Q1 2024 Progress Report

Dear Pundians,

Thank you for joining our Q1 2024 Progress Report. Those who couldn’t join it live can watch the video by visiting our YouTube Channel.

Pundi X Q1 2024 Progress Report

In this report, we covered the developments of XPOS, rollouts and partnerships, PURSE, Pundi X Chain and Q2 outlook.

Before we move on to the report, let’s take a look at the overview of the current crypto market.

This chart shows the investment landscape for the first quarter of 2024. Bitcoin leads with an astonishing 68.8% return, highlighting the soaring investor confidence in crypto as a dominant asset.

The gold price shows a 7.5% return, while cash shows just 1.5%. The negative returns on various debt categories underscore the challenges facing fixed income in this economic environment.

The fourth halving event is just around the corner, expected within the next few days. Though the crypto market can be highly unpredictable, the XPOS merchants are reassured in accepting crypto payments, as XPOS settles transactions in stable coins for merchants, helping them mitigate the volatility.

Tech Development

XPOS integrates Bitcoin mainnet

In Q1, our developers delivered the Bitcoin mainnet integration on XPOS. This demand is driven by the market as the Bitcoin holders are primarily transacting on the mainnet.

XPOS supports AQUA Wallet

Aqua Wallet just launched in Q1. This wallet features Bitcoin and layer2 networks, including lightning and liquid networks. It also supports USDT on the Ethereum, TRON, and Liquid networks.

XPOS supports Aqua wallet Bitcoin transactions on the Lightning network and USDT on the Ethereum and TRON networks.

[XPOS Merchant Tutorial] How to accept BTC payment on Lightning Network via XPOS with AQUA Wallet

[XPOS Merchant Tutorial] How to sell BTC on Lightning Network with AQUA Wallet

Merchant portal adds USDT ERC20 deposits and withdrawals

We realized that most merchants have the need to use the ERC20 network to withdraw USDT even though the gas fees are higher than BNB Smart Chain or TRON network. Hence, we added the ERC20 option for merchants to deposit and withdraw from their XPOS accounts.

XPOS lists PAXG

The Tech team also delivered the token listing of PAXG to XPOS in Q1, 2024.

Rollouts & Partnerships

Pundi X, Scoin, Ezee Solutions, and Paxos bridge the gap between physical and digital gold

At Pundi X, we focus on making crypto spending and buying easy in the physical world. A significant milestone in Q1 was fusing digital and traditional asset markets, specifically gold.

The Scoin shops are the gold exchange stores in South Africa. Together with Scoin, our South African franchisee, and Paxos, we integrated Pax Gold (PAXG) into XPOS, a digital gold token backed by real gold, allowing people to purchase or redeem physical gold with digital gold coins.

Scoin gold exchange also places advertisements for this collaboration in South Africa.

Here are the processes of redeeming PAXG tokens for physical gold and the other way around with XPOS at Scoin shops. This is the first time anyone can redeem crypto for physical gold. It gives crypto an additional utility and also attracts gold holders to get crypto.

Collaborate with OneID to launch “.pundix”

Another collaboration in Q1 is with OneID. We signed an agreement with OneID, a global digital identity solution. Users and merchants will be able to buy their .pundix ID in the sense of buying a .com domain, and link their crypto wallets to this ID, making it visually easier to send and receive crypto. Stay tuned for more updates on this collaboration.

TSA Bitcoin ship in Canada accepts Bitcoin payment via XPOS

The TSA Bitcoin Shop is operated by a XPOS merchant in Vancouver, Canada. TSA Bitcoin shop sells artwork and provides crypto educational sessions. Customers can also purchase cryptocurrencies and p(x)Card at the TSA Bitcoin shop.

South Africa welcomes 4 new merchants

Four new South African merchants joined the XPOS family in Q1, 2024. Two of them are Court Order and Al Capone Premium Retail stores, where customers can purchase the latest trendy sneakers and branded clothes with crypto via XPOS.

The other two stores are 42nd Street and Yawa. At 42nd Street, customers can pay with crypto for top-trending sneaker brands and cool streetwear.

