blockchain based payment platform

How TenX platform works

What is TenX payment platform

TenX is a blockchain-based payment platform that aims to make it easier for users to spend their cryptocurrencies in the real world. The TenX platform includes a multi-currency wallet, a TenX Visa card, and a suite of tools and services designed to facilitate cryptocurrency transactions.

The TenX wallet is a mobile wallet available for iOS and Android devices, which allows users to securely store and manage multiple cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC), among others. Users can send and receive cryptocurrencies, view transaction history, and manage their cryptocurrency holdings through the wallet.

The TenX Visa card is a physical card that can be used at any online or offline merchant that accepts Visa cards. Users can link their TenX wallet to the Visa card, which is then used to automatically convert cryptocurrencies into the local currency at the time of the transaction. The card can be used for everyday purchases, online shopping, and cash withdrawals from ATMs, providing users with a convenient way to spend their cryptocurrencies in the real world.

In addition to the wallet and Visa card, TenX also offers other services and features to enhance the user experience. This includes a reward system called TenX Loyalty Points (TLP) that offers users rewards for using the TenX card, as well as features like spending and transaction analytics, budgeting tools, and portfolio tracking to help users manage their cryptocurrency spending and monitor their transactions.

Overall, TenX aims to provide a user-friendly and convenient payment platform that bridges the gap between cryptocurrencies and traditional financial systems, allowing users to spend their digital assets in everyday life. However, it’s important to note that using cryptocurrency payment platforms like TenX involves risks, including the volatility of cryptocurrency markets, potential transaction fees, and regulatory considerations. Users should always exercise caution, do their own research, and seek professional advice when using cryptocurrency payment platforms.

The history of TenX

TenX is a cryptocurrency payment platform that was founded in 2015 by Toby Hoenisch, Michael Sperk, and Paul Kitti in Singapore. The company’s mission was to make it easier for users to spend their cryptocurrencies in the real world, bridging the gap between cryptocurrencies and traditional financial systems.

The company’s initial focus was on developing a multi-currency wallet that would allow users to store and manage different cryptocurrencies in a single app. The TenX wallet was launched in 2016, supporting popular cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Dash (DASH), among others. The wallet provided features such as transaction history, secure storage, and real-time balance updates, and was available as a mobile app for iOS and Android devices.

In 2017, TenX conducted an initial coin offering (ICO), raising approximately $80 million in funding to further develop its payment platform. The company also announced its plans to launch a physical payment card, the TenX Visa card, which would allow users to spend their cryptocurrencies at any merchant that accepts Visa cards.

In mid-2017, TenX started rolling out the TenX Visa card to its users in selected countries, providing them with a convenient way to spend their cryptocurrencies in the real world. The card allowed users to link their TenX wallet to the Visa card and make purchases online or offline, as well as withdraw cash from ATMs in local currencies.

Over the years, TenX has continued to refine its payment platform, adding features such as a reward system called TenX Loyalty Points (TLP), spending and transaction analytics, budgeting tools, and portfolio tracking, among others, to enhance the user experience. The company has also expanded its geographical reach, making the TenX Visa card available to users in various countries around the world.

However, it’s worth noting that TenX has faced challenges and regulatory considerations in some jurisdictions, which have affected its operations in certain regions. The company has had to adapt to changing regulatory landscapes and has made efforts to comply with applicable laws and regulations in different countries.

Despite challenges, TenX has continued to strive towards its goal of making cryptocurrencies more accessible for everyday spending, and the platform has gained a user base of cryptocurrency enthusiasts who value the convenience and usability of the TenX payment platform. As of the knowledge cutoff date of September 2021, TenX continues to operate as a cryptocurrency payment platform, and its development and evolution in the future will depend on various factors, including market conditions, regulatory environment, and user adoption.

How TenX platform works

The TenX payment platform is designed to make it easier for users to spend their cryptocurrencies in the real world. The platform includes a multi-currency wallet, a TenX Visa card, and additional features and services to facilitate cryptocurrency transactions. Here’s an overview of how the TenX payment platform works:

1. Multi-Currency Wallet: Users start by downloading the TenX wallet, which is available as a mobile app for iOS and Android devices. The wallet supports multiple cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and others. Users can create an account, securely store their cryptocurrencies, and manage their holdings through the wallet.
2. Card Ordering: Once the wallet is set up, users can order a physical TenX Visa card through the app. The card is linked to the user’s TenX wallet and is used for making purchases online or offline, just like a regular Visa card.
3. Cryptocurrency Conversion: Before using the TenX card for transactions, users need to convert their cryptocurrencies into the local currency of their choice. This is done within the TenX wallet, where users can initiate a cryptocurrency conversion, which will automatically convert the selected cryptocurrency into the local currency at the time of the transaction.
4. Card Usage: Once the cryptocurrency conversion is completed, users can use the TenX Visa card to make purchases at any online or offline merchant that accepts Visa cards. The card can be used for everyday transactions, including online shopping, in-store purchases, and cash withdrawals from ATMs in the local currency.
5. TenX Loyalty Points (TLP): Users can earn TenX Loyalty Points (TLP) for each transaction made using the TenX card. These TLP can be accumulated and redeemed for various benefits, such as reduced fees, priority customer support, and other perks offered by TenX.
6. Additional Features: The TenX payment platform also includes other features to enhance the user experience, such as spending and transaction analytics that provide insights into transaction history, budgeting tools to help users manage their cryptocurrency spending, and portfolio tracking to monitor their holdings.
7. Compliance and Security: TenX has implemented measures to comply with applicable laws and regulations, including know-your-customer (KYC) and anti-money laundering (AML) procedures. The platform also employs security measures, such as multi-factor authentication (MFA) and encryption, to protect user accounts and transactions.

