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TenX Review
TenX, is a cryptocurrency payment platform that consists of a wallet, physical debit card, bank account, ATM access, and more. Overall, the company wants to present products that make it easier for you to utilize your cryptocurrencies in the “real world”.
On June 14, TenX reached the target of its PAY token presale. They reached their financing objective of 100,000 ETH (around $39 million USD) in under 36 hours. The company is holding its TenX sale for the general public on June 24. Early financiers because sale will get the very same 20% benefit as they did in the presale.
TenX is built on the Comit Network, the frictionless payments platform that might bring us a world without any monetary deal costs.
How Does TenX Work?
The primary advantage of TenX is that it uses complimentary spending and exchange fees. That's a 0% cost. However, you'll need to pay charges for physical and virtual cards, and there are spending limitations in place. We'll talk more about TenX's charges down below.
To access the platform, you'll need to download the their wallet, which is readily available as a mobile app from the Play Store, or as desktop software application from TenX.tech.
The TenX platform and the wallet supports blockchain properties across numerous blockchains. It supports Bitcoin, Ethereum, and DASH, for instance, together with Ethereum ERC20 tokens. The business prepares to add much more cryptocurrencies in the future.
Another key feature of the platform is its decentralized security, which is based upon smart contracts. You are a holder of the DSS key and you're in full control of your funds. You can tweak your security settings at any time with the smart agreements. You can adjust security settings for daily limits, portfolio costs, withdrawal settings, and more, for instance.
When you've setup the payment platform and wallet, you can start interacting with real-world services and products. TenX relies on the Comit Network for these services.
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What is the Comit Network?
The Comit Network, found online at Comit.network, is a cryptographically secure off-chain multi-asset instantaneous transaction network.
We will not get much into the technical details of the Comit Network here, but you can read their whitepaper. Essentially, it's a payment platform that “can offer the same last and classy option as the web provided for info”. It guarantees to supply smooth, cheap payments for users all over the world, including real worldwide gain access to without restrictions to any property or organisation process connected to the blockchain.
The company relies on this smooth payment platform for its network. The TenX payment platform (including the debit cards, ATM, bank accounts, and wallet) communicates with the Comit Network to supply ETFs, exchange services, lending services, and security.
It is in fact built on the Comit Network.
TenX PAY Tokens
Why hold TenX's PAY tokens? The tokens have the prospective to be a huge moneymaker for token holders: for every transaction, the token holder gets a benefit in the form of ETH. 0.5% of the deal goes to TenX token holders. Additionally, token holders get 0.1% money back rewards through PAY.
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Fees
TenX uses a remarkably uncomplicated fee structure. Here's how much you'll pay for the numerous TenX services:
- Physical Card Issuing Fee (Covers Shipping and Tracking): $15
- Virtual Card Issuing Fee: $1.50
- Physical Card Annual Fee: Free (or $10 if you spend less than $1,000 a year)
- Virtual Card Annual Fee: Free (or $10 if you spend less than $1,000 a year)
- Foreign Exchange Fee: 0%.
There are certain limits to your spending. Standard accounts are restricted to 200 EUR per ATM withdrawal and a daily spending limit of 2500 EUR per day. Nevertheless, upgraded accounts can spend up to 10,000 EUR per deal, 20,000 EUR per day, and 1,000 EUR per ATM withdrawal.
Who's Behind The Company?
It was founded by a team that includes Toby Hoenisch (Co-Founder and CEO), Michael Sperk (Co-Founder and CTO), Paul Kitti (Co-Founder and COO), and Julian Hosp (Co-Founder and CVO).
The company has actually received financial investments from Fenbushi Capital and ICH.
TenX has head office in Singapore and in London.
Conclusion
TenX is a payment platform built on top of the Comit Network. The payment platform gets rid of the majority of costs associated with global banking and transfers. The business will provide a physical card and a virtual card that lets you connect with product or services in the real-world.
TenX simply completed its presale, during which it raised $39 million USD in only 36 hours.
Certainly, TenX is creating huge attention in the blockchain community and has actually gotten the support of industry giants like Vitalik Buterin (creator of Ethereum). Stay tuned for more details about this payment platform as it continues to grow.
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