TenX Is A Payment Service, Connecting Together Crypto Currencies & Offering Debit Cards To Use Crypto (Almost) Everywhere.

in tenx •  2 months ago

TenX Logo

Easily the most glaring hole in the world of cryptocurrency, for me currently is the reality that if we want to spend the currency in most shops and to buy most services we need to first convert it into a fiat currency (USD, GBP, EUR or another) before we can do that. Numerous groups are competing currently to become the most successful to offer solutions to this and now is the time to examine them and discover which is likely to succeed. Today I am going to start looking at TenX, a group who are supported by Paypal and who clearly represent a strong contender for winning this race.

When it comes to currency conversion and getting to spend our exciting crypto tokens, the experience can suddenly become extremely slow and even costly. When I first looked into how to convert my newly earned Steem tokens into British Pounds in 2016, I was shocked to discover that the best price I could find after hunting around in search engines involved a minimum of a £100 fee! This was completely unacceptable but since I had no other way at that point to access my money, I saved up and eventually bit the bullet and went with that ridiculous fee. It was not until a few months later than that I then found another exchange that offered sane prices.Today though, thankfully, there are more options available and a variety of companies offer debit cards that can be used in conjunction with a wallet that allows us to send our cryptocurrency to them and then have them automatically convert that crypto into fiat values as we spend the money at any location that accepts debit cards. I currently don't own one of these cards, but I am definitely interested in picking the best one for my needs, so I am going to be looking over the options in the coming weeks before making a choice.

Who are Tenx?

Tenx is a Singapore based company and is the creation of a small group of entrepreneurs who had previously launched a startup called 'onebit' during the early days of Cryptocurrency and who then later relaunched under the name 'Tenx'. The name refers to the idea of 'multiplying by 10' - so instead of being small, the best parts of the system are intended to be done to high standards and to grow and expand to a large scale.

In 2017 they completed an amazingly successful ICO that saw them selling close to 100 million PAY tokens, worth at that time 80 million USD in only 7 minutes! Their company has been 'incubated' by finance giant 'Paypal', who clearly don't want to miss out on the opportunities presented by cryptocurrencies. Is this a sign that Ebay might actually allow us to trade in cryptocurrency at some point and cut out the middle man of Paypal? That would be a great boost for cryptocurrency in general!

They currently have a team of close to 70 people, making them quite a developed business that has the capability to deliver solid services to their clients moving forward.

I have watched a few of their many videos on Youtube and it is clear that their philosophy is one of strong teamwork and ensuring their team are happy. This is such an important aspect of running successful companies today and yet it has so often been totally denied in the past that it is refreshing to see their strong focus on maintaining integrity, team strength and balance. At one point their President, Dr. Julian Hosp, stated that he always wants/needs all employees to speak their own opinion and that the worst thing he can think of is of people being too frightened to speak their mind and share their understandings relating to the business with their team - this is obviously an approach that promotes open minded problem solving and honesty of a kind that is needed for systems to be developed reliably and to a high standard.

The TenX Whitepaper lists Ethereum creator, Vitalik Buterin, as an investor in TenX.

The TenX Products

Currently TenX advertise two core products on their website, their wallet and their card and currently only their wallet is live, with their cards being set to come online soon. In fact, they had previously issued many cards but they had to cancel them when their previous card issuer lost their Visa licence:

Their wallet currently accepts Bitcoin, Ethereum and Litecoin (with their whitepaper also mentioning DASH), so they have some way to go before being attractive to the many web platforms and holders of utility tokens such as Steem - however, it is common for card issuing crypto-bridge companies to only support a small number of key tokens to begin with. Until they increase the amount of tokens they support, we will have to use another exchange to convert other tokens into one of these three tokens before using their wallet. Since I personally don't use these three tokens since other tokens are faster and have lower transaction fees, this is a bit of a downer for me, but I won't write off TenX as being the card I choose based on this issue... There are numerous other points to consider here.

The interesting thing for me, here, is that their white paper refers to a system that they have designed in a second white paper - called COMIT. This is an entire protocol for intercommunicating between existing cryptocurrencies, potentially opening the door for them to support most cryptocurrencies via this new system! They say that they already use this system to settle transactions in real time. I'm not clear yet on whether this bypasses the slow transaction times of some of the tokens they are using - but they mention methods akin to the way that Bitcoin's lightning network functions as being part of COMIT, so it will be interesting to get deeper into some more details on how this works. It seems that they are aiming to run a system that allows all/most cryptocurrencies to be interchanged in realitime to facilitate direct spending in shops and wherever debit cards are accepted. No wonder Paypal are so interested in them!

