Check Out This TenX 2018 Q2 Transparency Report ...A lot Was Revealed

How many times have you seen or heard of companies making transparency reports?

In this post, I will be writing about TenX's latest(Q2) Transparency report.

I will give a definition of TenX if this is your first time to hear about it.

TenX is a Singapore-based blockchain company that makes cryptocurrencies instantly spendable anytime anywhere. It gives people an opportunity to conveniently use their digital assets in everyday life. Their business model is to charge Fees from cardholders for various transactions they do. In simple words, they are selling Debit Card services for crypto.

You can also read my previous posts in relation to TenX here and also this 6 must read reasons why you should get a TenX Card now!

As I promised above, let me now continue with the transparency report.

I will give below the Wikipedia definition of a Transparency Report

"A transparency report is a statement issued on a regular basis by a company, disclosing a variety of statistics related to requests for user data, records, or content. "

The TenX Co-Founder and President Julian Hosp did a live Q&A live stream of the report which I will be summarizing below.

I will define Transparency and give a few advantages.

I will start with the definition from the online Cambridge dictionary

a situation in which business and financial activities are done in an open way without secrets so that people can trust that they are fair and honest:

I will also give another definition which directly relates to business from techtarget.com

Transparency, in a business or governance context, is honesty and openness. Transparency and accountability are generally considered the two main pillars of good corporate governance.

Advantages of Transparency in Business

• Respect
• Positive Public Perception
• Staff Involvement
• Customer Service and Image Management.

You can read more about the above advantages from this link here

I will now delve directly into the TenX Q2 Q&A live stream summary. The questions were answered by Co-Founder and President Julian Hosp.

You can read more about Julian and other Founders from here

It has to be noted all that is in quotes I got from the summarized TenX 2018 Q2 Q&A Lives session that can be read from here.

You can also check out the summarized infographic here

Source: TenX Infographic

Qn: What is the reason for the Q2 Transparency Report?

Ans: It’s now been exactly 1 year since our ICO. At TenX we wanted to show you what has happened within the last year from when we were just 8 people. Today we have about 80 employees. How much money we have now, what it looks like with us, what we are working on — that’s exactly what the Q2 Transparency Report is about.

What we have deliberately refrained from in the report are forward-looking statements — e.g. When is the card coming? When and how will the token be structured? When will the banking license be issued? Not many of these actions rely solely on TenX, which is why it is difficult to make exact statements for this.

Qn: What are the 4 big goals we are currently pursuing at TenX? (4 OKRs — Objectives, Key Results, and Initiatives)

1. Get the card out — as quickly as possible.

2. Developing creative solutions if and how one can add additional benefits to the PAY token.

3. Restructuring of the TenX Group. Above all from a regulatory perspective, so that the TenX Group can be managed as such. This is initially so important because we have investors who own shares in the company. Currently, they do not yet have the correct shares. Furthermore, we would like to offer our employees an option to acquire company shares, this is not possible without a successful restructuring.

4. COMIT — Presentation of the first user-friendly “Use Case”. Here we will not only demonstrate what COMIT can do but also show how it can be used. Especially in the Bitcoin and Ethereum Ecosystem.

This part was explained in so much detail that I will only give here highlights and redirect you to the original post so that you can read it fully!

Salaries

The biggest cost of our total monthly expenses (740,000 USD) is salaries (530,000 USD). We now have approximately 80 employees (+ a few part-time employees).

There is a great disclosure here below of how co-founders earn less than some employees!

Salaries of single individuals are never made public, therefore also not the salaries of our co-founders. However, we can state that the co-founders earn less cash than some employees. But how they will earn in the long run is the PAY token and the shares they hold in the company.

Qn: What do the token holders gain from holding PAY tokens?

This a question I know most of you would want to be answered!

Due to the current status of the PAY token structure still being under legal and compliance review for potential rewards as mentioned on page 13 of the Transparency Report, we can’t share any concrete details yet

I will not quote everything as I want you to take some time and read the whole Q&A.

Qn: Will there be several card versions (e.g. Standard, Gold, Premium)?

This is also an interesting question which I personally thought of!

Yes, there will be. However, the focus right now is on the standard cards and their distribution.

Qn: While there is no card, how do you earn money at the moment?

This is really a sensitive question and i love the way it was answered!

We currently have a low income from small things that are not worth mentioning. Therefore we are currently living off our funding and the balance between capital and spending

Qn: Who is your biggest competitor?

I love this reply here below.

We never look at our competitors — we look at what our customers want. Ask them, give them something; ask them how we can improve it and at the same time try to innovate a new product/creation and offer it to the customers

As i said above,there was really a lot that was discussed and I would love to invite you to check it out here or the infographic

You can check out the following links below to know more about TenX

Project Website: https://tenx.tech/en/

Products & Services: https://tenx.tech/en/wallet and https://tenx.tech/en/card

Wallet App: Android. iOS.

TenX Team: https://tenx.tech/en/our-team/

TenX Story: https://www.youtube.com/watch?v=OKhssqtezn4

TenX Official Chat: https://chat.tenx.tech/home

Facebook: https://www.facebook.com/tenxwallet/

Medium: https://blog.tenx.tech/

TenX Twitter: https://twitter.com/tenxwallet

TenX Instagram: https://www.instagram.com/tenxofficial/

“DISCLAMER: The information contained within this post shall not be taken as financial advice. I am not a financial advisor and none of your investing should be carried out based on any information presented here. You can lose all of your money by investing. The following information is for educational and entertainment purposes only.”

Love

Jarau Moses