Pundi X, a blockchain startup that aims to make cryptocurrencies an enabler of ubiquitous cashless payment environments across South East Asia, has closed its pre-sale ICO with a total of 3,148 ETH, 613 BTC and 250,040 XEM – equivalent to four million US dollars. The money was brought in from 615 investors, including renowned angel investors David Lee Kuo Chuen and Lon Wong.
Pundi X plans to solve the “last mile” challenge for cryptocurrency purchases and sales by building on the existing Pundi-Pundi business model of cashless payment systems, which enables smartphone users to scan QR codes and makes instant payments in retail and restaurant outlets. Pundi-Pundi has already signed up more than 100,000 registered users and over 500 merchant partners in Jakarta in less than a year of operation.
The full public Initial Coin Offering (ICO) will commence on November 20, 2017. Funds raised by the sale of PXS Tokens during the ICO period will be used to purchase Pundi X POS devices that will be installed in retail outlets, enabling consumers to quickly and easily buy or sell cryptocurrency using fiat money (Dollars, Rupiah, Baht, etc.), bank cards, mobile wallets, or the Pundi X Pass. The purchased cryptocurrency can be stored in a digital wallet or used to make cashless payments to top up phones, pay utility bills, or buy goods, subject to local regulations in each market.