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Spend your tokens in everyday life with TenX.
From what does an asset derive its value? It is a common belief that it is purely a function of supply and demand.
That, however, is only one-third of the story. Any Blockchain asset’s value generally derives from three factors:
In other words, let’s imagine that Alice owns an asset that generates a significant cash flow, and that a lot of people wish to buy it from her. If Alice can’t easily transport the asset to buyers, the value of that asset will be significantly lower than if it was more liquid.
It is one of the reasons currencies prevailed over physical goods such as shells or feathers in the exchange of value. Furthermore, the World Economic Forum is predicting that 10 percent of the global GDP will be stored on the Blockchain in less than 10 years. In terms of today’s global GDP, that would amount to $7.8 trillion worth of assets.
In accordance with this trend, a lot of people would love to hold cryptocurrencies and use them, especially because some of them also provide great internal value for holders. However, using and spending a coin or token in the “real world” can be harder than one might think at first glance.
Take Bitcoin for example. The reason it has been the most dominant cryptocurrency for years is not only because of its primacy and robustness but also because it’s the only cryptocurrency, so far, that can be used in at least a few stores, shops and online marketplaces.
TenX Pte Ltd is a Singaporean-based company that graduated from PayPal's Incubator. Its goal is to provide a solution to the liquidity issue by providing debit cards to users for them to be able to spend their crypto-assets.
According to the company, such transactions can be carried out anywhere in the world, online and offline, and without any FX or process fees. Having successfully tested their debit cards with beta users, TenX now offers their card to be ordered via the TenX app globally.
Tobias Hoenisch, co-founder and CEO of TenX, announces: “Our vision for the world is becoming reality: making any cryptocurrency as usable as a dollar bill in your pocket.”
The users are not only benefitting from the aforementioned zero fees while using the service but can also use TenX as a cryptocurrency wallet. Tokens will be stored in a wallet up until the very moment the user actually makes a purchase. The tokens will then be converted at the best possible market rate into fiat.
The TenX wallet can be a major game changer as it enables a user to spend their Blockchain assets through their smartphone or a physical debit card at over 36 mln points of acceptance online and offline.
Over the past months, TenX has successfully integrated various cryptocurrencies such as Bitcoin, Ethereum, Dash and ERC20 tokens. The company plans to add more to the list in the near future.
“For us, offering a debit card with various currencies to our users is an important further step on our roadmap,” explains Dr. Julian Hosp, co-founder and CVO.
How will this work in real life? Users download the free TenX app onto their mobile phones. They then create wallets for the tokens they wish to use and fund their account. The next step is to order a virtual or physical card and start spending tokens right away. It is as simple as that.
TenX has set and released a plan to bring their vision to reality in the upcoming months. Further to offering a working product already, TenX has raised $1 mln in the first round of funding from famous investors such as Fenbushi Capital, which is led by Bo Shen and Vitalik Buterin.
This year, TenX is organizing a token sale starting on June 24. The funds will, amongst others, be used to fully integrate the COMIT (Cryptographically-secure Off-chain Multi-asset Instant Transaction) network into their backend. The contributions raised will also serve in financing additional research projects, attaining a banking license and doing a full integration of TenX as a web application and on iOS.
Here is a summary of the terms of this ICO:
To get further information on the upcoming token sale, please visit the TenX website and read their white paper. You can also stay tuned to their new developments through social media.
Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.
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