The TenX startup offers a card to convert Bitcoin into cash

Eighty million dollars just in seven minutes of ICO was received by the TenX startup based in Singapore. It plans to issue prepaid VISA cards with TenX’s technologies that allow to use cryptocurrencies for purchases and services in the real world, Bitcoinist.com reports.

Despite the fairly wide circulation of cryptocurrencies, its real-world application is less than desirable, and with increasing cryptocurrency transaction fees, Bitcoin and other digital currencies are used more and more widely for investment purposes.

TenX offered a solution that allows instant conversion of any cryptocurrency, using blockchain together with COMIT network. This allows for both industry insiders and common users to use the digital currencies in real life.

TenX claims that their cards will be applicable both in digital and real worlds and that there are over 36 million points of acceptance.

Using TenX card, one can convert 8 cryptocurrencies, including Bitcoin, Ether, Dash and Augur into United States Dollar, Japanese Yen or Euro. By the end of this year the company plans to increase the number of supported cryptocurrencies to 11. The users will have to pay a 0.15-0.20 percent company cut from every transaction, and the worth of transactions is limited to $2000 a year, although the latter can be increased upon completion of certain verification procedures. The company has already received more than 10,000 TenX card pre-orders.

At this moment, the TenX transactions monthly volume is around $100,000, and during the next 18 months the company plans to achieve the monthly volume of $100 million from 1 million users.

However, there are also some facts about TenX that might not look so good. The price of TenX tokens drastically decreased on 8 July 2017 – from $80 to $1. Furthermore, the company sold 30% of its ETH, but there were no corresponding amendments in their banking license application. Like many other startups, TenX is accused of concealing projected revenue, user database and other stats that might influence the potential investors’ decision. An interesting fact is also worth mentioning – the founder of Ethereum Vitalik Buterin, while listed as a TenX investor, said he has never really been one.