Crypto Analysis: Pundi X (NPXS)


  • Project name: Pundi X
  • Ticker: NPXS
  • Token Type: ERC20 & XEM
  • Market Cap: $220,737,011 USD as of 11/11/18
  • Total Supply: 280,255,193,861 NPXS
  • Circulating Supply: 142,603,994,148 NPXS
  • Bonus for the First: 5-30%
  • ICO Active: September 2017
  • Token Sale Ended: January 21, 2018
  • Fundraising achieved: 35,000,000 USD (100%)
  • Exchanges: 9+


Pundi X is empowering the mass cryptocurrency adoption by allowing everyone to buy & sell cryptocurrency and services in physical stores. “We want to make using cryptocurrency as easy as getting bottle water” – Zac the company founder states. This project is one which would greatly aid the adoption and awareness of the blockchain technology throughout the world driven by an individual on a mission to both facilitate the life of people using his product as well as promote the benefits of using blockchain technology. Its main use case of daily payments is one which affects every single person around the world. Moreover, the project is currently looking at the South East Asia market of Indonesia, Thailand, and Malaysia where 73% of the population is unbanked and lacking proper payment facilities.


Pundi XPOS not only facilitates cryptocurrency payment or transactions but also accepts transactions through mobile wallets and bank cards. Their POS solution can support retail intelligence, inventory management, order management, marketing, and loyalty programs. Pundi XPOS device is an all-in-one solution for retailers.

Key features:

  • Pundi XPass — Use Pundi XPass to store cryptocurrency securely, buy and sell with a single swipe. Basically, a plastic card that stores access to your crypto wallet which can easily replace your credit card. Anyone can do it.
  • Mobile payment integration — Digital wallets supporting Pundi X can buy, sell and accept cryptocurrency. Currently having Android wallet to store and use your crypto for payment.
  • Top-up supported — Use fiat or bank card to buy cryptocurrency top-ups at any Pundi X locations, top-ups are easily loaded into any wallet.

Pundi X’s philosophy is not only to build a technological superior chain, but also one that has a real-life application that anyone can relate to. Focusing on great user experience and GUI that anyone can understand without even knowing that they are using a blockchain solution. The project is developing its own blockchain specialized solution f(x) looking to move away from the Ethereum and NEM networks. Currently, the blockchain is running and on an internal test environment until ready for deployment on its own main net. Additionally, every Android app developer will be able to develop dApps on the new f(x) allowing them to make it available instantly on the XPOS devices.


Post the successful ICO where the company raised $35m, Pundi will release 70% of the rest of its tokens to its current holders on the basis of Proof of Stake (POS) in the following 3 years. Each month token holders will be awarded airdrops which greatly will incentivize the users in the network. 100% of Pundi X ’s revenue that is generated through transactions on XPOS will be removed permanently from NPXS token circulation. This means that if Pundi X makes $1 of revenue from a transaction, they will take $1 worth of NPXS out of circulation permanently. NPXS tokes taken out of circulation will never be able to re-enter the circulation in any way as they will no longer exist. The monthly airdrops on the basis of the POS will be taking snapshots by the last day of each month to calculate the airdrop amount. The delivery might take up to 10 days due to the speed of the Ethereum network. The monthly unlock token mechanism is represented by the following formulas:

  1. Daily User Generated NPXS = Daily Exchange Generated NPXS * Daily User NPXS Holding Ratio

2. Daily NPXS generated by each user = Daily NPXS generated by Exchange * Daily User NPXS holding ratio

3. Daily user NPXS holding ratio = Daily user NPXS holding / Total NPXS held on exchange

Unlocked tokens are calculated daily and distributed monthly. Users with a balance of <1 NPXS (including those in trade orders) will not be into the daily NPXS calculation.



Pundi X is trying to radically reduce the complexity of handling cryptocurrency. They solve this problem through several end-user layers including a mobile wallet and contactless smart card.

– Buy and sell cryptocurrencies through a Point-of-Sale (POS) device

– Buy anything using cryptocurrency through the Pundi X POS device (retail point-of-sale)

– Pay peer-to-peer using mobile

  • Mobile wallet – Instead of managing a long and complicated blockchain public key, might be preferable for an end user to simply maintain a password-based system that is much more familiar. Increasingly mobile devices can be secured by fingerprint or face recognition so even the password may become too complex for many users and in fact, a point where complexity can help create a security risk” notes the founder of the company. Pundi X Android phone is also in development by the company.
  • Pundi X card – this will be the physical multi-currency wallet for fiat and cryptocurrencies available for purchase and sale via the PundiX platform. The Pundi X card also facilitates payments via cryptocurrencies held in the card through NFC and contactless technology.
  • Pundi X platform – a reference implementation stack including software and hardware that performs the full Point of Sale (POS) device function. This piece of hardware is already in deployment in convenience stores and retailers, and we will further distribute the platform through open source licensing and distribution of the SDKs and open APIs.


