Project Update: TenX (PAY) the Cryptocurrency Wallet and Debit Card
Basics
TenX project aims to allow the users to spend virtual currencies in offline and online shops without having to convert them to fiat beforehand.
TenX consists of TenX wallet, TenX card and PAY token
The wallet is a multi-currency wallet which the user can then fund with different cryptocurrencies and then use them to buy things.
Users can choose to order a physical debit card, directly within the TenX App
PAY token is the token that is supposed to support the ecosystem
Tokens and usage
Users can hold, send, receive Bitcoin, Ethereum and Litecoin using the TenX wallet. TenX wallet is then connected to the card.
The TenX Card allows the users to spend the cryptocurrency. They can do that either online or in the normal everyday ‘offline’ shops. Additionaly users can withdraw card from ATMs. This means that you can store cryptocurrency in your wallet and simply buy things with it
Initially the PAY token supposed to generate dividents but this was change due to SEC statements the team stated that it is not guaranteed and they are currently reviewing the PAY usage.
This means that currently PAY token has no actual usage. This is different than the main competitor Monaco where there are actual use cases for MCO.
Recent News
The team does regular Q&A s and transparency reports. Both are extremely useful and state everything about the project even including expenses and treasury.
The team did annouce they are not reviewing their Enterprise Ethereum Alliance (EEA) membership. They explained it’s because they want to focus on providing the product.
According to LinkedIn there are almost 90 employees working for the company which is a very significant number – one of the highest in the space.
The team is looking for almost 15 new employees and hired 16 in Q2 meaning they are still expanding.
Roadmap
The roadmap on the website is including these developments for 2018:
support for new cryptocurrencies
new card issuers
new wallet functions
PAY token restructure
moving to Rust programming language (programming language with “memory management“ meaning moving away from JavaScript)
The top priorities include:
getting the card out
use cases for PAY token
restructuring of the TenX Group
demonstration of the COMIT system can do
Availability and price
PAY is listed on few major exchanges with:
OKEx (58% of volume)
Bithumb (31%)
LATOKEN (5%)
also on Huobi, Bittrex, Neraex, Liqui and more
Current price as of 27th of September is around $0.64 with PAY being ranked on 84th place in terms of the market capitalisation and market cap of around $70M. There is currently quite a lot of volume for the token ($4M daily at the time of the video)
Around 109M out of 205M of the tokens is in the circulation meaning there will be a lot of new tokens introduced throughout the lifetime.
PAY has been doing quite poorly this year with the price being lower when compared to the price after the initial listing. Surprisingly the ATH wasn’t achieved during the altcoin bullish months of January and February but instead was achieved a month after listing on August.
How is it doing?
TenX is currently facing two main roadblocks: getting the card out (without cards the project is useless) and finding use cases for the PAY token (without the use cases the token is useless)
They do have a lot of money stored so they can operate for a very long time without having to worry about income. The team is very large and and recruiting for more members.
I think it is one of the most promising crypto cards and the only one that really worked before before the licensing issues so if you have any significant crypto possessions grabbing one of the cards is a no brainer.
PAY token is a different story however since it currently has no use cases and there is no promise that the team will find those meaning any investment would be a pure speculation.