TenX
TenX
Image of TenX as a card.
TenX is a tech company that allows cryptocurrencies like Bitcoin, Ethereum, Dash, and any token from the ERC20 standard, to be spent using a debit card anywhere in the world. [1] By connecting all existing blockchains, TenX aims to further the technologies through a network called: Cryptographically-secure Off-chain Multi-asset Instant Transaction (COMIT). TenX was founded in 2015 under the name OneBit. They originally only focused on bitcoin.
Headquarters and Team
CEO and co-founder, Toby Hoenisch, is a computer scientist and artificial intelligence enthusiast. Co-founder and CDO, Paul Kittiwongsunthorn, helps teach the ME310 Design & Innovation course at Stanford University. Co-founder and engineering lead, Michel Sperk, was a Software Engineer at an interactive visualisation startup before joining TenX. [24]
The headquarters is located in Singapore.
Transaction Business
MasterCard and Visa have dominated the transaction business for decades. Cryptocurrencies are easy to use online on websites such as Overstock and Amazon and other stores that have online e-commerce sites where Bitcoin can be used.
In 2017, the TenX Visa Card was launched.
First batches of the cards were sent out to the community in July 2017.
The TenX Visa Card was re-launched in January 2019.
In 2020, a TenX Virtual Visa card was launched.
Buy Bitcoin
The TenX app launched a Buy Bitcoin service at the end of 2019. The service enables users to buy and receive bitcoin immediately in their TenX Wallet, which is then immediately spendable with a TenX Visa Card.
Money Raised
TenX received their first outside investment in 2016, around the same time PayPal started to incubate the company for further growth. In March 2017 TenX raised a 1 million USD round from famous investors such as Fenbushi Capital with Bo Shen and Vitalik Buterin.
ICO
The announcement of the Initial coin offering happened in early June of 2017. On June 14th, 2017, TenX announce they reached the goal of 100k ETH (around 39 million USD) in Pre-sales in just 36 hours.
On June 24, 2017 1pm UTC, TenX offered a token swap, exchanging an equivalent of 245,832 Ether (valued at roughly 80 million USD at the time of the token swap), to the company’s PAY tokens at a rate of 350 PAY tokens per 1 Ether (with a 20% bonus during the first 24 hours).