Q2 2023 Progress Report
Dear Pundians,
Thank you for joining our Q2 2023 Progress Report. For those who couldn’t join it live, you can watch the video version by visiting our YouTube Channel.
XPOS development
XPOS Mobile Alpha Version released for testing
Based on the requests from our distributors for a way to empower more small merchants to accept cryptocurrency as payments, a mobile version of XPOS is being developed and is currently in the Alpha testing stage. The mobile XPOS, released in Q2 2023, works on the Android system and helps small businesses save costs on hardware devices and printing. Some of our distributors are testing it at this moment. The mobile XPOS Alpha version does not support NFC yet.
If you are already an XPOS distributor or a merchant and you would like to test, please send the email to support@pundix.com, and we will help you with the settings.
Revamped Merchant and Distributor Portals
The merchant and distributor portals are crucial for merchants and distributors to set up commissions, daily transaction limits, deposits and withdrawals. The new interfaces will give more flexibility for both merchants and distributors to set up their XPOS devices as well as the data analytics tools.
One of the new features is the ability to filter out transactions based on blockchain networks. The increasing transaction volume makes the data become a very useful tool for merchants and distributors to actually estimate future transaction trends and prepare for liquidity accordingly.
For now, the old and new versions of the portals both exist. We will move into the replacement process with the old system as a standby alternative.
More USDT TRC20 support
USDT TRC-20 is now supported in our back-end system. As the XPOS already supports USDT TRC-20, distributors and merchants are now given more options to deposit USDT stablecoins.
XPOS supports p(x)Card transactions
Another exciting development is the support of the hardware wallet p(x)Card on XPOS. The 500 p(x)Card Genesis version has been delivered to the presale buyers and our distributors in Turkey and South Africa. There will be more addition coming out in the near future. More customized p(x)Cards will be produced in the following months.
The transaction process of the p(x)Card on XPOS is very simple because the card is specially made for first-time crypto users.
XWallet decommissioning and self-custodial wallet support
About 95% of the transactions on XPOS have been made from third-party wallets since 2020, and the volume has been increasing. As we see more and more people adopting self-custodial wallets, and realize that we need to allocate more resources to developing and supporting more chains and more third-party wallets. XWallet being a custodial wallet, has served its purpose in the early days. It’s time for XWallet to decommission.
Pundi X is still standing and growing strong. We need to decommission X Wallets because the trend is web3 and decentralization. When Pundi X chain launched, many PUNDIX token holders moved their tokens to private wallets to participate in the governance delegation and receive purse rewards in 2021, and the action of moving digital assets to the third-party wallets continued while XWallet is not very frequently used.
If you have assets in the XWallets, make sure that you withdraw before December 31, 2023, and the team will adjust the gas fee for withdrawal to the lowest level. As the gas fee on the Ethereum blockchain varies, your transaction may be pending due to the insufficient gas fee. When the gas fee becomes lower, we will process your withdrawal transactions manually. If you have any questions, any assistance, please email support@pundix.com, and our team is here to help.
For more information, please visit: https://support.pundix.com/hc/en-us/articles/20170594847385-Embracing-Web3-XWallet-decommissioning-and-self-custodial-wallet-support.
Rollouts and Partnerships
New physical exchange store opening in Türkiye
Türkiye is an amazing market that we are very focused on. In the physical exchange vertical, Pundi X is the market leader and one of the big contributors is the Turkish market. A new Pundi X physical exchange store is opening in the Antalya Murapata district, and it is one of the 13 active stores, with 3 more stores coming up. Our Turkish distributor will also distribute in the Middle Eastern and the Central Asian markets, whereby some countries over there have fiat volatility.
Business expansion in South Africa
Pundi X South Africa is another distributor licensed our brand. In South Africa, we also see very similar user habits as in the Turkish market, and on top of that, Pundi X South Africa is mobilizing the usage of crypto payments on expensive watches, gold coins, and more luxurious merchandise. We are very happy that the solution is being powered by XPOS.
Statistics about XPOS transactions in Q2 2023
In Q2 2023, the top countries that use crypto pay are Türkiye, South Africa, Uganda, Uruguay, and, also back in the rankings, France. The tokens used to pay are USDT, BTC, ETH, PUNDIX, and BNB.
As for Crypto sales, the number one country is Türkiye, followed by Uruguay, Uganda, Brazil, and South Africa. The top tokens bought are USDT, BTC, BNB, ETH, and DAI.
PURSE Update
PURSE is the loyalty token in the Pundi X ecosystem and can be earned by delegating PUNDIX on Pundi X Chain as delegation rewards.
In Q2, the $PURSE token redemption campaign continued. We did Margin X MXAlliance NFT redemption for 2500 $PURSE token. Thank you for the support from Margin X.
The other one is to win $PURSE and $AIDOGE tokens with also 2500 $PURSE tokens. That means you’re spending $PURSE tokens to earn more tokens.
In celebration of the integration with Hyve, $PURSE token holders can pay and accept payments in $PURSE for your jobs, tasks, and offers on app.hyve.works.
