has an easy-to-use and hassle-free interface and helps the store owners to facilitate transactions, including buying and selling BTC, ETH, NPXS, XEM, XLM, QTUM, ACT and now BNB. Apart from accepting payments and buying and selling cryptocurrencies the device also has check-out menu to complete the transactions with cryptocurrencies. Membership, order, and inventory management are all integrated here.
These machines come in 3 models namely with XPOS, XPOS Handy and XPOS Desk with XPOS Handy and XPOS Desk, which are currently under development, having integration to receive payments using VISA/Master Card, apple pay or Samsung pay making it more convenient for the store to install it.
Zac Cheah commented that “Utility for holders has always been a central part of BNB’s reason for being, something which has been evident from the way it has successfully fueled the world’s largest cryptocurrency exchange,”
“We’re proud to have a token of this stature included among the first dozen for listing on the XPOS as we prepare to place the device in the hands of international retailers and so extend additional use to BNB holders”.
Pundi X “go to market” strategy strong, can increase BNB coin utility by multifold
BNB coins which currently powers the Binance exchange as their main utility, with this integration on Pundi X will now be used widely even to buy and sell goods bringing the utility of the coin mainstream. A with increasing reach of Pundi X coins, it is only increasing its acceptability making more people to hold it in their wallets.
Since its creation less than one year ago, BNB has vaulted into the world’s top 20 cryptocurrencies and its market capitalization exceeds $1.7-billion (USD). Pundi X integration to BNB and its global rollout plant could just take BNB it to next level. Recently Pundi X announced the opening of its new European headquarters in London.
Speaking at Money 20/20 Europe, in Amsterdam Pundi X’s Country Manager, Gerhard Drobits, said that a London base will ideally situate Pundi X to drive a planned global rollout of 100,000 of its market-leading point of sale devices to global retail.
“London is the perfect next step for Pundi X to expand its footprint in Europe and to help drive a pilot rollout that is truly global. Now the first 500 XPOS units will be ready to ship from the factory to the world in the next few weeks,”
In addition to four thousand pre-orders from markets including Switzerland, Japan, Korea and Singapore, Pundi X’s partner, the NEM foundation, has orders for another 20,000 units of Pundi X POS technology in the next three years, according to the company’s statement.
If Pundi X is able to meet this pre-order targets, it will take the utility of BNB coins also to new highs.
A Binance spokesperson said:
“Binance has always believed in the power of markets and new blockchain infrastructure for industry. That means involvement in the global retail market via Pundi X’s blockchain-based point of sale device is a new frontier we’re excited to be a part of.”
Understanding the importance of this CZ, the CEO of Binance also thanked Pundi X
thanks to @PundiXLabs for supporting BNB in their POS. One more utility, BNB payment on 5000+ POS this month, plus much more later. "After seeing how this works in person, I am very bullish on this tech!" https://t.co/IlsC56d75N
— CZ (not giving crypto away) (@cz_binance) July 25, 2018
As future plans are concerned for Pundi X, after Europe it wants to enter the American Market as well and plans to reach minimum deployment of 50,000 XPOS units in total by Q1 2019 which is just 3 quarters away.
Pundi X could be the right platform for a coin like BNB to take the token’s utility mainstream and beyond just the exchange function. With Pundi X bringing major coins at the storefront it’s going to be a game changer.
Will BNB be able to find success at the retail front as it has been on the exchange front? Do let us know your views on the same.
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Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.