One of the largest department store chains in Venezuela, Traki, has adopted a blockchain-based Point of Sales system that will allow its buyers to make purchases using a range of popular cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH).
Reported by Fintech News Singapore, Traki announced that it would now be utilizing eXchange Point of Sales (XPOS) devices supplied by Pundi X to accommodate crypto payment at all of its stores.
Counted as one of Venezuela’s largest chain of department stores, the adoption of XPOS by Traki will provide even more opportunities for Venezuelan consumers to use cryptocurrencies in their daily lives. XPOS devices are to be installed across all of Traki’s 49 stores throughout the South American country and will support tokens such as Bitcoin, Ethereum, and Pundi X’s native coin.
Cryptocurrencies have become increasingly common in Venezuela after its traditional currency, the Bolivar, was hit by dramatic economic recession. According to Fin Tech News, inflationary rates in the country skyrocketed to 1,000,000% during a peak in 2018, wiping out Venezuelan savings.
Traki’s decision is a boon for Pundi X, an Indonesian startup with offices in Jakarta, London, Sao Paolo, and Singapore. The company’s website outlines that its main focus is facilitating digital payments for retailers and making blockchain-powered technology more accessible to businesses and consumers.
The Pundi X XPOS payment device works with its XPASS tap card and XWALLET mobile app, while staying open to a variety of cryptocurrencies. The company also offers its own coin, listed on exchanges as NPXS.
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