TenX ICO Raises $34 Million in 7 Minutes

Ashour Iesho · June 24, 2017 · 4:00 pm ·

Ashour Iesho · June 24, 2017 · 4:00 pm

Founded in 2015 and a graduate of this year’s PayPal incubator program, Singapore-based company TenX managed to raise $34 million through their recent ICO.

One of the major problems that cryptocurrencies face today is the liquidity for real-world usage. Only a very few cryptocurrencies have a high enough trading volume and liquidity support in order to provide such a service.

According to the TenX team, many cryptocurrency users face this problem:

Once you start getting into that environment you realize one big problem though that keeps this technology from truly breaking through: it is actually really hard to use Bitcoin or Ether in everyday life. In theory everything sounds great and nice, but if you actually want to spend them at “a real world store” it is pretty much impossible.

The TenX Solution

TenX is a Singapore-based company a 2017 graduate of Paypal’s own incubator program. Their main goal is to create an efficient solution for the liquidity problems of many cryptocurrencies. The TenX official debit card would allow cryptocurrency users to effectively spend their blockchain assets in real-world. For example, buying coffee, food, airline tickets, clothes etc. would be much easier for cryptocurrency users with the TenX debit card.

Tech Inside the Card

TenX’s debit card is being powered by a payment system on the frontend and through the COMIT system in the backend. The COMIT protocol would allow different blockchains like the bitcoin or ethereum blockchain to interact together without issuing a different token.

The Token Sale

On June 24th, the TenX team officially started the token sale. Investors could exchange 1 ETH for 350 PAY and receive a 20% bonus in the first 24 hours of the token sale. The sale had a pre-sale cap of 100,000 ETH and a total cap of 200,000 ETH.

It didn’t take long until the sale hit the total cap of 200,000 ETH. In an impressive amount of time(7 minutes), 4000 users had invested 200,000 ETH or $34 million.

The huge amount of participants led to a similar network congestion that was caused by the Status ICO.

What are your thoughts on the TenX platform? Will you use the TenX debit card in order to spend you cryptocurrencies? Let us know in the comments below.

Images courtesy of COMIT, TenX

Ethereum Fintech ICO tenx Show comments

+
20/04 Mobile Crypto Mining Democratizes Cryptocurrency for Everyone
Of all extant cryptocurrencies – over 1,500 – those restricted to mobile platforms, wallets, and exchanges comprise a fairly small portion. Yet despite ERC20 and utility tokens’ dominance in the ICO landscape, there is a high potential for mobile-only cryptocurrencies to democratize mining and dramatically decrease transaction costs. Potentially, this makes mobile-based cryptocurrencies, in aggregate, a foundation for tangible and tractable work to reverse the remaining and foundational problems seen with dominant cryptocurrencies today. The
Read More
+
20/04 Venture Captalists Pour $133 Million into Stablecoin Startup
ICOs and cryptocurrency startups have been slumping recently due to the bearish signs which were seen in the first quarter of 2018. However, Basis, a promising start-up, has broken that trend by raising over $133 Million U.S. in private funding. A cryptocurrency startup by the name of Basis (formerly named Basecoin), has just announced that they have raised over $133 Million dollars in funding from well-known venture capitalist firms. Three Princeton grads just got $133
Read More