Pundi X, a blockchain startup that aims to make cryptocurrencies an enabler of ubiquitous cashless payment environments across South East Asia, has successfully closed its pre-sale ICO with a total of 3,148 ETH, 613 BTC and 250,040 XEM – equivalent to 14,000 ETH or 4 million US Dollars – raised from 615 investors. The full public Initial Coin Offering (ICO) will commence on November 20, 2017.
The pre-ICO cap for the Pundi X ICO is 5% or 14,000 ETH from a total ICO hard cap of 280,000 ETH. ETH are exchangeable with PXS Tokens at a rate of 1 ETH: 500 PXS. Renowned angel investors in the pre-sale ICO include David Lee Kuo Chuen and Lon Wong. Chuen serves as a Professor of Quantitative Finance and is an investor of ZCash, Qtum, TenX, InfoCorp and OmiseGo; Wong is the President of NEM.io Foundation and CEO of Dragonfly Fintech. Nem currently ranks 7th in the Coinmarketcap.
“We are truly grateful to achieve our presale target thanks to the commitment of hundreds of enthusiastic retail investors,” said Zac Cheah, CEO of Pundi X. “Such huge community support gives the team a great deal of pride ahead of the full public ICO, which we will see institutional investors getting involved for the first time.”
Pundi X aims to solve the last mile challenge for cryptocurrency purchases and sales. The company’s business builds on the existing Pundi-Pundi business model of cashless payment systems, which enables smartphone users to scan QR codes and makes instant payments in retail and restaurant outlets. Pundi-Pundi has already signed up more than 100,000 registered users and over 500 merchant partners in Jakarta in less than a year of operation.
Funds raised by the sale of PXS Tokens during the ICO period will be used to purchase Pundi X POS devices that will be installed in retail outlets enabling consumers to quickly and easily buy or sell cryptocurrency using fiat money (Dollars, Rupiah, Baht, etc.), bank card, mobile wallet or Pundi X Pass. The purchased cryptocurrency can be stored in a digital wallet or used to make cashless payments to top up phones, pay utility bills or buy goods, subject to local regulations in each market.
Pundi X rewards qualified ICO investors with its world smallest cryptocurrency transaction devices. From now until December 20, throughout the remainder of the ICO, qualified investors with a 30 ETH or 1.5 BTC investment or more will each receive a Pundi X POS device. POS devices delivered under this offer will be shipped within 45 days after completion of the ICO process.
The target for this ICO is to raise 280,000 ETH which will help fund up to 700,000 Pundi X POS devices to be installed over a three-year period in Indonesia, Singapore, Hong Kong, Japan, South Korea, Thailand, Malaysia, Vietnam and other Asian markets, in line with the Pundi X business plan. The cost of each POS device is approximately USD 300 and consequently about USD 30 million will be spent on rolling out the first 100,000 devices. The remaining 600,000 devices will also be funded by sales proceeds from tokens and revenue from participating B2B merchants in the Pundi X ecosystem. Pundi X expects to generate a profit from services offered by POS devices including sales of cryptocurrency such as bitcoins.