Pundi X, a blockchain startup that aims to make cryptocurrencies an enabler of ubiquitous cashless payment environments, has closed its pre-sale ICO with more-than $4m.
The Jakarta, Indonesia-based startup said it has landed a total of 3,148 ETH, 613 BTC and 250,040 XEM – equivalent to 14,000 ETH, raised from 615 investors. The full public Initial Coin Offering (ICO) will commence on November 20, 2017.
The pre-ICO cap for the Pundi X ICO is 5 per cent or 14,000 ETH from a total ICO hard cap of 280,000 ETH. Its existing Pundi-Pundi business model, which enables smartphone users to scan QR codes and makes instant payments in retail and restaurant outlets, has already signed up more than 100,000 registered users and over 500 merchant partners in Jakarta in less than a year of operation.
Funds raised during the ICO period will be used to purchase Pundi X POS devices that enables shops, cafes and convenience stores to sell cryptocurrency to a broad cross section of consumers.
The purchased cryptocurrency can be stored in a digital wallet or used to make cashless payments. The ICO 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.
Zac Cheah, CEO of Pundi X, said: “We are truly grateful to achieve our presale target thanks to the commitment of hundreds of enthusiastic retail investors. Such huge community support gives the team a great deal of pride ahead of the full public ICO, which we will see institutional investors getting involved for the first time.”
Blockhain & Cryptocurrencies investment reached record levels in Q2 2017 according to data by FinTech Global. Investments in the second quarter of the year rocketed with $241m more capital committed than the funding levels seen in the previous quarter. However, the number of deals to the sector has fallen by 46.7% YoY from 45 in Q2 last year to only 24 deals last quarter.
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