What is Pundi x (PUNDIX)? Your ultimate guide

Pundi x is both a cryptocurrency and a real-world payment system.

Pundi x logo on a phone                                 
Pundi X wants to bring cryptocurrency payments to bricks-and-mortar stores – Photo: Shutterstock Photo: Shutterstock


The Pundi X payment system aims to make spending cryptocurrency easy and practical. It is powered by the pundi x (PUNDIX) coin, but what is Pundi X (PUNDIX) and what is Pundi X used for? Let’s look at both the Pundi X network and the Pundi X cryptocurrency. 

Crypto, offline

One big advantage that fiat currency has over crypto is that it is more convenient. While more online retailers are beginning to accept payments in cryptocurrency, finding a real-world, bricks-and-mortar store that is happy to be paid in crypto can be hard. If cryptocurrencies want to be recognised, understood and adopted by the wider population, having a way to use the coin offline is crucial. Pundi X, which acts as a retail point for offline shoppers, could help to propel cryptocurrencies into the mainstream.

The Pundi X whitepaper argues that, in many cases, cryptocurrencies face two problems. The first is that crypto implementation can be very complex, technical and confusing. The whitepaper says: “Cryptocurrency suffers from complexity for the average user. Managing private keys, public keys, blockchain concepts – it’s all vastly out of the reach of the average user. In some cases, the next billion users may even barely be able to operate a smartphone.” Pundi X wants people to be able to use crypto without having to understand the ins and outs of the technology behind it – just as many drivers don’t know exactly how an internal combustion engine works. 

The second problem is one of utility. While things have changed since the Pundi X whitepaper was published in 2017, there is still some truth in its assertion that, for the most part, the only thing you can buy with cryptocurrency is another cryptocurrency. As the paper says: “The vast majority of people have no involvement with this process and no interest.

“Until the average user can use cryptocurrency to buy a bag of rice or a loaf of bread, the relevancy of cryptocurrency will be restricted to a small audience.”

Pundi X, therefore, had a goal – to be used in as many real-world stores as possible.

How does Pundi X work?

Pundi X (PUNDIX) aims to make real-world shopping with crypto possible by creating a point-of-sale service. Much in the same way as someone can use a credit or debit card to make a payment on a machine in most shops, the team behind Pundi X wants to create a system that enables people to pay with cryptocurrency in a bricks-and-mortar store. What is notable here is that, at least in theory, this is not limited to just one crypto. While the whitepaper has a lot of respect for bitcoin as a currency and as a blockchain, there is a utility for other coins, such as ether, in Pundi X’s XPOS retail system.  

Pundi X
Pundi X - Photo: Shutterstock

Changing coins

To help the system operate, the Pundi X network had its own cryptocurrency, called NPXS. This token did a lot of the usual things native tokens do. For instance, people who owned NPXS could develop apps on the network. The token was paid as a reward to holders, too. In late 2017 and early 2018, the Pundi X team set up an initial coin offering (ICO) which raised $35m. According to Cryptonews, $15.75m of this went to the team behind Pundi X, while the same amount went to early investors. The remaining funds were used for marketing and development. 

One problem with the NPXS coin was that, because it was worth comparatively little, the thousands of tokens used to pay for everyday items ended up being something the team behind the crypto thought would be a barrier for everyday use. After all, even if 1,000 tokens may not be worth very much, it feels like a lot. The very low value of NXPS could well have made people think that it was not a serious cryptocurrency. There was also a utility issue, which led to proposals being put forward in early 2021 to redenominate the coin.  In a blog post, the system’s co-founder, Zac Cheah, wrote: “It is easier to facilitate XPOS transactions as someone buying coffee with NPXS might prefer to pay with 10 new NPXS rather than 10,000 old NPXS.” 

Cheah also argued that a reduction in the denomination would benefit the coin on exchanges, as the small size of NPXS meant  “some exchanges have voiced that it is harder to manage NPXS, hence exchange[s] might improve support on the new NPXS because it is more manageable”. There was also the matter of using the Pundi X coin in the world of decentralised finance. Again, Cheah said that making each coin larger would help give the coin credibility and greater uptake on exchanges, adding that the change to a larger token would also make its actual usage easier. There were two other potential upsides that the co-founder mentioned. The first was the possibility that a revalued crypto would mean more liquidity for the token. The second was that it would aid crypto trading pairings. Both advantages would help the Pundi X cryptocurrency and the Pundi X system get more traction in an increasingly crowded crypto market. 

The idea of reducing the denomination and creating a new Pundi X coin was put to the vote by the investors. They approved the coin reduction by a margin of 201 to 26, which meant 88.5% of voters agreed with the proposals. The new pundi x (PUNDIX) coin, which is worth 1,000 of the now redundant NPXS coin, was introduced on 30 March 2021. The new currency had the same utility as the old one but was worth more by extension of the reduction. 

A new blockchain

Another change that happened to Pundi X in 2021 was that it went from being a decentralised application on the Ethereum blockchain to becoming a blockchain in its own right. The new system, which operates on the Function X network, was launched on 13 October. 

There are just under 260 million PUNDIX in circulation, representing 100% of the coin’s total supply. Pundi X was set up by Zac Cheah, a tech expert who serves as CEO, and Danny Lim, who has a background in finance and is the organisation’s CEO. It has offices in Jakarta, London, Sao Paulo, Seoul, Tokyo, Shenzhen and Singapore. 


There are 258,491,637.23 PUNDIX in circulation, which is 100% of the total supply of the coin.

Pundi X was set up by Zac Cheah and Danny Lim. The Pundi X organisation has offices in seven different countries.

Pundi X is a new currency, based on an old one that was redenominated, and it is used to power crypto payments offline. 

Further reading

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