The Singapore-based startup proposes a solution to convert virtual currencies into cash swiftly through the utilization of its prepaid Visa card. This existent fourth dimension conversion raises the potential for cryptocurrencies to hold upwards used an actual currency inwards the existent basis rather than merely an investment tool, as well as it comes equally no surprise that TenX received unopen to $80 meg worth of funding through a token sale.
TenX's Solution to a Frustrating Problem
Although cryptocurrencies are booming, in that location is silent a lot to hold upwards desired when it comes to the mightiness to utilization Bitcoin as well as other virtual currencies for existent basis transactions inwards everyday life. It is difficult to instantly liquidate a cryptocurrency for fiat currency, as well as alongside rising transaction mining fees, Bitcoin as well as other virtual currencies direct maintain been widely used for investment purposes. Their potential equally a fiat currency replacement has non been fully explored yet due to such issues.
TenX makes whatsoever blockchain property spendable instantly past times connecting blockchains as well as leveraging the COMIT network. This makes it possible for manufacture insiders equally good equally whatsoever private user to connect the virtual currencies to the existent basis through the convenience of the TenX Card, a prepaid Visa menu that incorporates TenX's technologies. TenX claims that their physical debit menu tin hold upwards used both online as well as offline equally it has over 36 meg points of acceptance.
How TenX Works
The TenX Card tin instantly convert a broad hit of virtual currencies into traditional fiat money (US Dollar, Japanese Yen, as well as Euro) that silent happens to hold upwards the preferred currency for everyday activities. Every TenX transaction involves a 2 pct fellowship cut, as well as users are express to $2000 worth of transactions a year, although the cap boundary tin hold upwards increased subsequently a proper verification process.
The fellowship has already received pre-orders as well as bookings for over 10,000 TenX cards. The TenX app doubles upwards equally a digital wallet as well as is linked to the Visa card, thereby allowing swift payment inwards local currency piece simultaneously debiting a user's cryptocurrency account. Co-founder Julian Hosp says that their transactions are all processed immediately, as well as in that location are no hidden fees or charges beyond the conversion fee of the cryptocurrency exchanges, which ranges from 0.15% to 0.2%.
TenX Support as well as Growth
The fellowship currently offers back upwards for 8 unlike currencies that include Bitcoin, Ether, Dash, as well as Augur; it aims to increment this number to xi past times the destination of 2017. TenX's monthly transactions past times mass currently hover around $100,000. It aims to procedure $100 meg worth of transactions monthly from a meg users within the side past times side xviii months.
After raising $120,000 from angel investors as well as a farther $1 meg from a seed round, TenX managed to heighten $80 meg inwards merely seven minutes from its token sale terminal month! Hosp was insistent that his fellowship is inwards it for the long haul as well as has no plans of turning a turn a profit for at to the lowest degree the side past times side brace of years. He claims that the money raised volition hold upwards used to expand the company's operations as well as services, alongside an in-house cryptocurrency telephone commutation projection lined upwards for their close future.
Ongoing Controversies
TenX's cost plunged spectacularly from over $80 to $1 on the 8th of July. The fellowship also sold 30% of their ETH which contributed to the widespread dumping of the money over the class of the past times month. Further, in that location direct maintain been no indications well-nigh whatsoever developments on their application for a banking license.
Also interesting to regime annotation is that Ethereum co-founder Vitalik Buterin it incorrectly listed equally an investor for TenX when he personally never invested inwards it. In a recent article on TrustNodes, Buterin quite clearly states:
Fenbushi is an investor. I personally am not.
At the fourth dimension of this writing, however, Buterin is silent listed on the TenX website equally an investor.
Like many other startups who direct maintain held their ICOs, TenX has also been defendant of withholding valuable information or information well-nigh their projected revenue, user base of operations count, or other relevant statistics that tin hold upwards used to properly assess the worth of the startup as well as the value inwards investing inwards it.
What are your thoughts on TenX? Where practice y'all mean value they require to improve? Do y'all mean value their concern model is sustainable as well as tin struggle off potential competitors? Let us know inwards the comments below.
Images courtesy of TenX, CoinMarketCap, Pexels
The postal service TenX Visa Card Offers Way to Use Cryptocurrencies inwards Everyday Life appeared offset on Bitcoinist.com.
[
Telegram Channel |
Original Article: ]