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TenX is a software wallet with a native token (called PAY) that was built to make blockchain assets instantly spendable anywhere, according to the team's whitepaper. The company's founders are graduates of PayPal's incubator program. TenX's initial token offering in 2017 raised $34 million in 7 minutes. The TenX Product Suite consists of the TenX Card, TenX Wallet, TenX PAY Token and TENX Rewards Token. The card and wallet allow users to spend their cryptocurrencies in a simple and safe way, at more than 40 million points all around the world. The PAY Token is a work-in-progress loyalty program which, in the future, will reward token holders for spending cryptocurrencies using the TenX Card. This will be in addition to future utilities including loyalty benefits and and being integrated within the TenX Wallet as a mode of payment. The TENX Rewards Token is an ERC-20 rewards token on Ethereum with features of ERC-1400. TENX Token holders are rewarded with PAY Tokens based on the company’s financial performance and other relevant factors. TenX co-founders met at a blockchain meetup in Bangkok in 2014, and founded TenX in June 2015 after winning a Hackathon contest in Singapore following a startup boot camp supported by PayPal. The company was originally called OneBit, as it was focusing only on Bitcoin. The co-founders of TenX noticed issues when trying to remit money overseas and believed that blockchain technologies and cryptocurrency payments are the way of payments in the future. They started the company with a vision to have assets on the blockchain, available not only to industry insiders but to any user in the real world. With the emergence of more and more different tokens, a growing number of users and businesses truly struggle to leverage the existing blockchain infrastructure. TenX focuses on making the interconnectedness of physical and virtual platforms a reality.
The TenX blockchain asset wallet converts the users cryptocurrency into fiat money at the point of sale. In the TenX wallet backend, TenX's COMIT protocol allows different blockchains (e.g., Bitcoin or Ethereum) to interact via a separate token, the PAY token. The TenX wallet can also be used with the TenX card, a virtual or physical debit card connected to the mobile application. The native PAY token facilitates the transfer or crypto to fiat at the point of sale in the application. The TenX PAY token also raised funds via a public offering to support the development of the TenX wallet. To date, the TenX crypto wallet is usable on Andriod, iOS, desktop web browsers, via physical TenX card, and has support for Bitcoin, Ethereum, Dash, and ERC-20 tokens.
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