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Laxman Pai, Opalesque Asia: The crypto revolution coming to Latin America as well and people in Brazil and Colombia may soon be able to pay for their groceries in cryptocurrency.
Blockchain service provider Pundi X is planning to launch its point-of-sale (POS) devices and to capture this fast-growing and evolving cryptocurrency market it has partnered with Bit Capital, a major over-the-counter (OTC) dealers in Brazil for cryptocurrencies.
The partnership comes just over a week after Pundi X announced its South American headquarters in Brazil. Both parties describe the partnership as a natural fit, said a press release.
BitCapital is one of the largest OTC dealers in Brazil for cryptocurrencies and is currently developing a payments infrastructure network that aims to make crypto-to-fiat transactions as frictionless as possible.
1,000 XPOS are expected to be distributed in retail outlets across Brazil through BitCapital. However, it's not clear how many retailers will adopt them.
Zac Cheah, CEO and Co-founder of Pundi X said: "In a region fast gaining a reputation as a centre for cryptocurrency to enter, the Brazilian market is an ideal point of entry and the demand from merchants has validated our expansion strategy into South America.
"BitCapital is the ideal partner for our debut in Brazil. Not content to be an OTC leader in a market of global significance they are looking to take on banks and deliver a new payments solution."
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