Remote Crypto Trading with Pundi X During Social Distancing, Stay Home Notice (SHN)and Lock-down.

This is a quick insight on how I have learned some Pundi X KYC approved and compliant XPOS and XWALLET users are transacting cryptocurrency remotely including local and cross-border P2P transactions during this current Coronavirus pandemic.

First off, in order to trade - buy, sell, deposit and withdraw cryptocurrency on our platform, operators of our flagship product XPOS (a blockchain based point-of-sale device) are required to go through a Know Your Customer (KYC) process. Pundi X has enrolled the services of a couple of different 3rd party solutions providers to help manage this task. The Pundi X digital currency trading ecosystem allows for the following 3 main types of transactions: Buying, Selling and Acceptance of cryptocurrency as an alternative payment method.

As part of Pundi X continuous support and the close relationship management we have with a few of our Distributors in North America and Europe, I was able to discover how they were selling cryptocurrency, namely Bitcoin (BTC) to less savvy buyers in emerging markets like Africa or LATAM who are unable to transact through online crypto exchanges.

Here are the steps:

1. An XPOS operator would secure local fiat (cash) remotely with the help of a local trusted associate from a crypto buyer at the remote location.
2. The crypto buyer would be instructed to download and install XWALLET the Pundi X Mobile Wallet.
3. Once the crypto buyer has installed XWALLET, they would be instructed to generate and send the XPOS operator a mobile screenshot of their BTC QRCode using WhatsApp.
4. The XPOS operator selling crypto would then use the scanning feature of XPOS to transfer stored value amount of BTC to XWALLET emulating as if the transaction took place in a shop -over-the-counter.
5. Once QRCode scanning and the transfer of BTC is made, the crypto buyer would receive an SMS confirmation, while the BTC seller's XPOS would generate a printed receipt of the transaction.

Pundi/Verifone X XPOS scanning QRCode on WhatsApp Web application

Crypto Buyer SMS Notification and XPOS Crypto Seller Printer Receipt

Melcom Copeland, Director of Global Business Development

PUNDI X LABS PTE. LTD