TenX’s ICO finished nearly as soon as it started, with the project raising 200,000 eth in around ten minutes, currently valued at around $67 million, for the further development of a crypto debit card, a new protocol called Commit and to apply for a banking license. TenX ICO Raise $67 Million in 10 Minutes!
The team received seed funding by Fenbushi Capital, a China based VC fund that focuses exclusively on blockchain projects, having previously invested in Circle, Bloq and many others.
As you can see above, they have Vitalik Buterin listed as an investor on the webpage and whitepaper prior to the ICO. But Vitalik said it was Fenbushi that invested rather than himself. Julian Hosp, co-founder of TenX, stated that Buterin had helped with the Commit protocol and was one of the first individuals to test the debit card.
They already have a wallet usable only on Android, a debit card which you can order for $15, then you just send ETH or BTC to the wallet, allowing you to spend it by taping your card anywhere Visa or Mastercard is accepted. This is not any different than if you had deposited FIAT, rather than ETH or BTC.
Once you make a purchase, they take the ETH equivalent, sell it for USD or whatever currency on Kraken or Poloniex, and then send the USD to the merchant. For the service, they take a fee of 2% from the merchants.
On top of that, they plan to apply for a banking license in the future. Then there is the Commit protocol which aims to allow for an easier interchange between currencies.
So the overall package is interesting, especially when they get a banking license, with a significant plus for the project being that they actually have a working product out there unlike many ICOs.
It will be interesting to see how the project develops in the coming months and years particularly since they have a whopping $67 million to spend on development and marketing efforts.
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