How & Where to Buy TenX (PAY)
Use TenX: Ways to send & spend PAY
TenX Price & Information
Current PAY price and historical price chart
What is TenX?
TenX (PAY) is a Singapore-based start up which offers Visa debit cards to spend several leading cryptocurrencies for daily transactions in the real world. It also offers the TenX wallet which can be filled using any cryptocurrency and instantly connected to a TenX Visa card. TenX makes use of PAY as the token of conversion and the internal unit of currency inside their network.
History of TenX
In May 2015, the idea of TenX was pitched at DBS Blockchain Hackathon at which it won the first prize. In September 2016, the Alpha version of TenX Wallet went live and in the next month bitcoin was added as the first supported cryptocurrency. In April 2017, the registration for Singaporean citizens for TenX started. In May 2017, Dash and Ethereum were added as officially supported cryptocurrencies. In June 2017, TenX Initial Token Sale went live globally, which was quite successful. The core team of TenX consists Toby Hoenisch, Michael Sperk and Paul Kittiwong. Vitalik Buterin, Bo Shen and David Lee are among the notable investors in TenX.
How TenX Works
TenX works just like a normal debit card works for bank accounts. However, instead of fiat currency of bank accounts, this card utilizes the balance of cryptocurrencies in the user’s TenX wallet. Thus, when the user want to make a purchase at a physical store or online, they can open the TenX app in their wallet, select the cryptocurrency to pay with (else the last selected cryptocurrency will be used by default) and make the payment. TenX automates the conversion between the cryptocurrency and the fiat currency and the amount will be instantly deducted from the TenX wallet (and ultimately the cryptocurrency balance), and the seller will receive their payment in the local fiat currency.
Advantages of TenX
TenX is a unique idea which allows holders of its card to use cryptocurrencies easily in the real world. This brings several advantages to the users, including:
- Instant Liquidity: TenX makes it possible to utilize cryptocurrencies for daily expenses like paying for a coffee or grocery bills at a local supermarket.
- Multiple Cryptocurrency Support: TenX supports all the leading cryptocurrencies including Bitcoin, Ethereum, Dash and more. Technically, they are able to support any cryptocurrency which exists or will be developed in the future.
- No Conversion Until Needed: The TenX wallet balance is kept in cryptocurrency denominations until the user requests a payment in fiat currency. This means the conversion is done in real time and on demand.
- Decentralized Storage: Using the inherent advantage of cryptocurrencies, the wallet storage is trustless and decentralized. This enhances the security of the wallet and makes it almost un-hackable.
- Global Acceptance: Users can access the TenX wallet linked Visa card anywhere in the world where a traditional debit or credit card is accepted. The user can pay with their TenX wallet or card in 200 countries worldwide at 26 million point of sales.
- Global Registration: Users from all over the world can sign up for a TenX wallet.
- User Rewards: TenX pays user 0.1% of the transaction value back. The total spent in a month is calculated and 0.1% is credited back to user account in the form of PAY tokens.