Zac Cheah, the CEO at Pundi X, a crypto PoS (point-of-sale) machine manufacturer and developer, has said that the global cryptocurrency sector will be equipped with more than 100,000 crypto PoS machines by 2021.
In an interview with ZDNet Korea, Cheah said:
“In the next three years, at least 100,000 crypto PoS machines will be distributed. In the past six months, merchants have requested 25,000 crypto PoS machines from Pundi X.”
Targeting Merchant Adoption
As Starbucks chairman Howard Schwartz previously said, multi-billion dollar conglomerates outside of the cryptocurrency and finance sector are currently skeptical toward digital assets like bitcoin and ether, the native cryptocurrency of the Ethereum blockchain protocol, due to their lack of merchant adoption. He said:
“I personally believe that there is going to be a one or a few legitimate trusted digital currencies off of the blockchain technology. And that legitimacy and trust in terms of its consumer application will have to be legitimized by a brand and a brick and mortar environment, where the consumer has trust and confidence in the company that is providing the transaction.”
Currently, merchants have three key issues that are preventing mainstream retail adoption of cryptocurrencies:
High fees / scalability
Lack of cryptocurrency support from existing machines
By creating PoS machines that can both support various cryptocurrencies and existing payment methods like credit card transactions, Pundi X has solved the issue of cryptocurrency integration. But, volatility and high fees still remain as key issues.
The emergence of stablecoins such as Tether, TrueUSD, CircleUSD, and Basis have provided merchants an option to accept digital assets whose value is hedged to that of the US dollar to eliminate volatility.
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