Q2 2020 progress report
Dear Pundians,
Thank you for your time to participate in the Q2 2020 video progress report. We’re going to update you on the progress we made and the steps we are taking to respond to the challenges.
Here’s the agenda of AMA Q2 report:
- XPOS upgrades
- COVID-19 Impacts
- Compliance
- Partnerships
- Function X testnet release
- Crypto Zoo
- Official e-commerce shop
David Ben Kay, Chief Legal Counsel of Pundi X and President of Function X, also joined the AMA to talk about the importance of compliances and his visions of developing in the blockchain industry.
XPOS upgrades
PayPal and PayPal Here apps included in XPOS
On June 30, 2020, we have announced that our blockchain-based point-of-sales device, XPOS®, will include PayPal applications.
PayPal’s inclusion on XPOS® devices will work in the same way as anywhere else. PayPal’s basic features will be functional on XPOS® devices, including accepting payments via email or mobile phone number. In the U.S., merchants will only have to show a certain QR code for their customers to pay. PayPal Here, on the other hand, offers features for merchants to accept credit card payment.
Having PayPal working on XPOS® devices also now means that users can easily purchase cryptocurrencies such as BTC, ETH, BNB, DAI, NPXS, USDT, etc. at any XPOS® merchant who has activated the device’s “Crypto Sale” feature. These digital assets can then be securely stored in an XPASS Card, which makes dealing with cryptocurrency as easy as simply tapping the card to complete a transaction.
For more information, go to: XPOS® devices soon to support online payment giant PayPal
XPOS app listed in PAX’s Android POS app store
We have been dedicated to partnering with world-leading POS manufacturers, and now Pundi X is working with three major players, including Ingenico, Verifone, and PAX. The android devices of these giant companies are now accepting cryptocurrencies with payment functionality powered by Pundi X.
While pushing for hardware adoption, we are also pushing further to software development. Our goal is to empower both our own XPOS device and many other point-of-sale Android devices to process crypto transactions. Now, PAX A920 device holders can find and download the XPOS app in the PAX app store with ease.
COVID-19 Impact
While the pandemic is causing economic damage to the world, there are questions regarding whether the US dollars could remain the global reserve currency, and many different countries are looking into digital currencies. It shows an opportunity for blockchain technology and cryptocurrency to take on a more recognized road in the world.
We also see the significant economic impacts brought to the physical retailers. To support our merchants, Pundi X will not be taking any XPOS transaction profit from the retailers this year. This decision will lead to insubstantial token removal. However, it will give the profit back to the merchants and distributors in our network as they are the key to drive the adoption in the future.
Here are the Q2 2020 token removal numbers.
Compliance
In light of the COVID-19 pandemic, the regulatory agencies worldwide are paying more attention to cryptocurrencies. The downside of it is that it has created more pain points for companies as well as customers to apply KYC and AML checks; platforms of such services are born to satisfy the regulators.
While it is painful and costly in the short run, the requirement for compliance will weed out the less serious players and scammers in the market. It takes additional efforts to complete the process and become a compliant entity. Therefore, it’s a positive thing in the long run.
Pundi X is applying for the licenses issued by MAS (The Monetary Authority of Singapore) of providing account issuance and digital payment token services in Singapore. We’ve received an exemption from holding a license to operate both services till 28 July 2020. It is a new regulation in Singapore. The positive side of it is that Singapore is always at the forefront of cryptocurrency, and the process is very rigorous. Hence, the act is likely to become the gold standard when it comes to compliance.
We want to take this opportunity to thank the team for working together in the applying process.
For more information, go to: Compliance: update on license applications and exemption granted
For more information, go to: Compliance: KYC on XWallet
Partnership status
Dubai
Many of you have been asking about the progress of our Dubai project. In 2018, we have announced a partnership with emCredit, the UAE’s credit bureau and a subsidiary of the government of Dubai, to bring our XPOS to hundreds of its store fronts across the city to allow consumers to pay bills, school fees and for utilities using digital currency.
The role of Pundi X is to assist emCredit when they are ready to rollout. The current status is that we are still waiting for emCredit’s and the Ministry of Finance’s direction. At this moment, we haven’t implement the plan for the roll-out yet due to the pending approval from the authority.
Venezuela
In 2019, we have started a test case in Venezuela, placing XPOS in Traki, Venezuela’s largest chain of department stores. This has been one of the most useful cases in any markets, where people use cryptocurrencies to fulfill their everyday needs.
However, to do a rollout in Venezuela requires 2 official approvals. The superintendent of cryptocurrency of Venezuela has contacted us and required an official legal status of how we can and will rollout in Venezuela. Also, due to the international sanction towards this country, we need to get permission from the international authorities before starting any mass deployment in Venezuela.
As David said, as a global company, we have to be as compliant as we can with our major markets, and be sensitive to the decisions made by these major markets, such as USA, EU and other Asian countries. Venezuela market has huge potential, but we have to approach it with greater sensitivity because of its current situation. Hence, there won’t be an extensive roll-out in this country.
There are other LATAM countries that have demonstrated their market potentiality. Here are the results from our transaction report in Q2.
Function X Development
After 18 months of hard work, we have launched not one but four of Function X products in June 2020.
FX testnet is live
FX Explorer — allowing users to look at the detail transactions and the blocks created in the Function X testnet, including the list of validators and delegators.
FX Connect — an independent wallet to store your private key, similar to MEW Connect of My Ether Wallet, for users to sign their transactions on the blockchain.
FX Cloud — as David described it as “launching a Wordpress while everyone is still coding”, the FX Cloud allows users to create validators without needing the ability to code. To get validator in a mass adoption. FX Cloud plays a crucial role in this.
FX Testnet — a test product before the mainnet launches. The FX testnet allows you to experience how fast the transactions made on FX testnet can be.
We hope that Function X creates a whole new ecosystem that allows people with limited technical backgrounds to be able to not only access the blockchain but to also set up things in the blockchain.
We look forward to inviting more enterprise and government level partners to join and test the accuracy and strength of FX testnet.
For more details, go to:
An introduction to Function X Explorer
Innosquare Taipei operates validator nodes for Function X Testnet
Function X testnet records 100,000 transactions in seven days
Function X and Pundi X connection
Function X is an ecosystem itself that will connect different cross-chain and on-chain applications. Which means, it will connect XPOS, BoB and other blockchains into the Function X ecosystem.
Crypto Zoo
We are partnering with a team to develop the Crypto Zoo app. This app contains a “Go Bull” and “Go Bear” options for you to explore. The purpose is to hedge the risks. It’s now at beta testing with a total of 300 users and we hope to launch it in XWallet soon.
Official E-commerce shop
We have launched XPOS on Amazon US, Amazon Japan, NewEgg Business and Shopify. Now, we are happy to announce that we have built our own e-commerce portal. Check out https://shop.pundix.com and find that XPOS available online.
We have begun as a community-powered organization and continue to be that way. We appreciate your participation and do listen to your comments which truly inspire and motivate us to grow even greater. It’s been for XPOS, NPXS, and also coming along with Function X.
We hope that the developers will see the potential of the Function X ecosystem and we welcome them to join us to the road of development.
Once again, thank you for being together with us and joining this session. Thank you for your support!
