The Singapore startup believes that it has an answer to the society's request for an increase in the real value of bitcoin: through a Visa card.
On its website, the TenX project states that it makes possible 'a waste of crypto currency at any time, anywhere,' which is certainly the answer to one of the most painful issues of the bitcoin economy: how it is possible to use bitcoin in the real world with the help of a debit Card and bank license.
In a review of Deal Street Asia, dedicated to the Singapore startup, it is described as an 'instant converter of a number of digital currencies into fi nish cash.' These include the dollar, the yen and the euro.
TenX says it wants to simplify the use of digital currencies, such as bitcoin, and has now released more than 10,000 cards. Transactions on them are limited to an amount equal to $ 2000 per year, which can subsequently be increased after checking the identity of the client.
When you connect a TenX digital wallet to a Visa card, users can easily and easily pay for goods in the local currency of the seller with funds on the user's crypto-currency account.
Julian Hospe, co-founder of TenX, said:
'When a user spends crypto currency, we convert it into the required fiat, so that it becomes possible for him to pay for goods or services using a Visa card. This is a rather complex multi-level scheme. '
TenX currently handles about 100,000 transactions a month, and in the future the startup is aimed at reaching a threshold of $ 100 million, expecting that by 2018 it will be joined by at least one million users.
According to Hospas, the startup does not increase the conversion commission set by the digital currency exchanges, and transactions are processed instantly by the application.
In June, the start-up conducted an ICO, during which it raised $ 80 million from the sale of platform tokens.
Hoosp adds:
"In the final version of our software, we are going to offer users the ability to switch between crypto-currencies inside the application. If we succeed, we can become a market-maker, which, among other things, will bring significant revenue to users".
a source: https://bitnovosti.com/