A quick summary of TenX and PAY


Rigario, these are all good points. I will probably get some tokens just because of the video above (buying the visionary) just for the heck if it. I wish tenx success.


That’s a great idea. Thought the wallet and card will support virtually all cryptos there is no reason you can’t pick your favourite for the logo.


Q4. They need at least 90 days from the end of ICO before US and other SEC red tape.


I have heard TenX will work together with https://kyber.network? … that would be interesting since you then can have a more stabel account balance and spend many more tokens.

Any one can confirm this?


Ooooo haven’t heard that one, but I won’t rule it out since they are both Singapore based. However, I think Ten X’s long term COMIT blockchain idea is actually somewhat similar to what kyber has to offer in terms of cross token swapping.


I do not think TenX and Kyber.network are competing … they have both difrent focus fields


Thanks for this thread - part of the reason I found and bought TenX and a great price. Going to take some of the profits as it goes up this run but definitely going to hodl as well - they have a big lead and I have confidence in their team. Really appreciate their dedication to great communication with the public and users.


I can’t see a viable market for the product - not now, or in the near future. Where is the demand for using crypto in real life? A very small majority of the population own crypto and it’s mostly investors i.e people that want to trade, not buy a Starbucks.


@jrbarrow very true but it’s great for the credibility of crypto. Everyone one I know offline just thinks crypto is some shady and worthless digital token. When I mentioned the tenx card that will make crypto spenable in Tesco for example, they were genuinely surprised. Though I am yet to receive it and demonstrate it’s use.

As well as the credabilty issue the fact that it makes crypto practically useful means there door is open to many more users. I think currently there is 1 million new BTC wallets being created per month, we can’t be far away from massive exponential usage growth and I think TenX will be an important part of this.


I think this is the right question to ask and I think I can answer it at least partially.

After reading most of their white paper (a 51 page behemoth) I would suggest their product is a lean international rewards payment system with lower costs than the same product from a bank and a very low barrier to entry. Given the amount of time I see people spend shopping around for the best travel card available and preloading local currencies in preparation for travelling, there is definitely a market, although a crowded one.

There is also a market in the developing world where a huge portion of the people don’e use a bank and crypto will suit them well. The bitcoin explosion in Nigeria demonstrated this clearly. This is not crowded and companies like TenX, Metal, Omise and Stellar are ploughing into this market at full speed.


In the developed parts of the world, where crypto is mainly and investment, if I am able to spend crypto directly, it allows me to be over invested in crypto and still have the ability to use the investment to pay the bills. Fundamentally its no different from me taking some profits and paying me credit card bills, it just happens in one seamless transaction. I personally find that to be quite powerful.

Then there are all the things that @genebeveridge said where crypto is really spreading in the developing world and this is a way for them to get access to essentially banking features without a bank account.


@genebeveridge @David_Wyness agree that these projects are good for the credibility of crypto. I use https://www.revolut.com/ for my fiat banking, which is a similar concept but without the crypto i.e. cool app, widespread access (no credit checks etc for entry - although not available in all countries yet), multiple currencies, no transactions fees and rewards. Revolut is a start-up with 1million customers, processes 35million transactions and is valued at £350million. If Revlout becomes huge and global I see a partnership with a crypto team as an avenue to mass market adoption for a crypto payment system. However, there needs to be an incentive for people to start using crypto currencies for everyday purchases. Perhaps a partnership with a major retailer that gives users benefits / perks for using crypto. The elephant in the room, as always, is regulation. How will corporate entities with mainstream investors that are compliant will the existing financial regulations deal with an unregulated market / the risk of future regulation. Interesting.


Hmmm, let’s not get stuck in our crypto echo chambers! There are competitors from all directions!

Metal have a solution to your concern, by drip feeding crypto into a fiat based payment network. I had this concern early and liked Metal’s pragmatic approach. Continue here if you like: https://thecrypto.pub/t/metal-mtl-metalpay/587


@jrbarrow, I hearted your comment not necessarily because I agree 100%, but because I appreciate your thoughtful disagreement and the vocalization of said disagreement. The conversation it started after your post was fun to read :blush: thanks to your post.


Using a debit card and spending crypto around the world has another regulatory and tax issue.
Some countries consider cryptos as currency and other refer to it as assets.
Well, as a currency we have no problem, but if it is considered to be an asset, it means every time I use it,
I should actually be taxed for realizing profit on my costs from entering BTC/ETH…
Not saying that every time I want a coffee with crypto I would call my tax authority to declare, but do you think it may be a regulatory problem in a bigger scale before they would be allowed to conquer the world?


Also Revolut, a more traditional english startup, is going to implement crypto payments with 0 commission fee and at best exchanges rate. Could it be a competitor?


@Harelko hard question to answer. But I don’t think its going to hinder the growth of these services for a long time. I don’t even think many of these services are on the government’s radar at these transacted amounts. Debit card on cryptos are like the early adopters of the early adopters. In the long run, if crypto’s are viewed as currencies as opposed to investment assets, then its not much of a problem. Interesting, its going to be projects like these that will start getting cryptos to be recognized as currency as opposed to investments.

As for revolut, for now at least, its still a slight annoyance to need to exchange from crypto to fiat before you can spend on revolut. Its probably the best competition out there right now. But competition is always ultimately good for the consumers.


If they release a card in the next year or two, could people who use it be penalized somehow due to tax implications? (particularly in the US) Or will they not release it until such issues have been settled? Sounds very interesting, and I love the idea of utilizing crypto in the real world. Would like to be involved as a token holder based on my current understanding, but still trying to learn more.


@Rigario Hi, looking at the description, mainly this part:

“Token holders basically get paid out based on the amount of PAY they have. They are paid based on the transactions that happen in the network.”

Does it mean it’s POS concept and if I store the tokens in the official wallet my amount will increase?

I thought it’s Ethereum based so the POS shouldn’t be possible. Sorry a noob here :slight_smile:

Much appreciated


I don’t think it is a POS model. It is simply a case of if you hold PAY tokens you will receive a proportion of the credit card transaction fees relative to how many PAY tokens you hold.

I think it is 0.5% of the total credit card transaction volume that is paid to PAY token holders. That figure is then divided proportionally by how many tokens you hold.