PundiX' Crypto Cash Registers Debut in 49 Venezuelan Retail Shops

Traki, the largest department store chain in Venezuela, has announced that it will be installing Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term-enabled cash registers in its 49 retail outlets.

“At Traki, we aspire to offer the most convenient options for our customers, and cryptocurrency has proven to be an effective payment solution,” said Michael Gomez, Chief of Traki’s Crypto Assets department.

These stores are Massive! Great partnership with @PundiXLabs & @TRAKIenganchate for #Venezuela

Below vid is just 1 of 49 Traki stores Nationwide to use #Pundix Point of sale devices - #XPOS I imagine it would require a few per store over time, judging by their size & demand pic.twitter.com/ofOjBIiyM9 — Superbit123 (@Superbit123) August 21, 2019

The cash registers will be manufactured by Pundi X, a Singapore-based startup company that creates blockchain-powered point-of-sale devices. Traki has chosen Pundi X’ XPOS device to act as an in-store payment processor for cryptocurrency.

“We made the XPOS with the mission of creating real-life use cases for blockchain technology, and this couldn’t be better represented than Traki shoppers paying for their daily needs with cryptocurrency,” said Pundi X CEO, Zac Cheah, to CoinDesk. One-tenth of Pundi X’ nearly 300,000 users are based in Venezuela.

Pundi X aims to sell 100,000 of its XPOS devices by 2021; at press time, the devices were available in 30 countries.

Venezuelans continue to rely on crypto

Cheah also pointed to Traki as an early adopter of blockchain technology in Venezuela. Additionally, Traki’s adoption of the Pundi X device is the latest piece of evidence that Venezuelans have adopted Bitcoin and other Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term as a popular alternative to the Bolivar, Venezuela’s fiat currency.

Indeed, a long spell of hyperinflation and a lack of liquidity in Bolivar markets has caused the currency to have severely devalued.

Venezuelan President Nicolas Maduro has attempted to create the Petro, a nationally-backed cryptocurrency, as a way to save the Venezuela economy. However, although Maduro ordered banks and state-owned companies to use the token in July, serious doubts about the project’s legitimacy remain.