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The Silicon Review Asia

TenX: Cryptocurrency Usability Brought to a Whole New Level

The Silicon Review
December, 2019

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Cryptocurrencies took the online world by a storm, coming up with a new concept that intrigued a lot of people. However, one of the drawbacks of online currency was that there was a long process involved in order to physically get the crypto currency’s equivalent in order to spend it. In other words, withdrawing the crypto currency, spending it or transferring it is a cumbersome process. A number of firms came up that could help facilitate the process of obtaining online currency and being able to use it in the physical world.

TenX is a Singaporean platform that makes cryptocurrencies spendable. It gives people the opportunity to make payments and withdraw their money using their TenX Card. Their payment system includes a TenX Wallet that can be funded with different cryptocurrencies (available on iOS and Android) and the TenX Card, which can be used in almost 200 countries at over 42 million VISA points of acceptance online and offline. It offers its users access to different cryptocurrencies in a convenient and secure manner. It ensures outstanding customer experience.

It was founded in 2015 by Toby Hoenish, Michael Sperk and Paul Kittiwongsunthorn. It was initially called OneBit as the focus was on Bitcoin. The co-founders believed that the blockchain and cryptocurrency are the future of payments. They founded the company with a vision to have assets on the blockchain, available not only to industry insiders but to anyone in the world.

TenX Genesis:

They received their first outside investment in 2016, which was also the time when PayPal started to incubate the company for further growth. They rebranded to TenX—a name inspired by not wanting to grow “one-bit” at a time anymore, but rather by “10x”—meaning ten times as much, covering the whole range of crypto space.

On the 24th of June, 2017, TenX completed one of the biggest and most rapidly funded initial token sales to date, having sold around 100 million PAY tokens and received 80 million USD worth of cryptocurrencies in 7 minutes. TenX is one of the few companies which have conducted a token sale while having a working product and an existing global user base. TenX has set the standard for a well-executed token sale. During the token sale, we accepted one of the most diverse ranges of coins and tokens any company has ever accepted, with Bitcoin, Ether, Litecoin, Dash and 18 different ERC20s.
Programmable Money:

Their vision for the future is ‘Programmable Money’, money by the people and for the people. They want to move the world from the old banking systems towards Programmable Money by providing global banking services built on the crypto platform. The TenX users will be able to access the technologically advanced financial services that are not widely available today.

Major Products:

Their two main products are the TenX Card and the TenX Wallet that can be used to spend cryptocurrency anytime and anywhere. Their range of products allows them to bring the fiat and crypto together with the option to choose from different payment methods. Over forty two million points have been established both online and offline in almost two hundred countries. One of the major advantages of the TenX Wallet and TenX Card is that the users can enjoy access to several cryptocurrencies across different blockchains. Bitcoin, Ethereum and Litecoin can be spent and sent using them.

Security Concerns for Users:

With regards to the security concerns for the users, like any other banking facility, they strive to offer the most advanced security benefits. Their security platform is 6 pronged.

  • 2-Factor Authentication: 2FA is enforced for all TenX users to keep accounts secure and protected.
  • Multi-signature wallet management: Multisig cold storage for treasury and long term custody of user funds.
  • Treasury control:The private key to each TenX Wallet is secured via an industry standard hot and cold storage solution. Once the COMIT network is live, it will directly link the TenX Wallet, allowing users to store their own private keys.
  • User account notifications:Email notifications will send alerts of any account usage.
  • Personal Data Protection: All personal data is encrypted and stored securely.
  • Biometrics: Fingerprint unlock feature available on supported mobile devices.

In addition to the security features, TenX has a very helpful customer service that is available to help their users in case of any problems or grievances. TenX works hard to keep their customers happy and satisfied in terms of the products offered and services available.

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