Creating Utility for Cryptocurrencies in the Real World.
The TenX platform is a cryptocurrency storage, exchange and asset-transaction platform, that acts as a bridge between the digital and real worlds, by allowing for cryptocurrencies to be used for real world purchases. It does this via a two-step system that allows for cryptocurrencies to be exchanged for fiat currencies as needed, thereby allowing for the withdrawal or transfer of these fiat currencies at both ATMs and service vendors throughout the world. This is meant to make it easier for travelers to access and exchange currencies without additional exchange fees from banks and other intermediaries. These transactions can be carried out in real-time with a two-step process involving the TenX Mobile App, as well as their tangible debit card.
TenX Platform – The Opportunity
As mentioned above, there are two necessary components when performing a transaction. Firstly, the user needs to download the TenX Mobile Wallet App, as well as purchase the either physical or digital TenX Debit card. Once downloaded, the App requires the user to register with their mobile phone number and email address. The wallet can be used to store a number of cryptocurrencies, which will only be converted to a fiat currency when requested and authorized by the user. Currently, there are a limited number of cryptocurrencies that are accepted for conversion including Dash, Augur, Etheruem, and Bitcoin, although the platform plans to expand this to apply to more digital assets. In the future. The App also offers the option to block and unblock the card at any time, thereby providing an extra level of security to the user’s digital funds, which is necessary depending on the daily spending cap that is applied to the user’s card. The subscription fee is only relevant to users who transact less than $1,000 USD per year.
All crypto to fiat currency conversions are transacted by TenX via the COMIT network’s Routing Protocol, which allows for the TenX Wallet to carry out real-time cross-chain transactions with external exchange platforms such as Poloniex and Kraken. COMIT is blockchain-cased and automatically encrypts all transactions carried out on this platform. A minor fee is deducted for each cross-chain exchange transacted through its platform. There are transaction limits for users who are have an account that is lower than a Level 2. A user can apply for Level 2 account by submitting the relevant forms and copies of user identification documents.
The TenX Platform’s PAY Token
- PAY is an ERC20 token based on Ethereum’s blockchain, with a total of 205,218,256 to ever be created.
- Users earn 0.1% PAY tokens with each purchase and are issued to users on a monthly basis.
- TenX rewards PAY token holders by dividing and distributing 0.5% of fee earnings based on the number of tokens held by each PAY holder.
Post-ICO Achievements As of April 30, 2018
- July 2017 – WebApp rolled out.
- August 2017 – iOS Mobile App rolled out.
- The TenX debit card is currently accepted in around 200 countries at approximately 36 million vendors and ATMs.
- January 2018 – TenX ICO Token value drops due to their card issuer losing its distribution license, thereby rendering TenX cards no longer usable. TenX announced that it is currently negotiating with another card issuer platform in order to develop and issue replacement cards to its +/- 100,000 card holders. Negotiations continue.
- April 11, 2018 – Litecoin announces partnership with TenX for the development of a Litecoin debit card.
- April 29, 2018 – PAY had a market cap of approximately $163.2 Million USD, with a unit value of approximately $1.5 USD.
(as of May 6, 2018)
June 24 – June 24, 2017
1 PAY = ~$0.64 USD
~$80 Mill USD
1 PAY = ~$1.43 USD
Current Market Cap
~$156.1 Million USD