Smart card developer UBIVELOX enters cryptocurrency market with strategic alliance with Pundi X

Pundi X, the developer of a blockchain-based point-of-sale ("POS") solution, and UBIVELOX (089850), the KRX-listed company and world's sixth-largest manufacturer of smart cards, today announced UBIVELOX's entry into the cryptocurrency market following a deal between the two companies.

Through a strategic alliance signed at Pundi X's R&D center in Shenzhen on Thursday, UBIVELOX, which is a leading world innovator in smart cards, security and communications devices, will support the deployment and development of the Pundi X POS in South Korea. A global cryptocurrency center, South Korea is one of Pundi X's primary launch markets for its point of sales ("POS) device that enables consumers to pay for goods in physical stores in multiple cryptocurrencies.

The signing of an agreement will form part of a broader business partnership including the development of options for the distribution of Pundi X's multiple-cryptocurrency enabled XPASS cards, leveraging UBIVELOX's deep connections with South Korean businesses.

As of today, Pundi X has received in excess of 5000 pre-orders for its XPOS devices from Switzerland, Japan, South Korea, and Singapore, and has made contracts for 20,000 XPOS devices with the NEM Foundation over the next three years.

Prior to its entry to South Korea, Pundi X has secured domestic and overseas merchants.