At the Yawa retail store, located inside the mall, customers can discover luxury fashion with a fusion of tech and style led by famous international DJ artist Black Coffee.

Turkiye opened two new physical exchange stores

In Turkiye, we have two new XPOS exchange stores. One of them is a gold exchange where you can redeem PAXG for Turkish Lira and vice versa via XPOS.

The other one is located in Turkiye’s most significant gold shopping mall, which has more than 30,000 visitors per day. It’s also a wedding center where people buy gold when they marry.

Q1 2024 XPOS transaction overview

January set a solid foundation with a substantial amount of crypto payments and crypto sales, showing our reach in the market. February saw a continuation of this trend, maintaining a steady flow of both sales and payments, a little higher on the payments side. March is the month that stood out. A significant uptick is witnessed in payment transactions, indicating not only increased adoption but people actually spending, probably their profit.

Q1 results also indicate a growing trust in the XPOS system.

The XPOS transaction landscape shows a significant preference for stablecoins, with Tether (USDT) accounting for an overwhelming 94.3% of the transactions. This indicates that most users prefer using stablecoins to pay or buy crypto through XPOS in physical retail outlets. The most preferred chain is TRON, which collaborates with USDT usage.

PURSE updates

PURSE is the reward token of Pundi X, originally designed for our community. PUNDIX token holders who delegate the token receive PURSE as a delegation reward.

In Q1, 2024, we announced the roadmap of the PURSE token, and a series of exciting activities took place.

With the aim to accelerate the growth of the XPOS crypto payment and exchange ecosystem, Pundi X launched 1 Billion $PURSE Ecosystem Pool to build DePIN Infrastructure.

This initiative has four phases. The first phase is the distribution of 100 million PURSE tokens, which started in February 2024. Any transaction from p(x)Card to XPOS on TRON, Ethereum, or BNB Smart Chain will receive a PURSE token reward of up to 5% of the spending amount. It operates on a first-come, first-served basis until the entire token pool is claimed.

Check out how to get PURSE token reward: https://youtu.be/6cNh5OKlmRk?feature=shared

PURSE is also listed on Bybit spot trading. Please note that the trading pair is only available to certain regions.

The ERC-404 is a merge of ERC-20 fungible tokens and ERC-721 non-fungible tokens (NFTs), creating a new class of assets that are fungible and non-fungible depending on their state.

Being at the forefront of adopting this innovation standard, PURSE has announced the introduction of ERC-404 tokens for its platform with PURSE BOX NFTs. The minting rate is set at 1,000,000 $PURSE for 1 PURSE BOX, totaling an impressive 10 billion $PURSE for the complete set of 10,000 PURSE BOX NFTs.

A further move to support the ERC404 community development is the collaboration between PURSE and Pandora Finance.

Pandora is a decentralized ecosystem committed to advancing the ERC404 ecosystem and the first functional token minted under the experimental ERC-404 standard.

In supporting the Pandora team for being the first to launch ERC404 and bringing a new concept to the NFT ecosystem, we support $PURSE airdropping to the $PANDORA holders on March 14, 2024.

In Q1, we also launched the PURSE+ SocialFi browser plug-in. By completing simple tasks, PURSE+ users can earn PURSE tokens easily.

We have more than 10,000 PURSE+ users and the number is still growing as we speak.

Pundi X Chain

In Q1, 2024, we are seeing more activities on the Pundi X Chain.

A new validator is now live on Pundi X Chain, making it a total 41 validators (36 active), ensuring the safety and security of the network.

The 3rd governance proposal of burning 10 billion PURSE tokens for the ERC404 upgrade passed and the token burn was conducted on March 18, 2024.

The 4th governance proposal for launching PURSE+ Battle Royale event with a total of 253,250,000 $PURSE token reward pool also passed.

Battle Royale is the campaign designed for PURSE+ SocialFi tool. Install the browser plug-in, join any team by using the invitation code from the participants, and play your way to earn PURSE tokens. The event officially launched on April 1st, 2024.

The 5th governance proposal is to integrate Solana chain into the XPOS system. The proposal has been passed, and the integration is in process. Thank you to the community’s support to make it happen.

