Tenx was founded by Toby Hoenisch and Paul Kittiwongsunthorn in 2015. They created a company, that it is the one of the largest fintech companies today. After winning the prize at the DBS Blockchain Hackathon in 2015, they used the prize to finance the project. Their program, is a card, that helps you spend cryptocurrencies, at real time. The card is called TenX.
The TenX payment system, has a TenX wallet, that can be funded, with many cryptocurrrencies, (available on IOS and Android) and the TenX card, that can be used in almost 200 countries, with over 42 million Visa accept points, worldwide. The company, is headquartered in Singapore, The company has a fully transportable license, from the Liechtenstein Financial Market Authority in 2019. With this license, TenX can be an Electronic Money Institution in the European Economic Area.
TenX believes, in a future, of programmable money. In the digital world, it does not matter, where a person lives. The person should have access, to all tools, that are available in other places of the world. Whether, they sit next to you, or live, in a far away country, they should be able to access the global economic world, without borders.
There are three types of money. The first, is cash money. This is a public payment infrastructure, that anyone, can use to do transactions, in the physical world. Cash allows, full ownership. Digital money, is the money, you have, in your bank account. It is run, and operated, by private institutions, that can decide, whom they want, as a customer, as well as, what services, they want to offer. This brings limitations, and you need the institution, to do transactions, so, you do not have full ownership.
The third type, is called, programmable money. It is widely known, as cryptocurrencies, that combine, full ownership and control, and easiness, to transact, all over the world, in a border-less manner.
The TenX ecosystem
There are two products. The TenX, wallet application, and the TenX card. With the TenX wallet, you can send and receive cryptocurrencies, such as Bitcoin, Ether and Litecoin. The TenX card, allows you to spend these cryptocurrencies to all Visa accepting points. You top up your TenX wallet with crypto, and you can spend it at all accepting points, with no hassle. The ecosystem, also includes, the PAY, utility token, and the TENX, reward token. Both, are ERC-20 tokens, residing, on the Ethereum blockchain.
Wallet and Card
The TenX wallet, should be paired, with a card, to allow payments with that card. The TenX wallet, is an application, that can be downloaded, from the users, to their mobile devices. It can receive, hold, and send, the supported cryptocurrencies. The TenX card, is a physical payment card, that can be ordered, from eligible users. It allows, the spending, of the assets in the TenX wallet seamlessly. When a user, uses the TenX card, the merchant receives payment, in their local currency, for the transaction.
PAY Utility token
The PAY Token is an ERC-20 token on the Ethereum blockchain, with a total supply of 205,218,256 tokens. It can be used, to carry out TenX wallet transactions. The token, can be used as a fee payment asset. The user, can receive referral rewards. Benefit from cashback features, and receive discounts.
TENX Rewards token
The TENX Rewards Token is an ERC-20 token on Ethereum with features of ERC-1400. There is a total supply of 205,218,256 tokens. The TENX Token allows the token holder to accumulate daily rewards that can be withdrawn by eligible holders at any time. Rewards, on TENX tokens, are paid in PAY tokens. The amount of rewards is announced quarterly, and it is depending on the company’s revenue, financial position, cash flow, capital needs and general business conditions.
This is a very innovative approach, to use cryptocurrencies easily. The company has received, a lot of support, with a big number of users, over time. The TenX user community, helped the company, to gain it’s financial position today. There are plans to make the community, a part of the decision-making framework, that taps on collective genius, for certain areas, of TenX functions. If you are a swipe card, lover, TenX, allows you to spend cryptocurrencies easy, as you can use digital money, every day.
