Crypto is here to stay. It’s part of our lives. At Pundi X, we are committed to growing the ecosystem with our partners across the world. Based on your feedback and authorities’ requirements, we are relentlessly continuing to build and improve our blockchain products and services to be both rewarding and compliant.
In April, we published our Q1 Progress Report which detailed our achievements as well as outlined our direction going forward. We also announced the collaboration with long-time community members, completed the implementation of new languages, on-boarded more merchants into the Pundi X family and launched a new, fully decentralized wallet.
Below are our activities last month, many of which have been possible because of your tremendous support, as usual.
XPOS Turkish version in the test mode
More XPOS features have been added to XPOS in April. Based on our customers’ requests, we’ve added the Turkish language to XPOS as well as to the Merchant Portal. We hope that this update will make it easier for our Turkish users.
In addition, the team has been working on on-chain transaction tracking so that the XPOS transaction data will be recorded on the blockchain. This feature is currently under testing. More XPOS updates are in the pipeline listed below:
- French language support in the merchant portal [translation in progress]
- Support for internal transfers between the Main Account and the Commission Account in the Distributor Portal
- To add the Monetary Authority of Singapore’s (“MAS”) required fields to the current print receipt
- To implement a transaction reward mechanism into XPOS
- To support editing brand information in the merchant portal
- To add a refund feature into XPOS.
- To add a feature for Brazil IRS Compliance to allow exporting data in the format required by the IRS via a 3rd party API.
Please note that the time to implement each feature may vary. We will keep updating you in our monthly report.
Token listing policy adjustments on XPOS, XWallet and XPASS
As part of the requirements for our MAS licensing application, we have adjusted the token listing policy to comply with the MAS’ requests. From April 25, 2021, the tokens available on Pundi X products and services as listed below:
- Bitcoin (BTC)
- Binance Coin (BNB)
- Dai (DAI)
- Ethereum (ETH)
- Function X (FX)
- NEM (XEM)
- Pundi X (PUNDIX)
- Pundi X NEM (NPXSXEM)
- Tether (USDT)
- Arro (ARRO)
For more information on this token listing policy adjustment, go to: https://medium.com/pundix/notice-of-token-listing-policy-adjustments-on-xpos-xwallet-xpass-3dd5bb0e8572
If you have unsupported tokens left in an XWallet account and want to withdraw, please request a support ticket at https://support.pundix.com/hc/en-us/requests/new.
Items added to XWallet development pipeline
- Language support for Turkish and Russian
- Add a risk disclosure on pages containing the QR Code
- Add MAS-required fields to the current payment receipt page
- Optimize the current process of mandatory KYC for a better user experience
- Support blocking specific DApps in specific countries.
- Allow users to export their transaction records.
- Enhance the security mechanism: disabling the asset transfer for a user who changes a password within 24 hours.
- Update the Daily Sign-in Reward
- Add a feature to enable sorting and deleting cards from My Items list
- Optimize the payment page: display balance while users are selecting token.
Following are selected highlights of the collaborative projects we did and new merchants in April.
Special version of NFT made by Theadoption.io
We are excited to announce our collaboration with the AR comic book project, the Adoption, created by Billy Dusse, our long-time talented community supporter on a special edition of NFT. Theadoption.io, is the first sci-fi comic book set inspired by blockchain and crypto mass adoption. We at Pundi X are extremely proud to collaborate with Theadoption.io for its upcoming release of “The Adoption: Vol.1: The First Dose”.
We are happy to welcome Tokushima CosAddict, a Cosplay photography studio that shares our goal of making crypto more accessible in Japan. Free tours around the studio are available for Pundi X users.
Ibiza Cruz, Spain
1000:1 token redenomination
The token redenomination commenced on March 30, 2021. A system upgrade performed for XWallet, XPOS, and XPOS merchant / distributor portal on March 31, 2021. After the swap, XWallet and XPOS are no longer able to accept NPXS deposits or conduct any NPXS transactions. Please do not send your NPXS (or any unsupported tokens) to XWallet to avoid the loss of your asset.
Major exchanges have announced and completed the swap. Now you can trade PUNDIX tokens in the following exchanges: Binance, Bitrue, Bithumb, Buyucoin, Cashierest, Dove Wallet, FTX, Gate.io, Hotbit, Huobi, Indodax, Kucoin, Novadax, Probit, and Upbit.
Since these exchanges have already swapped NPXS for PUNDIX, please do not send NPXS to the PUNDIX address for swap to avoid the loss of your tokens.
If you have not swap your NPXS tokens yet, you can follow the guideline below to swap with your blockchain wallet. The deadline for swapping is March 29, 2022.
To learn why we performed the token redenomination, you can read this announcement: https://medium.com/pundix/npxs-token-reduction-poll-result-2600e6ccb308
Q1 2021 token removal
A total of 15.3M tokens (7M NPXS and 8M NPXSXEM) were removed on April 10, 2021. Since NPXS is now PUNDIX, we swapped and removed from PUNDIX’s total supply. You can refer to this report for the execution details: https://medium.com/pundix/q1-2021-token-removal-report-8a5807e158f8
The supply of PUNDIX and NPXSXEM tokens are deflationary based on the utilization across Pundi X products, services and the fact that the tokens are not mintable. The team has reduced token supply since 2018. As of today, we’ve removed tokens totaling a value of US$50 million. To learn more about Pundi X token’s redenomination, removal and buy back, you can read this article.
Staking PUNDIX and FX to get FX
10,500,000 FX on-chain staking rewards have been allocated by the Function X Foundation as the first stage of our De-Fi journey to pave the way for the Function X mainnet launch. The reward tokens will be distributed over 29 weeks for PUNDIX and FX token holders who have staked in their FXWallets (10 weeks for staking accumulation, 19 weeks for unlocking the staking rewards). The staking period started on 6th April, 2021 and goes until 15th June, 2021.
To learn more, you can read details at https://medium.com/functionx/function-x-march-hashout-part-2-43c0e61b1636
Please note that staking for FX tokens is NOT mandatory. It’s optional for FX and PUNDIX holders to get familiar with the concept of De-Fi staking and receive additional FX tokens through the staking process. To stake, you need to have sufficient ETH to pay the gas fees. Please evaluate the risks and rewards before you join. When you have an understanding of the process and want to join, here is the guide to participate: https://support.functionx.io/hc/en-us/articles/900006289523
Watch the Q1 2021 Progress Report video session
On April 3, we went live for our Q1 2021 Progress Report, which covered the following highlights:
- Introducing XPOS mining initiatives
- Token burn, buyback and redenomination swap
- Staking PUNDIX & FX in the new f(x)Wallet, starting from 6th Apr.
- FUNCTION X mainnet launch
Watch the recorded session here:
And there you have our monthly report for April. Recently we have received inquiries from Australia, Argentina, the Philippines, France, Germany, Ghana, the Netherlands, Thailand, New Zealand and more. We are currently working to get the new distributors and merchants onboarded in these countries. I hope we can share more about collaborations and tech developments in our next month’s report.