A governance proposal is ongoing as we speak. The sixth proposal aims to improve $PURSE liquidity on centralized exchanges by loaning 8 million PURSE to Kronos Research to conduct market making.

The voting period for the proposal ends on April 16th.

Events

XPOS was featured in the HELLO Labs’ “Meet the Killer Whales” TV Series

Pundi X CEO & Co-founder, Zac, Cheah, presented the XPOS in the “Meet the Killer Whales” TV series aired on Apple TV, Google TV and Prime Video.

Events in Japan

The Pundi X Japan team has been actively participating in physical events, such as the Offchain Tokyo events, to present the XPOS and Pundi X payment solutions to the Japanese community.

Our team was also interviewed by NFTStudio 24, which reports NFT-related news to global audiences.

Pundi X in ETH Taipei

The Taipei team participated in the ETH Taipei 2024, at which crypto experts and enthusiasts gathered to talk about DePIN, Layer 2, and the future development of Ethereum.

“Beyond Bitcoin Spot ETF” Webinar with Paxos, Scoin, and Ezee Solutions

At online activities, Pundi X, along with Paxos, Scoin, and Ezee Solutions, held the “Beyond Bitcoin Spot ETF” webinar discussing how DePIN can bridge the gap between physical and crypto assets. In this webinar, topics including asset tokenization, tech outlook, market trends, and how we are reshaping the landscape of real-world assets were discussed.

The Paxos team also shared how our partnership in South Africa is bridging the physical world with the digital realm.

XSpaces in Q1 2024

In Q1, the Pundi X team participated in the X Spaces discussing the hot topics such as DePIN and AI.

We also held an all-female X Spaces to celebrate the International Women’s Day. The guests shared their valuable experiences and the challenges they faced stepping into the Web3 world.

Pundi X mentioned in Binance Square

Pundi X received over 29,000 mentions on Binance Square, a social platform built by Binance for users sharing crypto news.

Bitcoin SATS giveaways

Our Bitcoin Sats giveaways are still ongoing! The campaign will be held on an irregular schedule, so make sure you follow our X for updates.

Q2 2024 Outlook

All the items on our Q1 roadmap are completed, including creating a new use case for tokenized assets for the digital gold token, like PAXG.

A few additional items were added to the Q2 development pipeline that were not included in the 2024 roadmap. Based on the crypto market’s development, we may adjust the priority.

The first completed item in the Q2 roadmap is the PUNDIX token being listed on a new exchange.

Revolut, a fintech unicorn known for its innovative approach to banking and finance, boasts a staggering user base of over 40 million across 150 countries. The listing signifies more web2 users will get to know Pundi X.

If you are following Pundi X and Zac, our co-founder and CEO on x.com, you may find that Pundi X developers are also working on AI initiatives. In Q2, we will be able to reveal more details.

The Pundi X team is heading for Token2049 Dubai and showcasing the XPOS solution in action.

Zac will have a keynote presentation in Money20/20 Asia, where all the industry leaders in banking, fintech, payment, and web3 will be at.

Last but not least, currently, the Battle of Royal is on till Apr 28. 250 million PURSE tokens to be won by participants.

The winners of week 1 have been announced. Download PURSE+ and start participating. Hope you will be able to be one of the winners.

Q&A:

Q1: Do you have any plans, such as projects you are preparing?

A1: The plans for our deliverables are listed in the roadmap.

Q2: Do you happen to have any events or good news prepared for holders?

A2: Yes, we have shared the good news in this progress report, and please stay tuned for more.

Q3: I saw Zac is tweeting about AI. What can we expect from Pundi X AI tweeted from Zac? Can you share more info about it?

A3: There will be something coming up in June.

Q4: Which country do you plan to expand XPOS?

A4: Our potential franchisees are in the process of evaluating the XPOS solution. Once we have certain news to reveal, we will make official announcements.

Thank you for joining the session. Pundi X also has a Podcast program that is available on all platforms. Follow us and never miss a thing!

Stay healthy and safe, and we will see you in the next progress report!

Sincerely,

Pundi X Team

Q1 2024 Progress Report was originally published in Pundi X on Medium, where people are continuing the conversation by highlighting and responding to this story.