PundiX POS is set to begin its operation in Colombia and the South American continent as a whole. This development was made possible following the signing of a distribution partnership with Manticora Capital, which is one of the biggest crypto startups in Colombia.
The PundiX POS will be distributed across the country to various outlets, which includes, general retailers, small and medium scale enterprise and hospitality businesses by Manticora Capital.
Manticora Capital is one of the biggest cryptocurrency investment house in Colombia. The crypto giant was established in 2017, with a deep interest in the retailing business in Colombia.
Reiterating the need to expand their business to Columbia, the Chief Executive Officer of PundiX, Zac Cheah said that “Demand for cryptocurrency in Colombia has been surging in recent years. But there’s reason to believe it could even be understated due to a lack of accessible options for consumer adoption; to be part of a solution that extends its rise even further is an exciting new frontier for Pundi X.”
The situation is not surprising to keen observers of the market, as Colombia has long been a bubbling center for cryptocurrency activities. The country was ranked the world fastest growing market for OTC Bitcoin transactions for two subsequent years, 2017 and 2018. Forbes ranked the country as one of the top ten leading Bitcoin markets in the world.
Stating the reason for the country’s rise in the crypto world, the CEO of Manticora Capital said,
“Difficult conditions in local banking and investments have combined to make Colombia a hugely dynamic market for cryptocurrency usage. But since we began operation, we have recognized that a lack of opportunity for making quick and easy conversions from fiat currency to cryptocurrency is the primary brake on the otherwise highly enthusiastic market for cryptocurrency in Colombia.” He continued by saying, “The XPOS is the perfect answer. By rolling out the device to hundreds of retail outlets each month we’re hoping to play a role in progressively furthering the adoption of cryptocurrencies in Colombia,” he concluded.
Cryptocurrency is gradually gaining a lot of momentum in South America, as most of the countries are equally trying to match the pace of their contemporaries in Europe and Asia.
The new partnership is regarded in so many quarters as a welcome development to crypto business in Colombia and South America as a whole.