Blockchain ICO to bring cryptocurrencies and financial services to 'unbanked' population of SE Asa
JAKARTA, Indonesia, Oct. 6, 2017 /PRNewswire/ -- Pundi X, a blockchain startup that aims to make cryptocurrencies an enabler of ubiquitous cashless payment environments across South East Asia, will launch its ICO programme tomorrow, Saturday 7 October, with the goal of raising USD 84 million (280,000 ETH) by the end of November.
The Pundi X fund-raising activity kicks off with a pre-ICO period from 7 October to 28 October, during which early investors will be rewarded with a significant bonus of 30% to 60% extra tokens. The ICO itself commences on 30 October and will be completed by 29 November or as soon as the targeted funds have been raised, whichever is earlier.
Interested parties can find details of the KYC (Know Your Customer) process required by the Isle of Man Financial Service Authority, which is the regulatory body overseeing this ICO, at pundix.com, by clicking the 'Join the ICO now' link. The KYC process is designed to bring the highest degree of protection to participants in the Pundi X ICO and requires answering a short series of questions and must be completed before investment can commence.
Funds raised by the sale of PXS Tokens during the ICO period will be used to purchase Pundi X POS devices that will be installed in retail outlets enabling consumers to quickly and easily buy or sell cryptocurrency using fiat money (Dollars, Rupiah, Baht, etc.), bank card, mobile wallet or Pundi X Pass.
The Pundi X goal: universal access to Cryptocurrency - anytime, anywhere
The goal of this ICO is to provide funding for as many as 700,000 Pundi X POS devices to be installed over the next three years starting across Indonesia, Malaysia, Thailand, Vietnam and other Asian markets and around the world, giving up to 100 million users access to cryptocurrency at their nearest shops, cafes, or convenience stores.
Pundi X builds on the existing Pundi-Pundi business model of cashless payment systems, which uses smart phones to scan QR codes and make instant payments in retail and restaurant outlets, and which has already signed up more than 100,000 registered users and over 500 merchant partners in Jakarta in less than a year into operation.
"Pundi X stands out from most ICO candidates in a crowded market because we already have a successful business model built around influential business partnerships and existing technology that means we are ready to execute our plan," said Zac Cheah, CEO of Pundi X. "We've demonstrated the demand for cashless transactions with our Pundi-Pundi QR app which is now established as one of the biggest in Indonesia, following the Alipay model. Now we want to address the 99.9% of the global population that does not yet own cryptocurrency by making the purchasing process as easy as buying a bottle of water for the man or woman in the street."
Pundi X Development Strategy
The pre ICO cap for the Pundi X ICO is 5% of ICO which is 14,000 ETH with a total ICO hard cap of 280,000 ETH.
Ether (ETH) are exchangeable with PXS Tokens at a rate of 1 ETH: 500 PXS and pre ICO investors stand to enjoy bigger discounts.
The target for this IPO is to raise 280,000 ETH which will help fund up to 700,000 Pundi X POS devices to be installed over a three year period in Indonesia, Thailand, Malaysia, Vietnam and other Asian markets, in line with the Pundi X business plan. The cost of each POS device is approximately USD 300 and consequently about USD 30 million will be spent on rolling out 100,000 devices. The remaining 600,000 devices over the three year period will also be funded by sales proceeds from tokens and revenue from participating B2B merchants in the Pundi X ecosystem. Pundi X expects to generate a profit from services offered by POS devices including sales of cryptocurrency such as bitcoins.
Pundi X willl be tradeable within 30 days after conclusion of the ICO and Pundi X Gold, Platinum. Diamond and Black cards will be released within 60 days. These special cards will allow investors to enjoy important discounts when shopping at Pundi X-supported online and offline outlets.
Once the ICO is complete, 30% of the token pool will be distributed immediately with 20% going to investors and 10% to founders, employees, advisors and ICO marketing costs. The remaining 70% will be distributed to investors through 'Proof of Stake' by airdrop over a 3-year period, with the incentive amount discounted 50% annually compared to the previous year. Consequently, earlier purchasers will receive significantly better returns. Details are as follows:
- Year 1: 40% of total token supply distributed, monthly average 7.3160% of monthly interest;
- Year 2: 20% of total token supply distributed, monthly average 2.1163% of monthly interest;
- Year 3: 10% of total token supply distributed, monthly average 0.8818% of monthly interest.
Funds used for the Pundi X business plan will be allocated as follows: R&D for hardware and software: 30%; Manufacturing and installation of Pundi X POS: 70%; Operations: 10%; Other expenses: 10%.
PXS and the growth of the Pundi X network
The more funds that are raised by the Pundi X ICO, the more Pundi POS devices can be manufactured and installed at a lower price per unit. The greater the number of installed devices, the higher level of usage in retail outlets, and the greater number of tokens consumed. Consequently Pundi X will benefit significantly from '"the Network Effect", as the reach of its community continues to grow.
PXS is a key component of the Pundi X ecosystem and ICO investors who hold PXS will be rewarded by the long term growth in its value. Demand for PXS will be boosted because any company or individual that wants to connect to the Pundi X sales network will have to purchase PXS from the market in order to pay a transaction fee in PXS. Early investors will also be rewarded as they will receive another 70% of total tokens circulated through the "airdrop" program, hence an investor will receive 50% extra tokens based on his original stake in the fifth month post-ICO, based on the airdrop program. For details about the "airdrop" execution, please check the pundix.com website.
Investors can also sell PXS tokens to B2B merchants such as other blockchain companies that uses PXS as "gas" to fuel transactions like sales of existing or newly launched cryptocurrencies and product advertisements in the Pundi X ecosystem. The "gas" is used as a ticket to entry into the system for B2B merchants, once the tokens are used the "gas" is "burned up" and as a result the supply of PXS will gradually become scarcer. Participating ICO token holders can acquire PXS at a discounted rate before PXS are traded on major exchanges from December 2017.
ICO token holders can store or sell their PXS on the Pundi X Platform, or sell it on other exchanges or privately, just like ERC20 tokens.
Token holders who shop at any outlet that supports Pundi X payments, will get an additional discount whether they are in Bali, Phuket, Bangkok, or anywhere else in the world according to their status as a Gold, Platinum, Diamond or Black card holder:
- Black Card (Ranked 1 - 50); 5% discount for 10 years;
- Diamond Card (Ranked 51 - 150); 5% discount for 5 years;
- Platinum card (Ranked 151 - 300); 5% discount for 3 years;
- Gold card (Ranked > 300; Contributed >10 ETH); 5% discount for 1 year.
About Pundi X
Pundi X is a blockchain startup that aims to make cryptocurrency an enabler of ubiquitous cashless payment environments across South East Asia and beyond. Pundi X POS enables shops, cafes and convenience stores to sell cryptocurrency to a broad cross section of general consumers and builds on the success of Pundi-Pundi which is one of Indonesia's most popular QR code cashless payment apps. The launch of Pundi X POS is a stepping stone towards an ICO in late 2017 that will provide funding for as many as 700,000 Pundi X POS devices to be installed over the next three years across all target markets.
For a detailed understanding of the platform and who we are, check out our website https://pundix.com
You can also find us on the following social media channels:
Telegram (ENG): https://t.me/pundix
Telegram (INA): https://t.me/pundix_id
Telegram (CHN): https://t.me/pundix_zh
Telegram (FR): https://t.me/pundix_fr
Kakaotalk (KOR): https://open.kakao.com/o/gNNBYXA
Telegram (VN): https://t.me/joinchat/D0-9GULzCrE_MUNqzxvj9g
SOURCE Pundi X