Pundi X set to launch an Open Platform for businesses and blockchain developers

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Leading blockchain payment service provider, Pundi X has announced that it will soon open up its platform called Open Platform for developers and companies to list digital tokens within XPOS, XWallet and XPASS. The platform will also allow the creation of customized XPASS cards within the same ecosystem.

“Opening our platform will enable blockchain developers and businesses to create more use cases for their digital assets. There will be a review process to list the digital assets. Once approval is provided after the review, digital tokens will be listed on the XPOS and XWallet. These newly listed digital tokens can be purchased and stored on the XPASS as well as being utilized for in-store payment transactions,” Cheah added.

“The XPASS card as we all know, can be considered a physical crypto wallet which allow any customer to top up and use their digital assets easily. With just a tap to complete a transaction, the XPASS offers a simple and yet elegant way for customers to purchase goods and services from any stores where our XPOS devices have already been deployed,” said Zac Cheah, Co-founder and Chief Executive Officer of Pundi X.

Blockchain payment ecosystem: XPOS, XPASS and the virtual XWallet 

The first product which Pundi X created was the XPOS. It is the world’s first blockchain-powered wireless point-of-sale (POS) solution that enables merchants and consumers to easily buy, sell and transact using digital assets in physical stores. The XPOS is designed to be virtual currency neutral and currently, popular coins and tokens such as BTC, ETH and NPXS are listed and accepted within the Pundi X payment ecosystem

The XWallet mobile app forms the connective tissue between the regular digital asset wallets and the Pundi X payment ecosystem. Through the XWallet, users can easily manage their digital assets, check their current balances, or top-up the supported digital assets in the XWallet. By default, each registered XWallet user will have his or her own virtual XPASS card in the app.

Integration with other major blockchain networks

Beginning June 2019, developers and companies will be able to register and upload their ERC20 digital assets as well as having the ability to create and customise their own virtual and physical XPASS cards.

Custom tokens that are submitted to the Open Platform will have to be reviewed and evaluated by the compliance team. Upon approval, the developers or companies can have their ERC20 digital tokens listed in the Pundi X payment ecosystem. There is a feature to add new customized virtual cards to the XWallet, or issue customized physical XPASS cards for sale. The cards can be easily used with the XPOS devices that are already deployed in several major cities.

“With the Open Platform, our XPASS offers the versatility to any companies, organizations and developers looking to white label a digital payment solution (powered by blockchain) that is fast, easy and secure,” said Cheah.

“Pundi X hopes to start serving more blockchain teams this year and help enable them to increase the utilization of their own cryptocurrencies in the physical retail venues and stores.”

“The Open Platform will form a strategic part of Pundi X. The team will support custom listing of ERC20 digital tokens. We also have plans to integrate other major public chains so that more tokens can be added to our ecosystem.” added Cheah.

NPXS at the Core

Developers who register in the Pundi X open platform will be required to hold a certain amount of NPXS for service integration fee and the deposit for liquidity.

Pundi X’s own NPXS will be utilized on the open platform exclusively for: token listing fee on XPOS and XWallet, revenue generated from XPASS card customization, transaction fees in XWallet as well as advertising revenues generated from XWallet.