An introduction to TenX

What is TenX?

TenX is a real world debit card that works with both Visa and MasterCard payment systems and allows users to spend cryptocurrencies such as Bitcoin, Ether and DASH anywhere that Visa or MasterCard is accepted. TenX has also developed an iPhone, Android and desktop app that helps card users to keep track of their transactions and their spending.

How TenX works

How is TenX different from a normal debit card?

Aside from enabling you to spend your cryptocurrency balances, TenX’s business model functions the same way as a mainstream debit card. TenX profits from charging a small fee from every transaction made with a TenX debit card or through its app.

The merchant processing the card transaction charges a fee that will be allocated to:

  • The merchant’s partner bank
  • Visa or MasterCard
  • TenX, the issuer of the card.
TenX’s business model

The benefits of using TenX

Part of the fees that TenX will get from each card transaction will be redistributed in three different ways.

  • TenX will keep one third to ensure a stable revenue stream. The remaining two thirds of fees will be distributed to:
  • TenX’s PAY token holders, who will be rewarded 0.5% payed out in ETH, for every transaction and
  • TenX card holders, who will receive 0.1% per transaction in PAY tokens through the TenX app.

You can buy and trade TenX’s PAY token at

TenX’s reward structure for card and token holders

How does a TenX transaction work?

When making a payment, the TenX card user can choose between different blockchain assets as a source of payment such BTC, ETH, DASH etc. within the TenX app. When the transaction takes place, the conversion into the merchant’s local fiat currency occurs in real-time. The video below provides a great demonstration of a TenX’ payment.

How does TenX keep user funds secure?

The TenX app enables users to lock or unlock usage of the TenX card. The app also allows other security measures like daily spending limits and withdrawal restrictions. This enables TenX to compete with traditional debit cards on security.

The TenX PAY token sale

When the TenX team launched its PAY token sale on June 24th 2017 it already had a working product, the multi-blockchain asset, “TenX Wallet.”

The PAY token sale successfully achieved its ETH 200,000 goal, and raised an additional ETH 45,000 given the widespread interest in the TenX card. This additional ETH was allocated to provide further liquidity to the TenX ecosystem.

The total amount raised during the PAY token sale amounted to more than USD 80 million equivalent with USD 34 million raised during the during pre-sale period.

A total of 20 million PAY tokens were created during the token sale period and were distributed as follows:

  • 51% offered to the public through the token sale
  • 29% Retained by TenX to be distributed to community initiatives, business development, academic research and market expansion. For the next four years this budget will be securely held in publicly viewable cryptocurrency wallets and are subject to scrutiny by the entire community according to TenX whitepaper.
Funds allocation
  • 20% Distributed among founders, employees and early investors

The purpose of the PAY token sale was to enable community participation in the TenX project by owning a stake in its ecosystem. The funds raised were initially used by the TenX team to hire more engineering and business talent that will work on developing a sophisticated product ecosystem; including applications for android, iOS and desktop, a multi-card platform and integration of various cryptocurrencies and tokens.

The PAY token sale also facilitated the distribution of PAY tokens to users of the existing TenX Wallet.

As the TenX debit card has already been distributed to users, fee rewards from card transactions can be claimed by PAY token holders here.

How does the TenX payment system work?

TenX’s payment system is based on the Cryptographically-secure Off-chain Multi-asset Instant Transaction network (COMIT).

As the name implies, COMIT is a cross-chain payment channel, which allows different blockchains like bitcoin and ethereum to interact together without the need to issue a different token.

This enables TenX Wallet users to directly transfer blockchain assets, peer to peer without a centralized intermediary.

What is the company behind TenX?

TenX Pte. Ltd. is the Singapore-based company behind the development of the TenX ecosystem. The firm is an alumni of PayPal’s incubator programme “Start Tank”, won first place at the DBS and IBM sponsored Blockchain Hackaton, and is supported by Citibank through its Citi Mobile Challenge in Asia Pacific. Early investors in TenX include Ethereum Founder, Vitalik Buterin, Fenbushi Capital’s Bo Shen and angel investor David Lee.

Who are the TenX team?

TenX’s four co-founders come from different backgrounds. Toby Hoenish, CEO, has a strong track record of founding and managing startups across the world like Tokyo based, Studypack. Paul Kitti, COO, has extensive experience in design innovation and product development. Dr. Julian Hosp, CVO, is a former medical physician, professional Kite surfer and the author of the best selling book I-Unlimited. Michael Sperk, CTO, has a PhD in Bioinformatics and an Msc. Computer Science and prior to co-founding TenX developed a scalable browser based Visual Analysis Tool, capable of processing and visualizing hundreds of thousands of social media messages in real time.

The TenX founders spend up to two thirds of their working time engaging with their current and prospective card users and token holders through social channels. TenX has a very active Youtube channel where they often upload videos of all kinds — tutorials, news, vlogs, industry topics and recordings from meetups. If you want to catch up with the latest release or news make sure to check out TenX’s twitter account or join their weekly discussion on their official subreddit.

Recent Developments

TenX announced in August 2017 that they have become members of the Enterprise Ethereum Alliance (EEA).

An introduction to TenX was originally published in Gatecoin Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.