Name: TenX - Spend Your Crypto Profits in the Real World
Price Info: - https://coinmarketcap.com/currencies/tenx/
TenX allows you to finally spend your crypto gains in the real world. 50 countries accept the TenX card, and it has no spending or exchanging fees.
TenX is a Singaporean based company which focuses on making cryptocurrency spendable. They have released an iPhone, Android, and Desktop App which allows users to load up BTC on their TenX wallet and spend it through a Visa Debit Card. More cryptocurrencies will be available to spend soon. In Q1 of 2018 TenX will release a fiat to crypto exchange inside their wallet, allowing them to work independently of other exchanges.
This technology solves a very big problem in the crypto space. One of the biggest issues in crypto was the jumping of hoops necessary in order to spend your crypto, effectively having to rely on services provided on platforms such as Kraken or Coinbase to exchange BTC to USD and then transfer it over to a bank account. This process often took days or up to a week, making it a long and tedious process.
TenX makes this very simple: Load your crypto on your TenX app and spend it with your Visa card.
The card works wherever VISA is accepted.
The merchant doesn’t realize that you paid in crypto; for the vendor, it's displayed in the local currency. The conversion of crypto to fiat happens on the backend of TenX. By swiping your card only the needed amount of crypto currency to purchase an item is converted in real time to fiat, allowing you to preserve your crypto right up until the moment you need it.
What does the card have to do with their token (PAY)
Their business model reflects other credit card issuer’s models by making money on fees, just like Visa, MasterCard or AmEX.
For example: Every time a TenX card is used, the merchant receiving the money pays a certain amount of fees, which is usually around 2-3%
Now for example, when a TenX card holder spends USD$100 worth of BTC, the merchant will pay USD$2 of fees.
These fees will be split among three different parties.
1. The bank which the merchant is affiliated with.
2. Visa/MasterCard, who will take their share for maintaining this system of payment.
3. TenX, which is the card issuer.
So in the aforementioned case, the first and second party will each take 40 cents while the rest of the fee ($ 1.20) goes to the third party, TenX.
TenX divides those USD$1.20, and takes 70 cents to cover their operational costs and growth investment.
10 cents will go to the card holder in the form of PAY tokens (an apt comparison would be Visa cards offering cash back or frequent flyer miles). And finally, 40 cents in form of Ethereum will go to the investors - the people who are holding PAY tokens in a private wallet.
The TenX business will be driven by volume. Instead of competing with the most used cryptocurrency coins, TenX made them their customers. Anyone who owns Bitcoin, Ethereum, ERC20 Tokens, Dash, Litecoin, etc. and is looking for a simple solution to spend their crypto can use the TenX card without being involved in the PAY token itself.
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