What about the TenX Coin?
TenX Coin in based on TenX, which is primarily a payment platform for cryptographic currencies. In addition to a wallet, the platform also offers a bank account and physical debit card with access to ATMs worldwide.
The company aims to introduce products that enable users to use their cryptocurrency in the real world and make them suitable for everyday use. The platform utilizes the TenX Coin as a cryptocurrency.
The TenX Coin in Figures
The company has a market capital of 455,302,864 US dollars, with a daily trading volume of 21,504,600 US dollars. Of the 205,218,256 total TenX coins in existence, some 104,661,310 are currently in circulation.
TenX Coin is available at more than 15 different exchanges against cryptocurrencies including BTC, ETH, and LTC. More than 70% of the trade takes place via Bitrex in exchange for Bitcoin and Ethereum.
The TenX Coin takes 58th place in coinmarketcap.com’s token ranking.
The TenX Team and Key Investors
The company is headquartered in Singapore for strategic and economic reasons. Toby Hoenisch (CEO), Michael Sperk (CTO), Paul Kitti (COO) and Julian Hosp (CVO) founded the company in 2015. Today, 39 people are working on the project.
According to the company website, the team has extensive experience in the areas of deep tech, artificial intelligence, blockchain technology, marketing and business operations.
The TenX project boasts renowned supporters and investors. In their white paper document, they cite Vitalik Buterin and Fenbushi Capital as investors. Fenbushi Capital is the first venture capital firm in China to invest exclusively in blockchain-based projects.
The TenX project also receives prominent support from the industry. Citi Group and PayPal support projects such as TenX, which generates innovative ideas in the FinTech sector, with financial resources.
How Does the TenX Platform Work?
Setting up the TenX wallet is very easy. Once the user has downloaded the app, it only needs to be confirmed with a personal phone number and email address. The TenX app is available for Android and Apple devices. The wallet is also available for web browsers via the TenX website.
After registration, users can equip their wallet with various cryptocurrencies and fiat currencies. Using the app, users can choose between virtual and physical debit cards. A credit card will follow in the near future.
The individual fees for transactions are presented with transparency. The physical debit card costs 15 US dollars, while the virtual card costs 1.5 US dollars. An annual fee of 10 US dollars is payable only if the annual revenue generated is less than 1,000 US dollars. There are no exchange transaction fees.
With the standard account, the cardholder can withdraw up to 200 US dollars from an ATM. The daily spending limit is 2,500 US dollars. Higher limits are possible by special request.
The TenX platform is based on the COMIT platform. COMIT is a cryptographically secured off-chain transaction network. Essentially, it is a payment platform that promises smooth transactions and low-cost payments for worldwide users.
The TenX platform interacts with the COMIT network to provide a wide range of services and high-security requirements.
The Advantages of TenX Coin
TenX offers its users many advantages and stands out from the competition in several respects:
- TenX provides users with multi-currency wallets. This means that in addition to fiat currencies, different cryptocurrencies can be purchased and managed within a single wallet.
- When paying, a user can choose which currency to spend. Conversion takes place immediately prior to the transaction. This offers the user the possibility to change to the current exchange rate and opt for the most favorable financial result.
- TenX uses a multi-blockchain asset. At the moment, trading with Bitcoins is the only possibility. Ethereium, Ethereum ERC20 tokens, and Dash tokens are in the beta testing stage and should be available soon.
- The TenX wallet and associated cards are valid in 200 countries due to MasterCard and Maestro contracts. According to the company, users can pay in real and virtual settings at over 36 million locations with TenX.
- Decentralized security smart contracts (DSS) provide the necessary security. Users manage their own DSS keys and retain full control over their own accounts. With Smart Contracts, everyone can adapt their account to their own requirements and impose required limits.
- TenX Coins receive monthly bonus amounts of 0.5% of the total payment volume made on the TenX platform. In addition, users receive 0.1% cashback every month for each transaction they complete.
The TenX Coin Roadmap
At the end of 2017, the company was working on the integration of further cryptocurrencies and protocol scaling, and the security of COMIT. In the next few months, TenX intends to develop the COMIT version 0.1 and push ahead with strategic market expansion.
The company plans to integrate the ERC20 tokens in the second quarter of 2018. For the year 2018 and 2019, TenX Coin plans to embed various extensions and tools for developments and users to further expand the TenX ecosystem.
The last point on the roadmap is the TenX Blockchain Banking License. This will link the traditional banking system with blockchain technology and the resulting ecosystem.
By 2020, TenX Coin plans to be available to all cryptographic currencies and markets worldwide.
Alexander Weipprecht is the managing partner of Provimedia GmbH. As a trained IT specialist for application development, he has been advising leading companies on the following topics for more than 10 years: online marketing, SEO and software. Cryptocurrency is becoming increasingly important to businesses and investors. Through Coin Report and Krypto Magazin Germany, Alexander wants to give all people easy access to the subject matter.