Turkish entrepreneur rolls out a physical Pundi X crypto exchange in Instanbul

Turkish entrepreneur rolls out a physical Pundi X crypto exchange in Instanbul
Updated: 13 Oct, 2021
2 mins read

Blockchain solution developer Pundi X (PUNDIX) has announced the rollout of its services in Turkey that is now available in the capital Istanbul.

In a press statement, Pundi X indicates that the services primarily targetting businesses would be available in collaboration with platform-as-a-solution company OVO Dijital.

Pundi X aims to facilitate convenient in-store cryptocurrency exchange by setting up physical cryptocurrency exchange spots. 

According to Pundi X, the decision to roll out services in Turkey follows the country’s growing interest in cryptocurrencies. Notably, the World Economic Forum (WEF) research indicates that Turkey is the 4th in the world with a 16% share in the interest for cryptocurrencies

Under the partnership, business owners will leverage Pundi X products like XPOS, the blockchain-based transactions with a card swipe. Additionally, they will also use the XPASS service, which acts as a digital wallet for digital assets. 

Furthermore, the services come in different packages like the technological infrastructure and marketing materials. 

The initial rollout will see Pundi X products available in 81 Turkish cities. The country’s capital Istanbul now hosts one point to serve the city’s 39 districts. However, entrepreneur Hakan Akyüz, the General Manager of OVO, hinted on LinkedIn that some new developments would be announced soon, and the CEO of Pundi X, Zac Cheah, expressed the support.

Cryptocurrency regulations

Amid the growing focus on cryptocurrency regulations, participants in the partnership indicated that they had complied with the local laws. 

“Pundi X platform is fully compliant to the new crypto asset regulation announced by the Central Bank of Republic of Turkey on Apr 16, 2021. There is [even] no need for large sums for this as there is no sub-transaction limit on the platform. In other words, consumers who are interested in cryptocurrencies will be able to visit any Pundi X point and perform crypto transactions even in small amounts like 5 Turkish lira,” said Hakan Akyüz, the General Manager of OVO. 

Before the partnership, OVO had been serving in Turkey with several products for mobile payments. The company currently offers products like oWallet that integrates with Apple Wallet and Android Wallet tech. 

Featured image via Dunya.com

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Justinas Baltrusaitis

Justin crafts insightful data-driven stories on finance, banking, and digital assets. His reports were cited by many influential outlets globally like Forbes, Financial Times, CNBC, Bloomberg, Business Insider, Nasdaq.com, Investing.com, Reuters, among others.