TenX: Decentralizing digital payments

Cryptocurrencies are rapidly gaining the attention of several professionals in financial circles as well as the general public. A cryptocurrency is a type of digital asset that is used in financial transactions, just like any fiat currency. But it is only in digital form and has a type of decentralized control, as opposed to the conventional fiat currencies, which are controlled by central banks. The security of the decentralized control is guaranteed by a form of distributed ledger called blockchain. However, using it in everyday life is a different challenge altogether. Few establishments accept cryptocurrencies as a mode of payment and it can be difficult for holders of this asset class to convert them into fiat currency.

A company based in Singapore called TenX aims to formalize the use of cryptocurrencies through their innovative platform. TenX has developed an e-wallet and even a debit and prepaid card to help account holders pay with this form of digital currency. Users can use the usual currency to credit money into their TenX e-wallet and spend it just like they would any ordinary credit card or online wallet.

Why TenX?

TenX is a blockchain based company that makes cryptocurrencies instantly spendable anytime anywhere. It gives people an opportunity to conveniently use their digital assets in everyday life.  Their payment system includes TenX mobile wallet that can be funded with different cryptocurrencies (available on iOS and Android) and TenX debit/prepaid card, which can be used in almost 200 countries at over 42 million points of acceptance online and offline upon its launch.

The unique platform offers its users access to several cryptocurrencies making it convenient and secure. Creating an outstanding experience from the product to the customer is at the very core of the principles on which the company was founded.

Established in 2015, it was named OneBit since it only dealt in Bitcoin. However, today it has grown to include other types of cryptocurrencies. In 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. It is one of the few companies to 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, the company accepted the most diverse range of coins and tokens any company has ever accepted, with Bitcoin, Ether, Litecoin, Dash and 18 different ERC20s.

Security

Cybersecurity in the digital age is one of the most pressing concerns. In an increasingly connected world, data breaches are becoming ever more frequent and the losses caused by malicious attacks are getting bolder and the damage caused by them cost more than ever to restore. TenX makes it a priority to offer a maximum degree of convenience while adhering to the highest security standards in the industry.

2-Factor Authentication: 2-Factor Authentication (2FA) is enforced for all TenX users to keep accounts secure and protected.

Multi-signature wallet management:Multisig cold storage for our 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, we will directly link the TenX wallet, allowing users to store their own private keys.

Personal data protection: All personal data is encrypted and stored securely. We will never sell your personal information.

Biometrics: Fingerprint unlock feature available on supported mobile devices.

Future of payments

The TenX wallet is one of the most versatile and convenient ways to exchange several cryptocurrencies and make payments. It also allows users to exchange them to fiat currencies on the spot without having to wait for days. It allows customers to complete their transfers with a few simple taps. No more waiting days to receive your funds. You’ll receive your funds within the next business day. Additionally, users can also track all expenses, transactions, and purchases in real time. You can see all your detailed transaction history. Customers also receive real-time notifications when their card is used. In other words, it offers the same benefits and usability of any usual credit or debit cards.

Here is a look at the innovative CEO of TenX, Toby Hoenisch

Toby is a thrill-seeker and a passionate learner of everything learn-able, who makes impossible possible, Toby started programming at the age of 10. Having realized the unlimited potential of technology, he studied Computer Science and Artificial Intelligence and became a serial entrepreneur & blockchain expert. Toby is a frequently invited speaker at global Tech/FinTech events as well as a regular commentator in the media on current blockchain trends, the future of cryptocurrency and best ICO practices. When he is not architecting and re-envisioning the world of finance, he can be found dancing salsa or practicing acro-yoga.

“We’re more than just a digital currency card. Our mission is to bring the entire financial system right to your fingertips.”