Q1 update and looking forward to Q2
Hey TenXers,
Another quarter has sped by, and we’ve been making significant progress here at TenX. Our company president and co-founder Julian has recorded a brief video covering our major updates for this quarter which you can find below. We’ve also summarised the points for you further down.
Q1 timeline for card orders
Our engineering and product teams have been working tirelessly over the last 3 months to complete the integration with our new card issuer. We’re proud to be able to say that through sheer willpower and many sleepless nights, the tech integration of this card issuer has been completed, and the front-end changes required to facilitate this have all been implemented.
Now for the bad news. Since the last quarter of 2017, we have been working closely with this single issuer to be able to issue new cards to you guys by the end of Q1 2018. Unfortunately we have to submit to the fact that we are not going to meet this estimated timeline. We’ve had a contract signed with this particular issuer for approximately 6 months, but factors outside of our control have caused continuous delays with the issuance of cards.
We spent significant resources on implementing this single issuer, which restricted the amount of time we could spend developing new product features. This quarter has taught us we need to have multiple backup plans when breaking new ground, which we now have in place.
The main thing that we’ve learnt from this is that giving hard timelines (such as end Q1) is not the right way to go. In the coming weeks you’ll see us change the way we communicate to be more frequent and in finer detail — instead of giving one date for an overall goal, we will break a significant goal (such as card launch) into multiple smaller goals that need to be achieved for that significant goal to be completed. This will allow us to give progress updates as they come, rather than trying to rush out a single large project to give you guys one update. You will be able to see how much of the required work has been completed so far, and exactly what is left to do before we can launch.
Once this new communication strategy is ready you will be able to get a good understanding of how close we are to launch. You can expect to see this on our website in the next week or two.
Banking licence still on track for Q2
One of our major goals for 2018 is to obtain a banking licence. We’re very confident that this will still be happening on schedule by the end of Q2. It is important to note that this does not mean we can issue our own cards right away, but will take a few months afterwards.
Additional issuers
We’ve realised that to ensure compliance and for onboarding of additional issuers (both to support more countries and for redundancy), we needed to have our internal procedures and policies audited.
We have recently undergone a successful audit of our internal processes by a well-known, major accounting firm. As of right now, we are likely the first crypto company to be audited at this level.
We are now in late-stage talks with several other issuers inside of Europe, US, and Asia.
New product features
We are always working to bring you new and useful features, and one of the things you can look forward to is in-app crypto purchasing. This will enable users to buy Crypto with FIAT directly in the app. We’re still in early stages with this, but it is being developed in parallel to card issuing and you may see it sooner than you think.
PAY Token
We know that our PAY token restructure is an ongoing concern of the community. The main reason for the delay is that we have to get the structure right — both to protect you guys and us. We have to be 100% certain that the structure is legal and won’t be shut down by regulators as they start moving into this space. As an example, the SEC released another statement in late February on ICO tokens, specifically regarding rewards/dividends. Each time a statement such as this is released, we have to review the token structure again to ensure it is compliant with the latest regulations. The current revision (4th!) is awaiting approval by our legal advisors.
COMIT
We have now opened our research lab in Australia. Once available, a demo/preview will be presented by the project team lead.
In closing
Thank you to every one of you for sticking with us. We do not wish to take any shortcuts in providing a quality product that we are sure you will all love and enjoy. Be assured that going forward we will provide more regular updates and let you join us in the journey to make this happen.