About 2 million $PURSE token staking rewards were distributed in the past 30 days.
A total of over 4.6 billion $PURSE tokens were burned.
As for the $PURSE retroactive rewards, about 800 Million $PURSE token reward will be given out around mid of July for both part 1(30%) and part 2 (70%). Make sure to follow the forum thread and PURSE Twitter for close updates.
Events
Twitter Spaces on South Africa and Türkiye crypto adoption
One of the use cases in South Africa is to buy gold with crypto using XPOS. The partner, Scoin, is one of the biggest gold coin exchange stores in South Africa. In the Twitter Space we held in May 2023, we had the CEO of Scoin and the managing director of Pundi X South Africa, Daniel, to share with our community the crypto adoption and use cases in South Africa.
We also did a series on crypto adoption in Türkiye with attendances including Hakan, our distributor, XPOS merchants Daniel, Zain, and crypto influencer, Caesar. They shared with us the current status in the Turkish market and why people are visiting one or many of the 13 XPOS stores to buy or pay with crypto.
Binance Pay Africa had both Pundi X South Africa and Pundi X in the live show. We shared about what is Pundi X, XPOS, as well as the plan of how to make more merchants adopt XPOS as well as Binance Pay in the regions.
And also not only promotion with Binance Pay but our merchant, a digital art gallery store, also had events to highlight that they accept cryptocurrency with XPOS.
Another interesting event is from Innocent Experience, the music festival that Pundi X South Africa participated together with the local music players. XPOS devices were set up to accept cryptocurrency as a payment.
Hello Lab community event
In Q2, an opportunity to pitch to Hello Labs was spotted by a community member, and Pundi X, therefore, submitted to attend. We are very fortunate to be community verified. It was a tough competition, but the support of our community made us visible among the new users and also the other new upcoming projects.
Street events in Japan
Exhibition and Radio interview in Taipei
In Q2, Pundi X attended many events in Japan, including garage sales, outdoor activities, and offchain in Tokyo meetup that took place at WeWork. Pundi X XPOS was spotted on various occasions.
In May 2023, Pundi X attended Innovax 2023 hosted in Taipei, Taiwan as one of the very few blockchain projects to be seen at the exhibition. It was a great opportunity to introduce our technology and services to more potential clients.
Pundi X was also invited to National Education radio to talk with teenagers regarding crypto and NFT. Under the influence of the collapse of FTX and other incidents in the crypto space, continuous communication with the mainstream media audience would help to deliver the positive sides of blockchain technology and how crypto can help the current financial infrastructure.
Payment discussion in Margin X Twitter Spaces
Margin X invited Pundi X to join the Twitter Space to talk about crypto payments and how crypto can complement fiat with another crypto pay company as well.
Lifpay’s Bitcoin giveaway campaign for XPOS merchants
Pundi X and LifPay, a Bitcoin Lightning Network wallet, host a joint campaign in which new LifPay app users and XPOS merchants could be rewarded. We welcome the community’s suggestions if you’d like to see more of these activities.
Other Pundi X community relevant events
Changex listed PUNDIX, which is a new token listing. We also got XPOS onto Bitcoin network as an NFT format.
Pundi X is also supported on WanChain, which provides a bridge to support bridging of Pundi X and FX into f(x)Core and als WanChain network.
2023 Q3 Outlook
In Q3, we will focus on developing the white-label web3 POS solutions for financial institutions, and to expand XPOS crypto exchange stores globally.
Q&A:
- Regarding the X Wallet decommission for small portfolios. Can we expect some discussion on the forum?
It’s best for the small volume holder to participate in the forum discussion and voice their opinion and what kind of help they need. The community members are very passionate to help. Because of the anonymity in the forum, we cannot promise the solutions in the discussion would assist in any way. But we hope that those small amount token holders can come up and voice their opinion on the forum.
The unclaimed funds will still be sitting in the XWallet.
2. Is XWallet a noncustodial ERC20 wallet?
XWallet is a custodial ERC20 wallet. The non-custodial is f(x)Wallet.
3. When will XPOS transactions reflect on Pundi X Chain?
A timeline is not determined yet, but it will definitely happen.
4. When will we have decentralized XPOS available for merchants?
It is also a very important inquiry from the distributor. The development of decentralized XPOS is in suspension at the moment because we are upgrading the portal. We still see a lot of challenges to overcome. For example, commission modules, instant conversion into stablecoin, and also the management structure between distributor and merchant. It’s a huge amount of work for the development team, but we will pick it up in Q3 and Q4.
5. What’s happening with XPASS card?
XPASS card is still supported on XPOS. Without XWallet, XPASS cards cannot be paired, but users can still activate their XPASS cards and spend at the merchant’s stores. For the merchants, tokens inside XPASS cards become a reason for the user to make repetitive visits for spending or buying.
Thank you for joining the session. Pundi X also has a Podcast program that is available on all platforms. Follow us and never miss a thing!
Stay healthy and safe, and we will see you in the next progress report!
Sincerely,
Pundi X Team
