Pundix a decentralized crypto currency built on ethereum blockchain as a ERC -20 Token in 2018
The Fintech company has raised $34 million dollars in funding in their ICO round.
Bit there's more in that story of pundix as it plans to take over the mainstream of bitcoin
What is pundix?
Pundix is a payment crypto currency same as bitcoin but its has specially developed a platform for business .Its aims to provide block chain based payment solutions to merchants and retailers also to shops
Pundix Dreams
pundix is also known as innovative Fintech company that raised over $34 million dollars in ICO
Pundix aims to setup XPOS system ( A encrypted method to transact) to over 100,000 retail shops all over the world
They aim to complete this task by 2021 how ever its looks impossible at this stage because large scale adoption isn't possible due to regulatory issue and also lack 9f interest within retailers.
Only 1000 of XPOS machine has been sold untill now from Pundix and has been actively working now
History of Pundix
Pundix was created in 2018 and was founded by cheah a former staff of opera software
It is based on Jakarta, Indonesia and pioneered the idea of QR code scanned cashless payment system with a app called pundi -pundi
In 2017 the crypto bubble was booming and pundi took a step forward in crypto and blockchain technology
Introduced their payment solution method XPOS system which is operating with the X wallet ( Pundix wallet)
Pundi press released about their aim to step up XPOS system in 700,000 shop across asia continent
Due to Indonesia's hard regulations over cashless payment and crypto as payment they relocated to Singapore
Later that year they published a white paper Describing their ideas on building decentralized block chain based payment solutions and gateway platform name function X.
Function X will allow to make crypto to fiat and fiat to crypto payment transaction with their mobile app Xwallet
The app will scan and send the payment with a technology called POS terminals ( Point of sale technology)
For Shop retailers and shop owner pundix developed a $300 machine also known as XPOS machine which would seamlessly handle all the transactions in one place
They had a plan to distribute over 100,000 XPOS machine all over the world but it backfired due to lack of demand and knowledge on block chain tech.
Pundix started in wrong Time
Pundix started in a wrong time period and that caused most of their plans to backfire.
The token price imploded soon after the token sale and after the launch of its platform it posed a challenge to its $17 million dollar business.
Pundix promised its private sale contributors that they will manufacture 20,000 Bespoke Nem XPOS Devices that will be wired with a support of nem token
But their distributors and merchants only want one point of sale (pos) this caused Pundix to get into problem.
XPOS is still incomplete (Under work)
Only 1000 XPOS machines were distributed untill now. As for the untils that were shipped in the past received alot of negative and mix results
In late 2018 Pundix brought the concept of worlds first crypto street and they distributed devices to nine shops in the Singapore along.
According to google maps five of those business that received XPOS machine is currently closed and not doing business anymore
However One vendor business named Yixing Xuan Teahouse still operates and still owns a XPOS which is operating now
According to the vendor the system works well and due to that machine he got more sales in his shop.
Meanwhile rest on the vendors were hidden and some left Singapore .
Manager of Sea of Japan replied that XPOS had a lot of flaws in it and many time the payeer had issue while using the machine.
It often got suck and stopped working. The management decided not to use the machine anymore
After hearing the complains pundix assured they will fix the problem however no report regarding the issue wasn't presented by pundix team
Lack of consumers interest
According to Pundix spokesman Liu pundix already sold XPOS units to 25 countries.
When he was asked for further details he remained silent and tried to avoid the questions
Some retailers reported that the XPOS machine wasnt as good as pundix promised it to be
It had alot of problems in it and due to those issue many abandoned their XPOS machines
Some told hardly any customers were using those machines to pay for bills and it was on their shop as a show piece.
So much complains and Pundixs no action really disappointed alot of vendors and shop owners that purchased the machine.
This made consumers, vendors, merchants, shop owners all lost their interest in the machine.
Conclusion
Pundix only announced their thoughts and raised money in time but couldn't deliver what they promised.
Due to this reason many investors of NPXS token losed their interest and vendor stopped using the machine.
If it keeps like this Pundix aim to concur bitcoin mainstream will be dream only.
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