Pundi X Coin Makes South American Expansion Push on Volatile Trading Day

Pundi X (NPXS), which is among the top 50 cryptocurrencies and boasts a market cap of approximately $163 million, has been all over the map today. The coin advanced 5% to $0.001714 only to surrender most of those gains to below $0.0017 to most recently advancing 2% to $0.001661. NPXS remains among the top 15 most heavily traded Ethereum-based tokens today, on trading volume of $2.3 million in the last 24 hours.

The coin has shaved 42% from its value over the past 30 days despite having advanced almost 16% in the last seven days. Today’s best gains were bringing it closer to its August high, even if it was riding the coattails of the altcoin rally. Traders also have a couple of key positive developments to cheer surrounding the Pundi X ecosystem and the expansion of its point-of-sale (PoS) device, all of which are good signs.

Source: CoinMarketCap

Caribbean Push

Pundi X has been expanding the integration of its PoS device, most recently with a South American push, specifically in Colombia. The Pundi X team published a blog post in which they revealed 1,000 of the Pundi X POS devices over the next six months will be phased in across Colombia to brick-and-mortar shops including both niche and general retailers as well as hospitality businesses in the company’s South American debut.

Source: Pundi X on Medium

The expansion wouldn’t have been possible were it not for inking a partnership with Medellin-based Manticora Capital, which boasts “deep connections within Colombian retail” and is distributing the Pundi X POS devices. Pundi X CEO and Co-Founder Zac Cheah in a blog characterized demand for cryptocurrencies in Colombia as “surging” but also noted that a lack of accessibility among consumers has been a hurdle.

Manticora Capital CEO Ivan Correa agreed, saying, “[Since] we began our operations we have recognized that a lack of opportunity for making quick and easy conversions from fiat currency to cryptocurrency is the primary brake on the otherwise highly enthusiastic market for cryptocurrency in Colombia.” Both companies believe that the Pundi X POS device is the answer. Manticora is an investment platform dedicated to cryptocurrencies and ICOs that counts among its investments Kyber Network, Zilliqa, ChainLink and the ICON project, according to the website.

These advancements serve as a reminder to other blockchain startups about the importance of partnerships in regions where they don’t already have a presence. Pundi X also recently announced a new Brazilian headquarters, and it clearly has its sights set on South America, similar to fellow project Dash Core, which has made Venezuela its focus. The adoption of cryptocurrencies is on the rise in developing economies around the world because it solves a problem for them surrounding payments.

Featured image courtesy of Shutterstock.

Gerelyn has been covering ICOs and the cryptocurrency market since mid-2017. She's also reported on fintech more broadly in addition to asset management, having previously specialized in institutional investing. She owns some BTC and ETH.