On the subject of their COMIT system, their whitepaper has this to say:

Similar to the way the internet added value by enabling connectivity between local intranets, the COMIT network adds value to individual blockchains by creating connectivity between them. The COMIT network is the internet of blockchains. COMIT therefore, will not have to be created by any individual entity. Instead, it will automatically operate as the ecosystem will strive to connect separate blockchains.

TenX Visa Card Design

Their wallet info page states that they use numerous different crypto exchanges when converting between currencies, looking for the best possible prices in realtime. This is an absolutely key part of such a business as no-one will use them if their exchange rates are not competitive. It would be great to see the kind of real world exchange rate performance that they are generating

Since TenX have been around for years, they already have established wallets for mobile devices and both their Android and iOS apps can be downloaded and used immediately.

TenX Mobile Wallet

Their whitepaper includes a list of Fees for common actions with their system, though I think it is likely these will change as their needs and business evolves:

TenX Fee Table

PAY - The TenX Token

PAY is currently listed at position 89 on CoinMarketCap, with a cap size of over $70 Million USD. The token value is currently $0.64. They are already listed on some of the larger and better known exchanges, including Bittrex, Huobi and HitBTC.

TenX Token (PAY) on CoinMarketCap

We can see that there is a recognisable pattern with the value of PAY, in that initial high peaks eventually plateau during the startup phase and once the products begin to gain traction, the price will jump up again - I expect that if their plans succed, this is quite an undervalued token.

PAY is another important part of how TenX functions. All transactions on their network generate fees in PAY which are then split among the users of the network, somewhat similar to the way that Steem's reward pool is designated to users. The key difference here though clearly being that the tokens relate to profits generated through the operation of the system.

The whitepaper states:

At TenX, we reward our users with PAY tokens on every purchase to allow them to become a token holder. Subsequently, PAY token holders will receive an incentive of 0.5% of the entire payment volume on the TenX payment platform initially on a monthly basis. TenX aims to distribute the reward in shorter periods of time in the future, with a target of hourly reward distribution.

The Roadmap

As you can see in their official company roadmap, they are clearly on the verge of expanding into the public eye to a far greater extent than they have previously. They state they are in the process of integrating more cryptocurrencies and are due to announce a new card issuer very soon.

Their whitepaper does state where they envision themselves in coming months but it is likely that their ongoing process of converting their systems to an alternate programming language (RUST - an Object Oriented system similar in some ways to C++ - the language used to power Steem), and other current challenges means that they are perhaps waiting a while before laying down concrete statements about their future timeline on their website.

The TenX team are due to appear at the South East Asia Blockchain Summit 2018 pretty soon and regularly put out updates via Youtube and social media, so it shouldn't be too tough to learn what they are going to be up to in the near future.

More Info

You can learn more about TenX via the following links:

· 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/

Disclaimer: I am not a professional financial adviser and this is not financial advise. I am just reviewing a project that I find interesting here. If you are looking for financial advise I suggest you seek a professional or better yet, do your own deep research and learn to be your own best adviser!

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Kinda makes you want to go get one really, doesn't it?


They are definitely offering the best package I've seen so far - I'll be looking through more options before making a decision and that will give TenX a chance to add more crypto coins and to get their cards live too!

I will be curious to see if PayPal will eventually allow one to tie their account to this group since they took a no crypto stance some time back. That would change so much as it would force the banks to re examine their harsh actions towards buyer/sellers of crypto as they would be leaving lots of money on the table.

Will be curious when they get the card out. I have considered the Shift card, but I still can't bring myself to trust Coinbase and would love an alternative.


I hadn't heard of any public statement by Paypal regarding crypto - but yes, it's clear they don't currently support it in any way. Large scale financial systems are not usually fast paced in their evolution, so it's not surprising they haven't dived in - I guess they needed to know what they were doing first. It seems that TenX has sold them on their expertise.

I hadn't heard of Shift, but I see that's because it is a US only service - it's good to know what's available though. There are at least 2 completely specialised blockchains I know of that are intended to facilitate exactly this kind of service - I'll be building a collection of all the services and making a comparison soon, so all options are welcome.

How about revolut? Even non-crypto peeps are using this one☺


I hadn't heard of them before - so they let you exchange crypto holdings in realtime as you use your card? From what I can see it looks more like they just run wallets minus the instant conversion - is that right?


They issue a card and used as any debit card free to use worldwide. Nurses in London use this one in their travels. Just needs top-ups. When i ordered one, with medical insurance there's a monthly £6.99. Without insurance its free.
I use cryptopay exchange to my usual bank barclay's, then top-up from there.
I think some of us are following the US regulation of just transcting £600 per month..incase the taxman comes knocking.

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TenX greatly streamlines the use of crypto in everyday activities. Very informative article you have here.