Pay For Your Purchases With Gold In The Golden Age Of Consumerism

June 03, 2019 - 05:51
Pay For Your Purchases With Gold In The Golden Age Of Consumerism
  • DigixGlobal to offer physical gold-backed digital equivalents as ameans of cashless Point-Of-Sale payment option
  • DigixGlobal and Pundi X partnership aims to unlock the fungibility oftraditionally illiquid assets, and explore new means of promoting financialinclusion


SINGAPORE - Media OutReach - 3 June 2019 -Digix (DigixGlobal Pte. Ltd.) announces the official launch of its smartassets with Point-of-Sales solutions provider, Pundi X. This vision is mademore possible and practical by the recent partnership between Digix and PundiX, which will allow users of the Pundi X card to pay for their transactionsusing DGX at any XPOS-enabled counters.


Digix is theworld's first smart asset company harnessing blockchain technology to accountfor the provenance, verification, and storage movement of physical gold bars toits retail investors. Investors are issued with an equivalent digital proof,called DGX. Each digital equivalent of DGX is registered to a physical unit ofgold in Digix's vaults in Singapore or Canada.


Digix works withthe goal of unlocking the fungibility of traditionally illiquid asset classes,and to create new avenues of financial inclusion for the future.


Pundi X is theblockchain Point-of-Sales solution provider encouraging the mainstreamadaptation of blockchain development for businesses. Pundi X encompasses a fully-fledgedpayment ecosystem considering of an e-Wallet (XWallet), point-of-sales devices(XPOS) and plastic payment cards (XPASS cards).


As part of thisofficial collaboration, Digix is releasing 3,000 customised XPASS cards topartners, corporates, future event attendees, and customers of Digix. This willallow them to make purchases using DGX as a means of exchange, at Pundi Xapproved merchants across Singapore.


What does this mean for merchants and Singapore'scashless payment landscape?

The XPOS payment solution has been adopted in over 25countries across the world including Singapore and popular travel destinationsin the region such as Indonesia, Thailand, Hong Kong, Taiwan andinternationally in Australia, Canada, France, the Netherlands, the UnitedKingdom and United Arab Emirates.


"In our philosophyof applying blockchain to dynamically account for the provenance, movement andstorage of tradeable physical gold, we have seen the possibility of harnessinggold more flexibly as a means of value exchange beyond a traditional assetclass. By allowing our digital credits to circulate on XPOS, we intend toshowcase practical and useable payment options, with the safety andaccountability of blockchain. This process encompasses Digix's spirit of deeperfinancial inclusivity for future generations," said Shaun Djie, COO andco-founder of Digix.


"Empoweringtechnology developers to innovate, and businesses to incorporate elements ofblockchain, is at the heart of Pundi X's vision. Aligning with Digix has been anatural choice. Our goal of providing more payment flexibility to merchantsalign with Digix's vision for greater financial inclusion and asset liquidity.We see our partnership as complementary to furthering Singapore's smart-cityand cashless payment future," said Zac Cheah, Co-Founder and Chief ExecutiveOfficer of Pundi X.

About Digix

Digix, incorporatedin Singapore in 2014, is the blockchain company behind the world's firstgold-backed digital asset class. The company has secured physical gold vaultslocated in Singapore and Canada. A pioneer in Singapore's blockchain ecosystem,Digix was the first company globally to send a live transaction on the Ethereumnetwork.


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About Pundi X

Pundi X is aleading developer of blockchain-powered devices, including the world’s firstpoint-of-sale solution, the XPOS, which enables merchants and consumers to dotransactions on the blockchain in physical stores. The company is headquarteredin Singapore with international offices in Jakarta, Sao Paolo, Seoul, Shenzhen,Taipei and Tokyo. Pundi X is listed as one of the top 50 innovative Fintechstartups in 2018 by KPMG and H2 ventures.

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