The project has a team of experienced serial entrepreneurs from an international range backed by a diverse higher education and long track record building tech companies. Zac, the CEO, and co-founder of the company is the former W3C Chair of HTML5 Interest Group. He was a scholarship recipient at Sweden KTH M.Sc Computing and Norway NTNU M.Sc Security. With his double Masters in addition to Zac’s 12 years in tech more than qualifies him to lead the company. Pitt, the company CTO, and co-founder is an entrepreneur who sold his first Groupon-like company at the age of 25. He has started and sold several businesses, including a 200 person company. Pitt studied a B.Sc Engineering at Xi’an Polytechnic University. The president of the company Constantin Papadimitriou Kiki has 17 years’ experience as Founder and CEO of two of the biggest Fintech companies in Indonesia – Infinetworks, and E2Pay; He has an M.Sc Computer Science (Purdue University) and B.Sc Computer Science (University of Tulsa). The company is part of a number of Associations including the Indonesian Blockchain Association, Singapore Fintech Association and the FinTech Association of Hong Kong among others. Moreover, the project has secured partnerships with a number of blockchains and payment solutions including Stellar, NEM, Wanchain, Verge, Ubivelox, Manticora Capital and BitCapital.


Pundi X manages a constant engagement with its community as well as having quite a few fans. In addition, the physical product allows for easier recognition and representation in the real world. Pundi has 114k + followers on Facebook where it posts regular videos and events postings. Twitter stands at 52.9k followers with regular posts and engagement. The company maintains a WordPress blog with regular communications put on the different developments of its products. YouTube that has 2k subs with constant professional videos and content being posted including regular appearances by the company’s CEO and co-founder Zack addressing the audience and discussing his product provide reassurance and transparency. Its telegram group has a 28k members. In the news, CNN, TechAsia, Quartz, Forbes, Coincentral, Market Watch among others has covered the developments and progress of the project.


  • One of the biggest advantages is that they already have is a working product with many capabilities – including crypto payments, converting crypto-for-fiat, multi-cryptocurrency storage.
  • Integration of NEM blockchain. With that, every XPOS device can be connected to both Ethereum and NEM blockchains. By using NEM’s solution, they can confirm transactions instantly, which allows them to lower the exchange risk and provide the better user experience. The technology they enveloped in their system allows up to 4,000 transactions per second.


  • Pundi X has announced its new chief legal counsel, David Ben Key. He is a specialist in intellectual property and investment law. In recent years, he has advised over fifty start-ups and early-phase technology companies and developed expertise in legal issues involving blockchain technology. David will assist Pundi X in navigating legal and regulatory issues as it targets a global rollout of 100,000 XPOS devices over the next thee years.
  • The roadmap shows that Pundi X focus mainly on expansion and popularisation of the project. Their goals are highly achievable and realistic, taking into account the concept of the project.
  • Development of f(x) blockchain specialized for Pundi X where it’s terminals and phones will be the nodes. Currently at test-net.
  • f(dApp) will be an opportunity for Android developers to build decentralized applications on the new blockchain platform and distribute it immediately to all the phones and XPOS of the project.


  • One of the biggest risks for Pundi X is the jurisdiction. They try working together with governments, financial organizations, and business to comply with all local regulations and markets that they enter, but still, the most asked question is “Will they be legally allowed to operate in retail stores?”
  • The first target for Pundi X is entering the Asian market, where the majority of people only deal with cash. To be massively adopted there will be a rather difficult goal.


By achieving their goals without a doubt they can become one of the largest offline sales payment networks and by doing so they’ll help cryptocurrency adoption by the whole space. In August 2018, the company has started shipping the first batch of 5,000 XPOS devices around the globe which shows that there is substance behind their efforts. With all partnerships already in place and the entire team that is highly experienced in technology and finance, they have chosen the path of bringing cryptocurrency a bit closer to everyday people.  Finally, this project represents an implemented use case of this disruptive technology that can really bring true benefit on a daily basis to many. A benefit that can be easily comprehended and actioned.

Researcher: Kiril Ivanov – Twitter

Edit & Analysis: Steven Bonchev

External Resources:

 Pundi X website:

Pundi X whitepaper:


Charts: CoinMarketCap –

Disclaimer: Opinions are my own and not the views of my employer. The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

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