In principle, the Token Sale – also known as the ICO in the industry – is similar to crowdfunding. This means that anyone who wanted to buy TenX made a bet on the positive development of the company. TenX Coin, i.e. PAY, thus gains value, whereby the buyer profits from the future success of the company. TenX ranks among the ten largest ICOs in the first half of 2017. These are the ten largest ICOs:

Bitcoin revolution with a volume of 30 million US dollars

The founders not only want to profit from the price increases, but have also included real revenue opportunities in their planning: Go here to receive a small share of the turnover if the owner of a credit card pays with it. Of this revenue, 0.5 percent is distributed to the owners of the tokens. Customers who pay with their credit card are additionally rewarded with a bonus of 0.1 percent. However, it is not yet clear whether this idea will really be able to assert itself on the market. The success of the card is likely to depend largely on the TenX Whitepaper and the published TenX News. This is because the state regulatory authorities act in completely different ways.

TenX credit card – countries react differently
While those responsible in some countries are extremely sceptical and act accordingly restrictively, the authorities in other countries are open-minded – and the rules are handled more loosely.

That’s why the token sale was limited
For a good reason, TenX did not keep the token sale open, but limited it. The reason: If the sale had been open, there would have been a great danger that many investors would massively enter the sale phase. At the official stock market launch, there might have been too few investors willing to invest in TenX. As soon as TenX is traded on the Altcoin stock exchange, this could have resulted in a massive fall in prices. On this page we have compared some crypto exchanges for you. And also the amount of the investment was limited to a maximum of five million euros. The founders of TenX wanted to prevent the pay tokens from concentrating on a few large investors. Rather, they were interested in offering as many investors as possible the opportunity to get involved.

Backed by Bitcoin profit

Originally, the trio from Austria and Thailand did start with the Bitcoin profit review: As early as 2015 they had started their basic work under the name OnePay. Their idea at the time was to link a credit card with a Bitcoin Wallet, so that payments could be made anywhere. The founders took part in Fintech Singapore, a boot camp for startups. Just one year later, the makers had made it to the PayPal indicator in Singapore. Shanghai-based Fenbushi Capital, in which Ethereum founder Vitalik Buterin is a partner, had already invested one million US dollars in the young company in March 2017.

The four founders had also chosen the company’s headquarters in Shanghai carefully. Hosp says so at Trendingtopics:

“In Austria, people are struggling with whether credit cards can be accepted everywhere at all. We didn’t want to discuss whether this would make sense, we needed it as a prerequisite for our product.”

That’s why they didn’t want to implement the idea of TenX in Europe under any circumstances. One had concentrated simply and movingly on the asiatic area, because in Japan and Australia crypto currencies are very much more widespread than in Europe.

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TenX, the credit card from a StartUp. The big advantage that crypto currencies have over any traditional currency is the speed with which transactions are processed. However, they have the disadvantage that they are not accepted everywhere – credit cards that allow payments in a traditional currency do.

Who stands behind the Bitcoin code?

The three Tyroleans Michael Sperk, Julian Hosp and Toby Hönisch met the Thai Paul Kitti by chance in the Asian metropolis of Singapore in 2014 and realized in conversation that they share a common passion for crypto currencies. Together they founded a startup in Singapore and had raised around 80 million US dollars in June 2017 as part of a so-called token sale. Julian Hosp, the CMO of the young company, says:
“We hadn’t even planned to sell so many TenX tokens. But we were one of the few blockchain startups that already had a finished product.

The goal is to offer customers a TenX Card. This card contains a TenX Wallet, which customers can link to their respective crypto currency. This makes it possible for customers to pay with digital money on their TenX Debit Card wherever Master or Visa Cards are accepted as means of payment.

The internal allocation of roles and the further strategy are also already in place. For example, Toby Hönisch holds the role of CEO after his studies in security technologies and artificial intelligence, while Michael Sperk holds the position of CTO. The number of employees is to be doubled to 40 in 2017.

Crowdfunding for Bitcoin trader

TenX had created the “PAY” token itself for crowdfunding. Depending on the TenX exchange rate, a total of 4,000 buyers had invested up to USD 80 million in the company via various digital currencies. In return, the buyers received PAY tokens. These, in turn, can rise strongly in value if the young company’s business is positive and, consequently, the TenX price or the TenX coin price also rises.

Hosp says the financing for the plans to establish the TenX card worldwide is secured for five years after crowdfunding. 50 percent of the income from crowdfunding has been converted into traditional currencies, while the rest is held as a reserve in crypto currencies. After the exchange rates of all crypto currencies had been subject to strong fluctuations in the previous months, the company may receive considerably more capital if – as the founders expect – the exchange rates develop positively in the future.

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Over the past weeks and months, Mt. Gox’s insolvency administrator Kobayashi had sold over $400 million USD in Bitcoin (BTC) and Bitcoin Cash (BCH). The sale of over 40,000 Bitcoins had a massive impact on the Bitcoin price. What influence do the remaining 162,000 Bitcoins have?

No auctions and OTC trades | Conscious price manipulation?

The problem with the insolvency administrator’s sales is the type of settlement. 40,000 Bitcoins were gradually sold on the open market. He did not use auctions and OTC trades, although this is usual for sums of this magnitude.

The Bitcoin market is comparatively small. Larger sums, including the $400 million, affect the Bitcoin price and drive it down. And you can see from the graph below that Kobayashi’s sales affected the Bitcoin market.

It is unclear why he chose this type of settlement. Why does an insolvency administrator use the free market and not auctions or over-the-counter trades? Through auctions and OTC trades, Kobayashi would not have had a direct impact on the free market and would have achieved higher selling prices.

All doors were open to the insolvency administrator. Several providers, including the Bitcoin exchange Kraken, offered him help with the sale.

What happens to the remaining 162,000 Bitcoins?

Mt Gox filed for bankruptcy in 2014. The company owed a total of $414 million to its creditors. With the sale of the 40,000 Bitcoins, the sum is covered and the creditors could be paid out.

In 2014, 202,185,36428254 BTC were seized, which means that just over 162,000 BTC remain.

It has not yet been clarified what will happen to the 162,000 Bitcoins. The insolvency administrator has done his duty and the creditors receive their money – but only the then equivalent in JPY. The court decides what should happen to the Bitcoins.

It would be fair if the Bitcoins were distributed proportionately to the creditors. That is very probable however not. However, all Bitcoin and crypto enthusiasts hope that the insolvency administrator will not be commissioned to sell the Bitcoins.

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