TenX – the credit card for digital currencies

Blockchain-Startup

TenX, the credit card from a StartUp. The big advantage that crypto currencies have over any traditional currency is the speed with which transactions are processed. However, they have the disadvantage that they are not accepted everywhere – credit cards that allow payments in a traditional currency do.

Who stands behind the Bitcoin revolution?

The three Tyroleans Michael Sperk, Julian Hosp and Toby Hönisch met the Thai Paul Kitti by chance in the Asian metropolis of Singapore in 2014 and realized a Bitcoin revolution review in conversation that they share a common passion for crypto currencies. Together they founded a startup in Singapore and had raised around 80 million US dollars in June 2017 as part of a so-called token sale. Julian Hosp, the CMO of the young company, says:
“We hadn’t even planned to sell so many TenX tokens. But we were one of the few blockchain startups that already had a finished product.

The goal is to offer customers a TenX Card. This card contains a TenX Wallet, which customers can link to their respective crypto currency. This makes it possible for customers to pay with digital money on their TenX Debit Card wherever Master or Visa Cards are accepted as means of payment.

The internal allocation of roles and the further strategy are also already in place. For example, Toby Hönisch holds the role of CEO after his studies in security technologies and artificial intelligence, while Michael Sperk holds the position of CTO. The number of employees is to be doubled to 40 in 2017.

Crowdfunding for Ethereum code Startup

TenX had created the “PAY” token itself for crowdfunding. Depending on the TenX exchange rate, a total of 4,000 buyers had seen the Ethereum code review invested up to USD 80 million in the company via various digital currencies. In return, the buyers received PAY tokens. These, in turn, can rise strongly in value if the young company’s business is positive and, consequently, the TenX price or the TenX coin price also rises.

Hosp says the financing for the plans to establish the TenX card worldwide is secured for five years after crowdfunding. 50 percent of the income from crowdfunding has been converted into traditional currencies, while the rest is held as a reserve in crypto currencies. After the exchange rates of all crypto currencies had been subject to strong fluctuations in the previous months, the company may receive considerably more capital if – as the founders expect – the exchange rates develop positively in the future.

Bitcoin price in danger?

Bitcoin market

Over the past weeks and months, Mt. Gox’s insolvency administrator Kobayashi had sold over $400 million USD in Bitcoin (BTC) and Bitcoin Cash (BCH). The sale of over 40,000 Bitcoins had a massive impact on the Bitcoin price. What influence do the remaining 162,000 Bitcoins have?

No auctions and Bitcoin profit | Conscious price manipulation?

The problem with the insolvency administrator’s sales is the type of Bitcoin profit scam. 40,000 Bitcoins were gradually sold on the open market. He did not use auctions and OTC trades, although this is usual for sums of this magnitude.

The Bitcoin market is comparatively small. Larger sums, including the $400 million, affect the Bitcoin price and drive it down. And you can see from the graph below that Kobayashi’s sales affected the Bitcoin market.

It is unclear why he chose this type of settlement. Why does an insolvency administrator use the free market and not auctions or over-the-counter trades? Through auctions and OTC trades, Kobayashi would not have had a direct impact on the free market and would have achieved higher selling prices.

All doors were open to the insolvency administrator. Several suppliers, including the Bitcoin exchange Kraken, offered him help with the sale.

What happens to the remaining 162,000 Bitcoin code?

Mt. Gox filed for bankruptcy in 2014. The company owed a total of $414 million to its onlinebetrug creditors. By selling the 40,000 Bitcoins, the sum is covered and the creditors could be paid out.

In 2014, 202,185,36428254 BTC were seized, which means that just over 162,000 BTC remain.

It has not yet been clarified what will happen to the 162,000 Bitcoins. The insolvency administrator has done his duty and the creditors receive their money – but only the then equivalent in JPY. The court decides what should happen to the Bitcoins.

It would be fair if the Bitcoins were distributed proportionately to the creditors. That is very probable however not. However, all Bitcoin and crypto enthusiasts hope that the insolvency administrator will not be commissioned to sell the Bitcoins.

Bitcoin logo adorns Swiss National Bank

National Bank

A huge Bitcoin logo was projected onto the Swiss National Bank in the centre of Zurich. A photo of the building appeared on Twitter.

Bitcoin attracts attention

The projection is to be the work of the National Bank’s new neighbours, Trust Square. They have recently moved in opposite. Trust Square is a blockchain hub introduced earlier this month.

Trustsquare focuses on researching and developing applications on the blockchain. The facility provides space for 200 workstations where start-ups and investors can explore the impact and applications of the revolutionary new technology.

The tweet with the picture was published by Johannes Gees. The picture shows a huge orange Bitcoin logo:
Ist that a #bitcoin on the @snb Swiss National Bank? Trustsquare rules!

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The PR stunt is another sign that Switzerland is taking a leading role in blockchain and crypto currency technology. The nation is already home to several digital currency-oriented start-ups. The Swiss city of Zug has even been referred to as the “Crypto Valley”. Over 200 companies researching technological innovation are based in the small mountain community.

To push Bitcoin into the public eye in this way is great for the leading digital currency. Such PR stunts help change the perception of Bitcoin. For years, the digital currency has been wrongly associated with cybercrime and terrorist financing.

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Unfortunately, many still think that Bitcoin is only an instrument for illegal purposes. This impression is mainly due to the fact that many have raised money from Bitcoin for the first time in connection with the Darkweb or to finance terror.

Not the only PR – Stunt

A similar advertising stunt was recently unveiled in another European centre for crypto-currency activities. A monument with the Bitcoin logo was erected by artists Aleksander Frančeškin and Selman Čorović in the Slovenian town of Kranj in March this year. It was allegedly paid by Bitstamp. Bitstamp was founded in Slovenia and today has its headquarters in Luxembourg. The monument proudly stands in the centre of a roundabout in the heart of the city.

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The first #blockchain monument in the world will be uncovered tomorrow in Kranj, Slovenia. Sponsored by local @Bitstamp and @3fs. #bitcoin #crypto

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In Paris, the French street artist Ludo has meanwhile created a mural depicting Bitcoin’s rise from the death of paper money.