TenX ICO Investment Analysis

Blockchain Paper


- Name: TenX

- Ticker symbol: PAY

- Project type: Credit card ETH payment method

- Company: 9 Temasek Blvd. Suntec Tower 2 #38–02 SINGAPORE 038989 | Kemp House 160 City Road London EC1V 2NX UNITED KINGDOM

- Website: http://www.tenx.tech

- Whitepaper: http://www.tenx.tech/whitepaper/tenx_whitepaper.pdf

- ICO: 24/06/2017 at 1300 GMT, end 4 weeks after token sale begins

- Soft cap: None

- Hard cap: 200,000 ETH (100k ETH already sold during pre sale)

- Token: PAY, follows ERC20 standard

- Bonus structure: first 24h +20%, day 2 and 3 +10%, day 4 to 7 +5%, day 8 to 14 +2.5%

- Open source: NO

- Team size: 9

- Developer team active: Cannot tell

- Slack: +3000 users, http://ten-x.herokuapp.com/

- Twitter: +2370 followers https://twitter.com/tenxwallet

- Reddit: +240 redditors https://www.reddit.com/r/TenX/

- Facebook: +1600 likes https://www.facebook.com/tenxwallet/

- YouTube: +1200 subscribers, https://www.youtube.com/channel/UCrh49JX-9UQJbee6e4EGhog


TenX is a payment company that aims to enable users to spend their crypto currencies as easily as fiat, thanks to a debit card that is accepted on the Master Card and VISA networks and a mobile wallet.


An user with a TenX physical card and the wallet installed on his phone can, for example, go shopping and pay with ETH in all stores that accept standard Visa or Master Card debit or credit cards. When the user swipes his Ten X card, the store Point of Sale recognizes it as a valid VISA/Master Card card and connects to the TenX network. USD price is converted to ETH on TenX’s own exchange and the correspondent amount of Ethereum is deducted from the user’s wallet. Should the user prefer not to carry a credit card, in the future he will be able to use his phone by swiping it on the PoS Near Field Communication reader. The user’s credit on his mobile wallet gets instantaneously updated and the transaction gets logged. To pay the store TenX converts the ETH expense back to USD and transfers that amount to the store’s own credit card network account, minus a 2% interchange fees — just like any credit card payment. Of that two percent TenX gets the 0.5% from each transaction.

In the future TenX users will be able to spend not only ETH tokens, but also all the crypto tokens available on the biggest crypto currencies exchange markets, thanks to the COMIT technology they are developing. COMIT is a network that allows instant, frictionless payments for a fraction of the original cost. Thanks to COMIT users and banks will have access to any asset or business process connected to Bitcoin, Ethereum or any other blockchain.


It is not the first time companies have tried to implement a way to connect blockchain based crypto currencies to the credit and debit card system that is normally used for banking and payments.

The main competitors are XAPO, WIREX, MONACO and TOKENCARD, which can be grouped on the

XAPO (https://xapo.com/) and WIREX (https://wirexapp.com)

Compared to WIXER and XAPO, TenX offers a lower fee to issue the physical and virtual card, no foreign exchange fee and a lower annual fee. The blockchains it operates on are multiple, and not Bitcoin exclusively, and the issuer are both Master Card and VISA.

MONACO (https://mona.co/) and TOKENCARD (http://tokencard.io/)

The main advantage against MONACO and TOKENCARD is that TenX is an advantage because it already has a working app and cards can be requested, while the others seems to be still lagging behind. Moreover both the domestic and foreign transaction fees are cheaper and the user is in full control of the fund security, while for MONACO and TOKENCARD he has to trust the issuer for this matter.

In depth comparison between different card backed blockchain exchanges can be found at the bottom of the TenX token sale page (http://www.tenx.tech/tokensale.html).


The company was founded in mid 2015 and quickly gained traction thanks to a successful blockchain hackathon that rewarded the team with 10k USD and a 1 million USD seed round in March 2017. After having been selected to join Paypal’s own incubator program in Singapore the team quickly released a live product and more than 100k American Dollars have been transacted in over 50 countries.


Unlike most tokens which grow the more they are used, PAY is pegged to the transaction volume. This means that as TenX grows and it processes more transactions, its token PAY gains more value.

Users that have invested in PAY tokens will receive 0.5% in ETH of the payments passing through TenX network. This could make it easier, compared to other coins, to evaluate PAY tokens by using the number of debit cards issued and how much every user normally spend with their credit or debit cards.


- Percentage of all Tokens offered to public 80%

- Percentage of all Tokens Sold immediately 51%

- Percentage of Tokens Distributed to the Community Over Time 29%

- Company Long Term Incentive Alignment 20%

80% of the tokens are going to be distributed during the ICO starting on the 24th of June 2017. 51% of the total amount will be sold immediately, while another 29% will be sold to the public in the future.

A maximum of 200k ETH worth of PAY will be sold, if this amount will be hit before the end of ICO, the sale is going to be cut off.

Should the contribution be less than expected, the 51% percentage will be adjusted as needed.

Each PAY coin will be sold for 1/350 ETH, with a minimum purchase amount of 10 PAY tokens per order. Payment in other crypto currencies is possible as long as they can be converted live to Ether. Right now the accepted currencies for the ICO are ETH, Bitcoin and ERC20 tokens such as DigiX, Augur, Iconomi, Golem, Aragon, Melon, WeTrust, Gnosis, Basic Attention, SingularDTV, Lykke, FirstBlood, Wings, iExc RLC, Chronobank, Humaniq, and SwarmCity.

