Pundi X Choses Brazil To Launch Its POS Services

Pundi X has decided to launch its POS services in Brazil, an important growing market for virtual currencies. In order to do so, the company had to partner with BitCapital, the most important and largest OTC dealer in Brazil working with cryptocurrencies.

With this partnership Pundi X gained access to the cryptocurrency network built by BitCapital. Moreover, it has also learned about the Brazilian market and how it works. As one of the biggest OTC in the region, BitCapital is one of the best choices in the market for Pundi X.

Pundi X is one of the most important OTC dealers in the South American country when its about cryptocurrencies. Additionally, it is currently developing, a payment infrastructure network with the intention to make crypto-to-fiat transactions as frictionless and smooth as possible.

BitCapital will be helping Pundi X with the distribution of 1,000 different XPOS.

Zac Cheah, Pundi X CEO, explained that Brazil is a very important market for virtual currencies. There is an important demand from merchants and the country is a good opportunity to enter in South America.

About it he commented:

“In a region fast gaining a reputation as a center for cryptocurrency to enter, the Brazilian market is an ideal point of entry and the demand from merchants has validated our expansion strategy into South America. BitCapital is the ideal partner for our debut in Brazil. Not content to be an OTC leader in a market of global significance they are looking to take on banks and deliver a new payments solution.”

Ricardo Guimaraes Filho, founder of BitCapital, said that Brazil and its cities lead in financial markets and tech in South America. However, he explained that cryptocurrencies lag behind. That means that there is an important space for them to develop, which is a good opportunity for Pundi X to enter.

“Brazil and Sao Paulo lead on every metric when it comes to traditional finance and tech in South America,” he mentioned. “Yet, crypto lags unaccountably behind. We think we know why: the answer is a lack of crypto-friendly bank that facilitates adoption.”

During the last week, Pundi X signed a distribution arrangement with Manticora Capital to be playing in the Colombian market. After announcing its South American headquarters earlier this month, this arrangement is the second major distribution deal.

Brazil is the largest economy in South America and one of the top 10 biggest economies in the world. People in Brazil is becoming increasingly interested in virtual currencies and blockchain technology. Indeed, the government and private companies are working with distributed ledger technology.

In 2016, Brazilians moved $160 million dollars in Bitcoin. In 2017, the number grew to $2.4 billion dollars. The cryptocurrency exchange Foxbit has also registered an important increase. Back a year ago, Foxbit had 100,000 registered users, today it has more than 400,000.

At the moment, the Securities and Exchange Commission from Brazil, also known as CVM, has a working group analysing virtual currencies and how to better regulate them. They explained that they would be following Japan’s way of dealing with virtual currencies. In case that would not be able, they would be following the United States.

The new partnership will bring new life to the crypto market in Brazil and the region. Users in Brazil will have a new use case for their virtual currencies thanks to Pundi X. This move by Pundi X gives it the first mover advantage to capitalize important gains in the growing South American market.

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