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.