Wanchain and Pundi X first partnered in May 2018 to extend cryptocurrency accessibility to the public through the native Pundi X point-of-sale devices (XPOS). In October 2019, Pundi X started its own Wanchain validator to take advantage of Wanchain’s Galaxy Proof of Stake system, which takes inspiration from Cardano’s Ouroboros but adds several layers of improvements including increased random selection, speed, and security.
We are now pleased to bring you the most important update to this partnership, Wanchain’s native WAN coin and a clutch of wrapped cross-chain assets on the Wanchain blockchain will be integrated into all of the Pundi X — XPOS devices. WAN coin as well as the WBTC, WEOS and WETH wrapped assets on the Wanchain blockchain will be accepted cryptocurrencies in XPOS systems. This integration will make Wanchain’s cross-chain digital assets accessible and usable to over 700,000 existing XWallet users.
XPOS is a blockchain-based point of sale mobile terminal that allows different tokens and coins to be used to pay for different goods and services. Pundi X will also be facilitating a number of XPOS devices for use within Wanchain’s enterprise and public blockchain partner ecosystem. A fiat gateway for merchants wishing to convert Wanchain’s native WAN coin and other Wanchain cross-chain digital assets into government-backed fiat currencies via the Pundi X distributors network is another benefit to the enhanced partnership.
The integration of Wanchain’s cross-chain functionality is especially useful for both shoppers and merchants who would like to leverage assets and utilities from multiple blockchains while out shopping. With only their smartphone and Wanchain’s interoperable technology, shoppers will be able to easily utilize assets and applications from multiple different blockchains while out and about. Merchants, on the other hand, can accept a wide range of assets from different blockchains without needing to worry about whether they have the right software for each different blockchain.
Aside from the XPOS and X Wallet integrations, Pundi X and Wanchain will also release an adoption-ready crypto gifting system and enhanced social media tipping bot that users can take advantage of when sending to other users. Initially, the integration will allow Telegram users to send their favorite assets to each other. You can take a peek at this video to see how this will look like upon completion of the Wanchain ecosystem integration.
Wanchain and Pundi X will continue to operate together to bring cryptocurrency adoption to the masses, with new campaigns in the works for 2020. Both projects will also seek new opportunities in the African and South American regions, where cryptocurrency demand is in higher demand than other regions of the world, mainly due to political unrest, galloping inflation and overall uncertainty about the future of their government-backed currencies.
Given the COVID-19 global pandemic, we are confident that the blockchain industry, particularly the cryptocurrency markets, will see a rise in usage in the coming years. As more and more governments reduce their national interest rates, increase quantitative easing and enterprises cut back on employment, the next technological shift to the blockchain will be inevitable. We are establishing the base-layer foundation in preparation for the next wave of crypto users. With the tools provided by Wanchain and Pundi X together, merchants, users, and partners can more easily #buidl with the new internet of value.
An interconnected digital economy
For the first time in history, decentralized proxy-token forms of Bitcoin, Ethereum and EOS can be traded seamlessly across different networks. The integration will bring these cross-chain digital Wanchain assets to both the Pundi X user and merchant networks. Interoperability standards are still a few years away from being properly adopted but with so few decentralized interoperability solutions out there, we are certain that the time for Wanchain’s interoperability usage is here. Along with its development of many cross-chain assets to come, a critical mass of value, adoption and flexibility will lead to a new era of cross-chain finance.
Spending cryptocurrencies seamlessly is not a new thing, but spending cryptocurrency through blockchain XPOS devices is. We take the best of both worlds and facilitate the ease-of-use and decentralization of these cross-chain assets to hundreds of thousands of users and thousands of merchants thanks to Pundi X’s already established network of merchants. While many forms of cryptocurrency use cases have been seen, the sheer scale and disruptive nature of the crypto commerce movement has yet to take hold.
With millions of dollars being transacted through the merchant system every quarter, we are excited to embark upon this journey at the dawn of cross-chain crypto commerce. Wanchain will provide all of the necessary resources to bring more use cases to our ecosystem and those chains that connect to us through Wanchain’s unique interoperable bridge technology.
About Wanchain
Wanchain is the infrastructure connecting the decentralized financial world. Wanchain’s live cross-blockchain solution is EVM-based, includes optional private transactions, and provides a decentralized, permissionless, and secure approach for interoperability. Wanchain has employees globally with teams in China, the USA, and other team members around the world in Asia, Africa, and Europe.
Written by:
Noah Maizels
Director of Communication at Wanchain
