TenX is a cryptocurrency platform that recently completed its presale. Find out everything you need to know about TenX today in our review.
What is TenX?
TenX, found online at TenX.com, is a cryptocurrency payment platform that consists of a wallet, physical debit card, bank account, ATM access, and more. Overall, the company wants to introduce products that make it easier for you to use your cryptocurrencies in the “real world”.
In the words of TenX’s official website,
“The platform connects assets and businesses on blockchains to the real-world in a decentralized manner. Developers can develop security smart contract modules, businesses can connect their users and usecase to real-world payments.”
On June 14, TenX reached the target of its PAY token presale. They reached their funding goal of 100,000 ETH (around $39 million USD) in under 36 hours. The company is holding its TenX sale for the general public on June 24. Early investors in that sale will receive the same 20% bonus as they did in the presale.
TenX is built on the Comit Network, the frictionless payments platform that could bring us a world with no financial transaction fees.
How Does TenX Work?
The main advantage of TenX is that it offers free spending and exchange fees. That’s a 0% fee. However, you’ll need to pay fees for physical and virtual cards, and there are spending limits in place. We’ll talk more about TenX’s fees down below.
To access the TenX platform, you’ll need to download the TenX wallet, which is available as a mobile app from the Play Store, or as desktop software from TenX.tech.
The TenX platform and the wallet supports blockchain assets across multiple blockchains. It supports Bitcoin, Ethereum, and DASH, for example, along with Ethereum ERC20 tokens. The company plans to add many more cryptocurrencies in the future.
Another key feature of the TenX platform is its decentralized security, which is based on smart contracts. You are a holder of the DSS key and you’re in full control of your funds. You can fine tune your security settings at any time with the smart contracts. You can adjust security settings for daily limits, portfolio spending, withdrawal settings, and more, for example.
Once you’ve setup the payment platform and wallet, you can start interacting with real-world products and services. TenX relies on the Comit Network for these services.
What is the Comit Network?
The Comit Network, found online at Comit.network, is a cryptographically secure off-chain multi-asset instant transaction network.
I won’t get much into the technical details of the Comit Network here, but you can read their whitepaper here. Essentially, it’s a payment platform that “can provide the same final and elegant solution as the internet did for information”. It promises to provide frictionless, cheap payments for users all over the world, including true global access without limitations to any asset or business process connected to the blockchain.
TenX relies on this seamless payment platform for its network. The TenX payment platform (including the debit cards, ATM, bank accounts, and wallet) interacts with the Comit Network to provide ETFs, exchange services, lending solutions, and security.
TenX is actually built on the Comit Network.
TenX PAY Tokens
Why hold TenX’s PAY tokens? The tokens have the potential to be a big moneymaker for token holders: for every transaction, the token holder receives a reward in the form of ETH. 0.5% of the transaction goes to TenX token holders. Additionally, token holders receive 0.1% cash back rewards in the form of PAY.
TenX offers a surprisingly straightforward fee structure. Here’s how much you’ll pay for the various TenX services:
- Physical Card Issuing Fee (Covers Shipping and Tracking): $15
- Virtual Card Issuing Fee: $1.50
- Physical Card Annual Fee: Free (or $10 if you spend less than $1,000 a year)
- Virtual Card Annual Fee: Free (or $10 if you spend less than $1,000 a year)
- Foreign Exchange Fee: 0%
There are certain limits to your spending. Standard accounts are limited to 200 EUR per ATM withdrawal and a daily spending limit of 2500 EUR per day. However, upgraded accounts can spend up to 10,000 EUR per transaction, 20,000 EUR per day, and 1,000 EUR per ATM withdrawal.
Who’s Behind TenX?
TenX was created by a team that includes Toby Hoenisch (Co-Founder and CEO), Michael Sperk (Co-Founder and CTO), Paul Kitti (Co-Founder and COO), and Julian Hosp (Co-Founder and CVO).
The company has received investments from Fenbushi Capital and ICH.
TenX has headquarters in Singapore and in London.
TenX is a payment platform built on top of the Comit Network. The payment platform gets rid of most fees associated with international banking and transfers. The company will offer a physical card and a virtual card that lets you interact with products and services in the real-world.
TenX just completed its presale, during which it raised $39 million USD in only 36 hours. That was the presale. The full ICO is occurring on June 24.
Obviously, TenX is generating enormous attention in the blockchain community and has received the support of industry giants like Vitalik Buterin (creator of Ethereum). Stay tuned for more information about this payment platform as it continues to grow.