Leading global smart card developer UBIVELOX enters cryptocurrency market with strategic alliance with Pundi X
Partnership to co-develop Pundi X ecosystem and support deployment of Pundi X POS in South Korea
SEOUL, South Korea, July 20, 2018 /PRNewswire/ -- Pundi X, the developer of a blockchain-based point-of-sale ("POS") solution, and UBIVELOX (089850), the KRX-listed company and world's sixth-largest manufacturer of smart cards, today announced UBIVELOX's entry into the cryptocurrency market following a deal between the two companies.
Through a strategic alliance signed at Pundi X's R&D center in Shenzhen on Thursday, UBIVELOX, which is a leading world innovator in smart cards, security and communications devices, will support the deployment and development of the Pundi X POS in South Korea. A global cryptocurrency center, South Korea is one of Pundi X's primary launch markets for its point of sales ("POS) device that enables consumers to pay for goods in physical stores in multiple cryptocurrencies.
The signing of an agreement will form part of a broader business partnership including the development of options for the distribution of Pundi X's multiple-cryptocurrency enabled XPASS cards, leveraging UBIVELOX's deep connections with South Korean businesses.
Pundi X plans a global rollout of its multi-cryptocurrencies enabled XPOS device and smart XPASS card to empower physical retail stores to conduct cryptocurrency transactions. Currently, Pundi X has offices in Jakarta, London, Shenzhen, Tokyo, Singapore, and Sao Paulo, and has actively partnered with payment gateways, global distributors and IT companies to create an environment in which cryptocurrencies can be conveniently used in real life.
As of today, Pundi X has received in excess of 5000 pre-orders for its XPOS devices from Switzerland, Japan, SouthKorea, and Singapore, and has made contracts for 20,000 XPOS devices with the NEM Foundation over the next three years.
Prior to its entry to South Korea, Pundi X has secured domestic and overseas merchants.
Through their strategic alliance Pundi X and UBIVELOX plan to discuss business partnership across a variety of cryptocurrency business streams including the development and distribution of XPASS cards for payment the development of a mobile payment system for cryptocurrency, support for security technology for commercial cryptocurrency use on the XPOS device.
Jae Kwan Kim, Senior Vice President of UBIVELOX who led the development of the business affiliation with Pundi X said, "The idea behind Pundi X - to make cryptocurrencies easy to use in real life - can be realized more quickly and safely by combining with our smart card technology, patents, and products. Through this, it is expected that the company will play a leading role for global cryptocurrency payment market in the future." Mr Kim affirmed his confidence in the growth of the company.
Zac Cheah, the CEO and co-founder of Pundi X said: "To have a partner of UBIVELOX's pedigree in the development of smart card and security solutions is a major boost to Pundi X's already fast-paced global rollout.
"UBIVELOX has shown itself to be an international innovator in the fields of smart card, mobile and blockchain developments. To have them collaborating with us on the rollout of the XPASS but also to secure important additions to its security and utility will help our deployment considerably, not just in South Korea but also worldwide".
Pundi X has developed a market-leading blockchain-based XPOS device that can accept not only credit card, cash, andmobile payment apps but also cryptocurrency. Through this, Pundi X enables mainstream consumers to buy cryptocurrency at offline stores using cash, bank card, a mobile app or XPASS, or pay for goods in stores.
UBIVELOX has been supplying smart card chips that are competitive in finance, telecommunication, transportation, public and various fields based on its smart card technology. The company's development and supply of smart card integration solutions to financial institutions was a market first for domestic technology, and demonstrates its strong enterprise position.
The company has filed other three patents relating to blockchains along with cryptocurrency payment system and payment method using cryptocurrency (in South Korea and China)
Ubivelox Inc engages in the smart card and mobile convergence businesses internationally. The company offers contact cards, dual-interface cards, embedded secure element products, subscriber identity module (SIM) cards, and others. It also provides mobile payment solutions, mobile wallet solutions, and e-coupons. In addition, the company offers various platforms, including Personalization Management System, a data preparation process software; Personalization Authentication System, a small issuance system to generate and personalize products desired by user's need; Smart Card Management System; Trusted Service Manager, an integrated service platform; and ePurse solution, a pre-paid solution. Further, it provides M2M SIM, a solution that enables secure Internet of Things using encrypted communication methods, including 3G, NFC, BLE, WiFi, and RFID for automotive, metering, remote management, and industrial data collection applications. The company's products are used in banking and finance, telecommunication, and transportation fields, as well as national ID cards. Ubivelox Inc was founded in 2000 and is based in Seoul, South Korea. For more information, please visit www.ubivelox.com/
About Pundi X
Pundi X (Currency: NPXS), a multi-cryptocurrency point-of-sale ("POS") solution provider, empowers blockchain developers, exchange platforms, crypto traders and token holders to buy, sell and spend cryptocurrency at any physical store in the world. The company's solution also enables the retail store owners who are seeking to accept digital currencies so that they can do 'cryptocurrency to fiat' or 'crypto to crypto' transactions for the mainstream consumers.