Pundi X (NPXS) Jumps 17% On Indonesian Blockchain-Farming Gig; Upbit Lists BTC Pair
Pundi X (NPXS) increased 17% in value on Saturday following the addition of an NPXS/BTC trading pair on the Upbit exchange.
The sudden turnaround for the ERC-20-based token also comes amid news that Pundi X payment facilities are being deployed in Indonesia farming communities, where they will be used to redeem cryptocurrency payments for agricultural data.
Pundi X and Hara
As per the newswire announcement, Pundi X has partnered up with Indonesian blockchain data-exchange, Hara, to provide point-of-sale devices to rural farmers. Farmers are incentivized to provide agricultural data to Hara in return for Hara Tokens (HART). Pundi X is providing payment facilities to enable the farmers to cash out their Hara Tokens directly.
According to Pundi X President and Co-founder, Constantin Papadimitriou:
“A founding aim of Pundi X was to bring the benefits of blockchain technology and digital payments to the unbanked and to promote financial inclusion and independence. We are proud that the Pundi X POS will soon be rolled out among HARA’s already-impressive network of farming partners and can help facilitate their plans to better such a significant sector of the world economy and the lives of the hundreds of millions of people who depend upon it.”
With more than 50% of Indonesia’s population unbanked, Pundi X finds itself well-positioned to make a positive impression in the small, but highly populated nation. At the moment however, only one out of every two-hundred farmers in specific areas will be receiving the technology.
Hara CEO, Regi Wahyu commented on the partnership, stating:
“The addition of the Pundi X POS to our ecosystem allows us to connect another missing link, which is the processing of digital payments for the large unbanked populations in global agriculture we’re aiming to serve”
Upbit’s addition of the NPXS/BTC pair on November 9th is already making itself felt in the wider market, with $1 million worth of trades coming from the exchange on Saturday, equalling around 6.5% of the daily total.
The value of NPXS jumped 17% from $0.001505 up to $0.001770, before a pullback to the $0.0016 range.
Over 70% of the daily trades came from the NPXS/ETH pair, spread across several exchanges, with Allbit processing the majority. The next most concentrated trade is NPXS/KRW on a small Korean exchange called Cashierest.
Before today’s spike, Pundi X was in the red for the week, month and quarter, and was down 90% from its all-time high of $0.015621 recorded in mid-June. The project’s point-of-sale technology was recently adopted by a government-backed Dubai credit bureau, and the team are aiming to have 100,000 units shipped by 2021.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.