TenX 2018 Preview

Watch out for TenX. Find out why 2018 will be its breakthrough year!

Posted by Jun on February 09, 2018

Do you know what COMIT means? Don’t bother guessing...

TenX made waves in 2017 when it raised US$80 million within 7 minutes through the ICO of PAY tokens. If everything goes according to their plan, 2018 will be the breakthrough year for TenX. Late January 2018, I was at a meetup hosted at TenX’s spanking new Singapore headquarters, where Dr Julian Hosp (Co-Founder and President, TenX) shared some of TenX's exciting plans for 2018.

Card situation

You might recall that Wavecrest, TenX’s previous card issuer, lost its Visa license. Not to worry…TenX has found a new card issuer partner but cannot disclose the name at this stage due to confidentiality obligations. TenX aims to have one million cards issued by the end of 2018.



TenX aims to allow you to spend your virtual currencies, anytime and anywhere.

Token Update

You may recall that originally, PAY tokenholders are entitled to receive certain rewards. However, no rewards have been paid out yet. It seems that TenX’s key concern is to avoid the PAY token being classified as a security under the Howey Test. This would mean that holders of PAY cannot have an expectation of profit (as this is a key factor under the Howey Test).

In 2018, TenX will start providing additional benefits tied to the PAY token. One of the benefits mentioned was to give users a discount on the card if payment is made using PAY tokens.  However, there are some hurdles relating to additional features. As an example, it was explained that conducting an airdrop in the European Union is difficult because KYC issues will arise if the recipient’s identity is unknown. One challenge that TenX expects to face is compliance with the ever-changing regulatory environment in key jurisdictions.


COMIT is a cross-chain protocol that TenX is developing. As explained during the presentation, a cross-chain transaction through COMIT is immediate and trustless. TenX will be the liquidity provider in this protocol. It was mentioned that the Monetary Authority of Singapore (MAS) expressed interest in using COMIT in Project Ubin, so that Project Ubin can be connected to other projects. Please note that COMIT is still not operational.


Dr Julian Hosp explaining how COMIT works

Banking License

TenX aims to obtain a banking license in the second quarter of 2018. Holding a banking license would allow TenX to issue cards and control the entire user experience. Presumably this will also reduce TenX’s reliance on third-party card issuers. In response to a question from the audience, TenX stated that they will be open to co-branding opportunities for their card – this, I think, will catch the attention of many traditional financial institutions that wish to dip their toes in cryptocurrencies.

KPIs for 2018

  • One million active cards by end of 2018.

  • Build the right team – TenX stated that they will need 200 employees to achieve their goals. In particular, they will be looking to build a marketing team, which is something they have not focused on thus far.

“With the right team, you can do anything”, said Dr Julian Hosp, Co-Founder and President at TenX.

  • In terms of markets, TenX intends to focus on Asia (in particular Singapore) and Europe. Plans in US and South Korea are dependent on their respective regulatory stances. Japan remains a very attractive market for TenX. TenX will also focus on travelers as data shows that they are the biggest users.

  • TenX aims to add more features such as allowing trading of cryptocurrencies in the app, adding more types of cryptocurrencies, and bridging the gap between fiat and cryptocurrency.

I’m impressed. TenX seems to have all the ingredients for success: excellent team, solid business plan and of course, ample financial resources. Their success will not only bode well for their investors, but also give a tremendous boost in bringing cryptocurrencies closer towards mainstream adoption. We’re rooting for you, TenX!

P.S.: COMIT – Cryptographically-secure Off-chain Multi-asset Instant Transaction network.