Venezuela’s Largest Chain of Departmental Stores Will Now Accept Cryptocurrency

The largest chain of department stores in Venezuela, Traki, made an alliance with the Indonesian blockchain firm Pundi X to bring the first physical point of sale device XPOS, which will accept cryptocurrencies. This crypto payment method will be enabled across its 49 stores across the country.

The device is in the form of a cell phone, touch screen, camera, and an Android-based operating system. With XPOS, the Traki customers are now able to pay in different cryptocurrencies such as Bitcoin, Ether, Binance Coin, DAI, XEM, DGX, KCS, KNC and Pundi X’s own tokens, the NPXS and NPXSXEM. The transaction fee will be paid in NPXS and NPXSXEM. The entire PundiX platform is based on the Ethereum Blockchain.

Using this PundiX platform, the XPOS will convert the received amount in stablecoin Tether (USDT), thereby relieving the traders from a market decline. This will also allow the merchant to receive each transaction immediately and observe them in time real inside their PundiX Wallet.

¡En nuestras tiendas estamos aceptando #Criptomonedas como forma de pago! #Bitcoin #DashCcs #Ethereum #Litecoin #BitcoinCash #Venezuela pic.twitter.com/xS9mFlL2zo

— Traki (@TRAKIenganchate) October 11, 2018

“Traki has been one of the early adopters of cryptocurrencies in Venezuela, which highlights its commitment to improve the traditional financial system,” said Zac Cheah, Co-founder, and CEO of Pundi X. “We hope the XPOS further expands the crypto use cases that customers have come to expect from Traki.”

Due to the difficult economic condition and hyperinflation in the country over several years, the citizens lost their trust in Government fiat which led to the increase in the adoption of bitcoin, a perfect way to protect the value of liquid assets. The XPOS thus gives Traki’s customers a more secure and more seamless transaction option than traditional fiat currencies.