It’s important to note that the availability and features of the TenX payment platform may vary depending on the user’s geographical location and regulatory requirements. Users should always review and comply with the terms and conditions of the TenX platform, as well as any applicable laws and regulations in their jurisdiction.

Can TenX be trusted

As with any financial service or payment platform, the trustworthiness of the TenX payment platform depends on various factors, including its track record, security measures, regulatory compliance, and user feedback. Here are some points to consider:

1. Track record: TenX was founded in 2015 and has been operating for several years. The company has developed a multi-currency wallet and a Visa card that allows users to spend cryptocurrencies in the real world. However, like any technology company, there may be risks associated with its operations, such as potential vulnerabilities or service disruptions.
2. Security measures: TenX has implemented security measures, such as multi-factor authentication (MFA) and encryption, to protect user accounts and transactions. However, no system is completely immune to security breaches, and users should take precautions to safeguard their own wallet and card information, such as using strong passwords, enabling MFA, and keeping their devices secure.
3. Regulatory compliance: TenX has made efforts to comply with applicable laws and regulations in different jurisdictions, including know-your-customer (KYC) and anti-money laundering (AML) procedures. However, regulatory requirements for cryptocurrencies and payment platforms can vary by country, and changes in regulations could impact the operations and availability of TenX services in certain regions.
4. User feedback: Users’ feedback and reviews can provide insights into the quality and reliability of the TenX payment platform. It’s important to research and consider user feedback from reputable sources to assess the overall user experience, customer service, and satisfaction.
5. Risks associated with cryptocurrencies: It’s important to note that cryptocurrencies, including those supported by TenX, are highly volatile and can fluctuate in value significantly. Users should be aware of the risks associated with cryptocurrencies, including potential loss of value, regulatory changes, and technological risks.
6. Personal responsibility: Users should also take personal responsibility for managing their own cryptocurrencies and transactions. This includes understanding how the TenX payment platform works, being vigilant with security measures, and keeping up-to-date with any changes or updates from TenX.

In summary, while TenX has been operating as a cryptocurrency payment platform and has implemented security measures and compliance procedures, it’s essential for users to do their own research, understand the risks associated with cryptocurrencies, and take personal responsibility for managing their cryptocurrencies and transactions. It’s also recommended to review the terms and conditions of the TenX payment platform and seek professional advice if needed.

Does TenX charge a fee

Yes, the TenX payment platform charges various fees for its services. Here are some common fees associated with the TenX payment platform:

1. Card Issuance Fee: There may be a one-time fee to order and receive a physical TenX Visa card. The exact fee may vary depending on the user’s location and the type of card (e.g., virtual or physical) chosen.
2. Cryptocurrency Conversion Fee: When converting cryptocurrencies within the TenX wallet to the local currency for card usage, there may be a fee associated with the conversion. The fee is typically a percentage of the transaction amount and may vary depending on the cryptocurrency being converted.
3. Card Transaction Fees: Users may be charged fees for certain types of card transactions, such as point-of-sale (POS) purchases or cash withdrawals from ATMs. These fees may be based on a percentage of the transaction amount or a fixed fee per transaction.
4. Foreign Transaction Fees: If the user makes transactions in a currency different from the local currency of the TenX Visa card, there may be foreign transaction fees charged by the card issuer. These fees are typically a percentage of the transaction amount.
5. Inactivity Fees: TenX may charge inactivity fees if the user’s TenX Visa card remains unused for an extended period of time, typically after 12 months of inactivity. The specific fee amount and conditions may vary depending on the user’s location and the type of card.
6. TenX Loyalty Points (TLP) Redemption Fee: If users choose to redeem their TenX Loyalty Points (TLP) for certain benefits or perks offered by TenX, there may be fees associated with such redemptions. The specific fees and redemption options may vary.

It’s important to review the terms and conditions of the TenX payment platform, including the fee schedule, to understand the exact fees associated with the services and transactions. Fees are subject to change, and users should always check for any updates or changes to the fee structure.

How to use TenX payment platform

To use the TenX payment platform, you typically need to follow these steps:

1. Sign up for an account: Visit the TenX website or download the TenX mobile app, and sign up for an account by providing the required information, such as your name, email address, and phone number. You may also need to complete any verification or KYC (Know Your Customer) requirements as per the platform’s policies.
2. Fund your account: Once your account is set up, you’ll need to fund it with cryptocurrencies. TenX supports various cryptocurrencies, such as Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). You can transfer cryptocurrencies from your existing wallets or purchase them from external sources and send them to your TenX wallet.
3. Order a TenX Visa Card: If you wish to use a physical card for spending cryptocurrencies in the real world, you can order a TenX Visa Card from within the TenX app or website. The card may have a one-time issuance fee associated with it, and it will be linked to your TenX wallet.
4. Manage your cryptocurrencies: Once your TenX wallet is funded, you can manage your cryptocurrencies within the wallet. You can view your cryptocurrency balances, exchange one cryptocurrency for another (if supported), and track your transaction history.
5. Make transactions: With a funded TenX wallet and a TenX Visa Card, you can use it for various transactions, such as point-of-sale (POS) purchases at merchants that accept Visa cards, online transactions, and cash withdrawals from ATMs that accept Visa cards. Simply use your TenX Visa Card like you would any other Visa card for making payments or withdrawals.
6. Monitor your account and transactions: Regularly monitor your TenX wallet and card transactions to keep track of your balances, transactions, and fees. Be aware of any changes in the fee structure, exchange rates, or regulatory requirements that may affect your account or transactions.

It’s important to familiarize yourself with the specific features, functionality, and terms and conditions of the TenX payment platform by reviewing their documentation, FAQs, and other resources. If you have any questions or need assistance, you can contact TenX customer support for help.