What is TenX?
TenX is a physical debit card that can hold multiple cryptocurrencies. The debit card which works with both Visa and MasterCard payment systems will allow users to spend cryptocurrencies like Bitcoin or Ether anywhere. The card works for offline as well as online transactions. TenX card can be used in over 200 countries at over 36 million points of acceptance. The main aim of the TenX card is to facilitate easier and instant spending of cryptocurrencies. Users can the lock or unlock usage of the cards from the TenX app. They can even enjoy other security measures such as setting restrictions for withdrawal or capping daily spending limits. TenX card does not charge any transaction or foreign exchange fees.
History of TenX
The Singapore based company TenX was founded in 2015. It graduated from PayPayl’s incubator program in 2017.
Features of TenX
The TenX payments system is based on a cross-chain payment channel called as Cryptographically-secure Off-chain Multi-asset Instant Transaction network (COMIT). The COMIT protocol allows different blockchains to interact together without issuing a different tokens. TenX offers decentralized and trustless storage of coins. Going forward TenX plans to bring support for ERC20 tokens and additional cryptocurrencies in 2018.
In order to access the TenX platform you will need the TenX wallet app that is available on Android, iOS as well as a desktop app for free. Users can choose between different blockchain assets as a source of payment within the TenX App. Moreover, users can even convert an array of cryptocurrencies like Bitcoins, Dash, Ether from one to another with the TenX Wallet. In addition to the ability of sending and receiving money, the TenX app also allows users to withdraw money from the ATM.
TenX Pay Token
A total of 20 million TenX Pay tokens were created during the token sale period out of which 51% were offered to the public through the token sale. 20% were distributed among founders, employees and early investors while 29% were retained by TenX for community initiatives.
Where to buy TenX
TenX tokens are listed on different exchanges like Upbit, Huobi, Liqui, Cryptopia, IDEX, Livecoin and others. The market capitalisation of TenX as of April 2018 was $172,884,093.
The price of one TenX token at the time of writing this article was $1.59. The tokens can be stored in Trezor, IMToken, Ledger Nano, Jaxx and MyEtherWallet (MEW) hardware wallets that support ERC20 tokens.
TenX Pay tokens cannot be mined.
TenX Price Trends
Risks involved with investing in TenX
Cryptocurrencies are volatile in nature and hence it is not easy to predict whether the price will increase and fall. Instead, it is better to invest in mutual funds as it is a relatively safer option.
"The Reserve Bank of India (RBI) and Ministry of Finance has frequently cautioned the users, holders and traders of virtual currencies regarding the potential economic, financial, operational, legal, customer protection and security related risks associated in dealing with virtual currencies. RBI also further clarified that it has not given any licence/authorisation to any entity/company to operate schemes or deals related to Bitcoin or any virtual currency. RBI has also barred its regulated entities from dealing or providing services to any individual or business entities dealing with cryptocurrency. The Ministry of Finance has also officially stated that virtual currencies are not legal tender or coin.
A&A Dukaan Financial Service Private Limited (“BankBazaar”) does not endorse investing or dealing in virtual currencies in any manner. The information provided on our website is solely for illustrative purposes and should not constitute investment advice or assistance in investing or dealing with crypto currencies. If you decide to invest or deal in cryptocurrencies, you should be aware that you will be dealing with the respective individuals or business entities dealing in cryptocurrency and BankBazaar has no role in any manner in such transactions or dealings. We strongly advise our visitors to invest in legally recognised financial instruments rather than risking their capital on virtual currencies which are unregulated instruments."