UBIVELOX (089850), the KRX-listed company and manufacturer of smart cards, announced on Friday its entry into the cryptocurrency market after forming a new strategic alliance with Pundi X, a developer of a blockchain-based point-of-sale (POS) solution.
According to the duo, UBIVELOX will support the deployment and development of the Pundi X POS in Korea. A global cryptocurrency centre, Korea is one of Pundi X’s primary launch markets for Pundi X’s 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 Korean businesses.
“Through their strategic alliance Pundi X and UBIVELOX plan to discuss business partnership across a variety of cryptocurrency business streams including the development and distribution of XPASS cards for payment the development of a mobile payment system for cryptocurrency, support for security technology for commercial cryptocurrency use on the XPOS device.”
While sharing more details about the partnership, Jae Kwan Kim, Senior Vice President of UBIVELOX who led the development of the business affiliation with Pundi X stated:
“The idea behind Pundi X – to make cryptocurrencies easy to use in real life – can be realized more quickly and safely by combining with our smart card technology, patents, and products. Through this, it is expected that the company will play a leading role for global cryptocurrency payment market in the future.”
Zac Cheah, the CEO and co-founder of Pundi X added: “
“To have a partner of UBIVELOX’s pedigree in the development of smart card and security solutions is a major boost to Pundi X’s already fast-paced global rollout. UBIVELOX has shown itself to be an international innovator in the fields of smart card, mobile and blockchain developments. To have them collaborating with us on the rollout of the XPASS but also to secure important additions to its security and utility will help our deployment considerably, not just in Korea but worldwide.”