One of the largest chains of department stores in Venezuela, Traki, is set to start accepting cryptocurrency payments at its 49 retail stores thanks to PundiX’s point-of-sale (PoS) device XPOS.
According to a press release, the Singapore-based blockchain firm’s devices are helping Traki’s 49 stores accept ten cryptocurrencies, including BTC, ETH, BNB, DAI, and NEM. The stores will also accept lesser known cryptocurrencies like KuCoin Shares (KCS), Kyber Network (KNC), and Digix Gold Token (DGX), as well as PundiX’s own NPXS and NPXSXEM tokens.
Zac Cheah, co-founder and CEO of the Singapore-based startup, was quoted as saying:
Traki has been one of the early adopters of cryptocurrencies in Venezuela, which highlights its commitment to improve the traditional financial system. We hope the XPOS further expands the crypto use cases that customers have come to expect from Traki.
Michael Gomez, Traki’s chief of cryptoasset, noted the company is always looking to offer its customers the “most convenient options,” and added cryptocurrencies have proven to be an effective payment solution.
Venezuela’s economy has been suffering from hyperinflation in the last few years, which has been seeing the country’s situation worsen as time goes by. Per Bloomberg’s Café Con Leche Index, Venezuela’s annual inflation ration over the past 12 months was of 35,900%. PundiX notes the situation makes cryptos “a necessary form of commercial trade.”
Bitcoin trading volumes on the peer-to-peer crypto exchange LocalBitcoins have hit an all-time high earlier this year in Venezuela, seemingly as a result of the country’s situation. While some tout Dash is the most widely-used crypto in the country, the assertion has been questioned.
PundiX’s XPOS device is being used in over 30 countries, the press release adds, and the company is said to be planning to roll out an addition 100,000 to the market by 2021.