- DigixGlobal to offer physical gold-backed digital equivalents as a
means of cashless Point-Of-Sale payment option
- DigixGlobal and Pundi X partnership aims to unlock the fungibility of
traditionally illiquid assets, and explore new means of promoting financial
SINGAPORE - Media OutReach - 3 June 2019 -
Digix (DigixGlobal Pte. Ltd.) announces the official launch of its smart
assets with Point-of-Sales solutions provider, Pundi X. This vision is made
more possible and practical by the recent partnership between Digix and Pundi
X, which will allow users of the Pundi X card to pay for their transactions
using DGX at any XPOS-enabled counters.
Digix is the
world's first smart asset company harnessing blockchain technology to account
for the provenance, verification, and storage movement of physical gold bars to
its retail investors. Investors are issued with an equivalent digital proof,
called DGX. Each digital equivalent of DGX is registered to a physical unit of
gold in Digix's vaults in Singapore or Canada.
Digix works with
the goal of unlocking the fungibility of traditionally illiquid asset classes,
and to create new avenues of financial inclusion for the future.
Pundi X is the
blockchain Point-of-Sales solution provider encouraging the mainstream
adaptation of blockchain development for businesses. Pundi X encompasses a fully-fledged
payment ecosystem considering of an e-Wallet (XWallet), point-of-sales devices
(XPOS) and plastic payment cards (XPASS cards).
As part of this
official collaboration, Digix is releasing 3,000 customised XPASS cards to
partners, corporates, future event attendees, and customers of Digix. This will
allow them to make purchases using DGX as a means of exchange, at Pundi X
approved merchants across Singapore.
What does this mean for merchants and Singapore's
cashless payment landscape?
The XPOS payment solution has been adopted in over 25
countries across the world including Singapore and popular travel destinations
in the region such as Indonesia, Thailand, Hong Kong, Taiwan and
internationally in Australia, Canada, France, the Netherlands, the United
Kingdom and United Arab Emirates.
"In our philosophy
of applying blockchain to dynamically account for the provenance, movement and
storage of tradeable physical gold, we have seen the possibility of harnessing
gold more flexibly as a means of value exchange beyond a traditional asset
class. By allowing our digital credits to circulate on XPOS, we intend to
showcase practical and useable payment options, with the safety and
accountability of blockchain. This process encompasses Digix's spirit of deeper
financial inclusivity for future generations," said Shaun Djie, COO and
co-founder of Digix.
technology developers to innovate, and businesses to incorporate elements of
blockchain, is at the heart of Pundi X's vision. Aligning with Digix has been a
natural choice. Our goal of providing more payment flexibility to merchants
align with Digix's vision for greater financial inclusion and asset liquidity.
We see our partnership as complementary to furthering Singapore's smart-city
and cashless payment future," said Zac Cheah, Co-Founder and Chief Executive
Officer of Pundi X.
in Singapore in 2014, is the blockchain company behind the world's first
gold-backed digital asset class. The company has secured physical gold vaults
located in Singapore and Canada. A pioneer in Singapore's blockchain ecosystem,
Digix was the first company globally to send a live transaction on the Ethereum
information, visit https://digix.global.
About Pundi X
Pundi X is a
leading developer of blockchain-powered devices, including the world’s first
point-of-sale solution, the XPOS, which enables merchants and consumers to do
transactions on the blockchain in physical stores. The company is headquartered
in Singapore with international offices in Jakarta, Sao Paolo, Seoul, Shenzhen,
Taipei and Tokyo. Pundi X is listed as one of the top 50 innovative Fintech
startups in 2018 by KPMG and H2 ventures.
For more information, visit https://www.pundix.com