By now you have either joined the party, or you are anxiously waiting on the sidelines. I’m talking about the latest craze to hit the world dealing with cryptocurrencies. It’s quite a flurry of activity out there and I wanted to shed some light on a company that everyone needs to take note of.
The company I’m talking about goes by the name of TenX. They have essentially created a debit card and acquired a banking license to store all of your cryptocurrencies on so you can use them just like the money you use today. Crazy right? So all of those Bitcoins, Ethereum, and Ripple tokens you have laying around on your hard drive or e-wallet can now be stored within TenX and you can use those tokens and cyptocurrencies just like money.
This is both exciting and alarming. In my mind, it’s more exciting though because the banking and financial system is flawed in so many ways. There are so many hoops and hurdles that everyone needs to jump over and mountains of regulations for anything to be passed or changed.
Many financial processes are not easy to use and need to be changed. With TenX they are presenting a solution to many problems and I wanted to highlight a few of the main areas they solve with their solution.
Use of BlockChain Assets
The most important aspect of TenX in my mind is the ability for all holders of cryptocurrency to be able to use their blockchain assets just like they use their VISA or debit card every day.
All of the cardholders blockchain assets are stored on the card, and they can use this for all of your everyday purchases practically in any country around the world. This is a huge problem in the cryptocurrency industry today that TenX is solving. I honestly can’t wait to have a TenX card and the ability to have my blockchain assets available to me to use with the swipe of the card.
That’s what I call disruption.
By now you are well aware of the points cards available by Mastercard, VISA, and every other credit card company out there. If you’re like me, you use these religiously to pile up your points so you can use them on your next trip or to buy your next toy.
This is a form of incentive for cardholders to use a certain card. It’s a very effective way to get people to use your card. What TenX is doing is something similar, but they have two avenues for users.
They are incentivizing both the people who purchase their tokens (during their ICO) and also their cardholders. If you purchase tokens in their ICO or afterward when it hits the exchanges around the world, you will receive 0.5% rewards which in their case is Ethereum based tokens.
Over time this could get quite lucrative considering that the value and the market cap of Ethereum continues to rise and has risen 4000% since the start of 2017.
Everything is Decentralized
With TenX, you are the holder of your funds. Unlike at a bank, when you give them your money, essentially it’s theirs and they can tell you how much or how little you can take out each day, or for what services you are eligible for.
TenX puts you in full control of your funds and through the use of smart contracts allow you to fine tune your security settings at any time. This is something that is unheard of in the financial system. The days of you talking to your bank manager to increase or decrease your spending limits are going to be coming to an end I’m afraid.
It’s safe to say that TenX is disrupting and decentralizing the financial system and I respect companies taking action to disrupt age-old models.
If you want to support TenX and it’s development their ICO is happening June 24th and it’s a highly anticipated ICO so I wouldn’t be surprised if this one gets a lot of attention real fast.
Clinton Senkow is the Co-founder & COO of Influencive where he manages and oversee’s all business development and partnership activities for Influencive. He’s also the CEO of Senkow Ventures which is a digital consultancy for high-growth startups and SMB’s, a member of the invite-only Forbes Business Development Council, and was named a “Top 20 Speaker by Forbes”. He’s also a three-time Top G20 YEA Entrepreneur representing Canada.