Token holders are going to receive 0.5% in ETH of the whole payment volume, and users of the TenX debit card are going to receive a 0.1% PAY bonus, to incentive token demand and widespread use.

After the Initial Token Sale no new PAY tokens are going to be issued by TenX.


- 45% of the budget, the largest slice of this budget allocation, is going to be dedicated to the integration of COMIT, the decentralized, instant, multi asset network (more at http://www.comit.network)

- 20% goes to marketing and sales, to improve user acquisition and worldwide adoption

- 10% for multi platform support, so that iOS, Android and WebApp clients work seamlessly and ensure users can access TenX from anywhere

- 10% for administration and operations

- 5% for development fund, strategic partnerships that can help enhance the revenue of PAY token holders such as co-branding and co-marketing with other companies

- 5% for legal, guaranteed by the Singaporean securities and corporate law firm Dentons (dentons.com)

- 5% will be allocated to pay bug bounties


The team behind TenX started in 2015 in Singapore. The reason to choose this city for a credit card company are:

- Singapore is a top financial hub, globally recognized both in Asia and in Europe

- The Monetary Authority of Singapore (MAS) is favorable towards startups

- Singapore based companies are highly regarded in South East Asia, China and India

  • South East asia is a huge growth market, with 50% of the population being underbanked

Right now the team is composed of the following persons:

Toby Hoenisch, Co-Founder and CEO; previously CEO & Founder at StudyPact

Michael Sperk, Co-Founder and CTO; previously Lead Frontend Engineer and Technical Lead at Visalyze, PHD at Medical University Innsbruck

Paul Warrunthorn Kittiwongsunthorn, Co-Founder and COO; previously Innovation Coach at Kyoto Design Lab and Teaching team member at Kyoto Institute of Technology

Julian Hosp, Co-Founder and CVO; previously Speaker at I-Unlimited and Sales and Marketing director at Loyalty Program

Warren Goh, Product & User Experience; previously UX Freelance at TABASCOnsulting and Founding Partner/Director of Project MAnagement at Campus Underground LLC

Bettina Schmidt, Business Operation; previously Chief Marketing Officer and Publishing at 25 Stories and Reiki Practitioner

Tuhina Singh, Blockchain Developer; previously self-taught Blockchain Developer at Distributed Ledger Technologies

U-zyn Chua, Blockchain Developer; previously consultant at Zynesis and Smart Nation Fellow at GovTech Singapore

Among the investors that helped TenX grow we can highlight Vitalik Buterin, the founder of the Ethereum Foundation, Bo Shen, Managing Partner at Fenbushi Capital and David Lee, Angel Investor and Professor.


TenX has been able to provide value and tangible results, such as the debit card and the app, where other competitors are still lagging behind. Since Early 2017 TenX has a working product with 1000 confirmed beta testers, which puts them ahead of the rest of the group by a long distance.

Having been selected by PayPal incubator program means that their product is solid and that the industry believes in them.

Its low monthly, transfer and entrance fees allow them to be an excellent choice for the end user, and the foreign exchange fee at 0% makes it possible for them to become the de facto standard outside of the USD, EUR and GBP zone. Giving 0.1% in PAY tokens to card users is going to be a great incentive which will push this token high up in the charts.

There are a few factors that cause worry about this project, such as the lack of a public code repository for the source of this project, how the blockchain developers seem to have little proven experience in this field (aside from self-taught blockchain development in free time and governmental fellowships) or the past occupations of some members of the team.

What could worry investors is also that the market cap at ICO, at 65 million American Dollars, is more than 4 times higher than other competitors, which could easily copy their strategy and fill the distance that separates them from TenX, especially for what concerns the fees. Their focus on COMIT is going to be the tipping point between complete failure and worldwide success, without this key factor it will be really hard for them to offer all the advantages in term of multi blockchain, faster transaction times and the low costs.

It would make no sense to use this coin for trading on the crypto exchange markets, with such a high market cap it is going to be difficult to flip them for something else and have a substantial gain. Holding long term on this token seems to be a smarter choice, assuming that it will gain traction in South East Asia it could reach mainstream, worldwide usage and become one of the top players in the crypto industry. Their product has tangible value and should TenX be able to raise enough to apply for a banking license we could have fiat currencies soon to be integrated in the system.


Being able to use one’s crypto funds in everyday transactions is one of the key factors that will decide the future of crypto currencies for what concerns mainstream user adoption. Customers want to be able to use blockchain technologies in the same way they use the common banking system and credit cards, while retailers do not want to have to add another method to their payment structure.

TenX solves both these problems, providing results and solid solutions since 2015 where competitors have just given theoretical answers and vaporware products. The market where they mainly operate is not as saturated as those in other continents, and if they gain exposure in the South Eastern Asian market they can easily begin expanding towards other parts of the globe and even consider tackling the card issuers by providing their own system.


Investment Rating :- A+

Investment Risk :- Medium

Short Term Investment Risk/Reward Ratio :- 5/5

Long Term Investment Risk/Reward Ratio :- 2/8

Blockchain Paper

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Investment Articles and Analysis for Investors and Readers to make informed decisions . www.blockchainpaper.org

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