TenX Card – Quiet Before The Storm?

Every day it seems that there is a new type of cryptocurrency, wallet or e-payment provider bursting onto the scene, bringing with it, a revolution of exciting new features and developments – the likes of which we have only ever imagined before.

The PAY token, TenX and the TenX card are perfect examples of such technology.

Linked by the same team of core founders and developers, this technology is set to change the way we do things, the way we transact, and the methods that we use to pay.

Bridging the gap between holding cryptocurrency and being able to spend it where we like and where we chose, TenX is set to be a sure-fire, next big thing.

Don’t believe me? Read on to find out more!

What is TenX?

TenX is both a digital wallet and an actual, physical card that can be used to spend cryptocurrencies at any retail outlet, even those that do not explicitly accept cryptocurrency.

As the popularity of cryptocurrencies continues to rise amongst customers, one of its limitations is the lack of retailers that accept them, but this is all changing with the launch of TenX.

When you have a wallet full of coins that you are just dying to spend, and you don’t fancy doing all of your shopping on a handful of crypto-friendly sites, there is a solution.

The mission of TenX is to make any blockchain based asset completely spendable, instantly and anywhere.

To do this, they have built both a wallet and a card system that runs on the COMIT network which, for the uninitiated is a routing protocol that facilitates a variety of payments on blockchain networks.

At the moment, the TenX Wallet is available on iOS, Android and browser interfaces and it functions as a multi-currency wallet that supports Bitcoin but is soon planning to include Ethereum, Dash, and ERC 20 tokens as well.

While no release dates have been forthcoming as of yet, it is hoped that it will support these currencies by the end of 2018.

Regarding the wallet’s private keys, you cannot currently access them but the security that surrounds TenX is paramount, and they are stored in a combination of hot online storage and old offline storage solutions that are fully compliant and in line with industry standards.

To make a transaction via TenX, you can either use the dedicated TenX application for mobile or tablet, or you can use the TenX debit card.

Different from some of the other cryptocurrency cards on the market, all of your coins remain as such right up until the time that you are ready to make a transaction with them.

Another great feature is the fact that by running a DSS you can set yourself specific spending limits and rules for the use of your card, to enable you to have maximum control over your spending.

Examples of these include daily spending limits, transaction limits, and even withdrawal limits – all customisable to your needs and requirements. When setting up these limits, you are also able to specify which portfolio you want to designate for spending, e.g. you can allocate 50% of purchase to Bitcoin and 50% to Ethereum.

By the third quarter of this year, it is expected that TenX will release tools designed to help start-up businesses and merchants to develop ties with the COMIT network.

This will facilitate the expansion of TenX beyond just debit cards, and it will allow them to create with other types of assets such as ETFs and derivatives.

Making the COMIT network more accessible to the public will also result in new services such as lending programmes and exchanges being developed and rolled out.

Ok, but what exactly is the COMIT Network?

COMIT stands for Cryptographically–secure-off–chain Multi-asset Instant Transaction Network.

Whilst I was created by the same team behind TenX, the network has a different whitepaper, concept and even website and functions as a separate entity.

COMIT aims to allow any new blockchains to link up with an existing blockchain via the COMIT Routing Protocol (CRP) which is a set of requirements that outlines the way in which different blockchains interact and communicate.

It is similar in its fundamental concept to the way in which the internet works and is connected to the world through the use of the TCP/IP protocol.

As the COMIT network continues to expand and be implemented, it is expected that users will be able to easily exchange one asset for another, e.g. cryptocurrency to cryptocurrency or cryptocurrency to fiat, instantly and completely free of charge.

This is a huge bonus for users and will enable large and small transfers with little to no additional cost to the user.

But not every blockchain can be a part of the COMIT network – to pass the test and be able to join, they must offer double spend protection, time locks, a hash function, as well as multisig technology.

To be fair, most well known and reputable blockchains already provide these requirements and any that don’t are really not worth your time.

How do I make a TenX transaction on the COMIT Network?

To effect a transaction over the COMIT Network the customer, or user needs to be using a wallet such as the TenX wallet which is connected to the COMIT Network.

In addition to this requirement, the business that is wanting to be paid in return for their services must also be using a payment provider that is compatible with the COMIT Network.

Then, when the customer makes a payment with their TenX card, the transaction travels along the network of Liquidity Providers to see which one has the most favourable exchange rate from the particular cryptocurrency into fiat currency.

TenX Fees and Incentives

You will be glad to know that TenX has absolutely zero transaction fees and doesn’t charge any commissions on any exchanges.

The only fees that you have to pay are an issuing fee for the physical card ($15) and a paltry $1.50 for the digital card.

There is also no subscription fees payable for using the card unless you spend less than $1000 in a single year, in which case you will be charged $10 each time.


When it comes to incentives, there are a couple of things TenX have brought to the table to entice users.

Firstly, you can earn rewards by holding PAY tokens, and by using your TenX card.

If you are holding the PAY token, then you receive Ethereum rewards with each transaction that you make over the TenX network, at a rate of 0,5% of all aggregate transaction volume per calendar month.

As the size of the network increases and the volume of transactions grows, these payments will be paid out more often, even as much as once every hour.

TenX cards also offer a reward system similar to most mainstream credit cards – every time you spend on it, you will receive a 0.1% reward which will be paid in TenX tokens which you can choose to hold to receive the reward mentioned above, or you can sell on the market- the decision is yours.

To be honest, we are completely sold on the fact that TenX has zero transaction fees.

The convenience of being able to spend crypto-coins where you want, when you want, and not having to pay any extra fees for the privilege of doing so is something we think is fantastic.

This could provide some pretty stiff competition with other providers on the market who are still lagging behind, charging %s on payments made.

How did TenX start?

TenX was the brainchild of four techies – Julian Hosp, Michael Sperk, Paul Kitti, and Toby Hoenisch. The final whitepaper and token sale were launched at the end of June 2017.

With headquarters in Singapore, they are also the same team that were behind developing the whitepaper for the COMIT network.

They found funding from Fenbushi Capital – big players in the blockchain venture capital world which includes Ethereum founder Vitalik Buterin as one of its general partners.

While several other businesses are trying to set up a cryptocurrency debit card system (such as Token, Centra, and Monaco), TenX is truly unique in that it is the only one that is being built to work on the COMIT network and to facilitate cross-channel payments.

There is no real need for there to be a definitive “winner” when it comes to cryptocurrency debit cards; it does seem that TenX has the upper hand with their zero-fees policy.

There is plenty of space for different kinds of card providers each with different pros and cons that will suit different customers depending on their individual needs and requirements.

How many PAY tokens are there?

At the moment there are just under 105 million PAY tokens in circulation.

This is equivalent to around 51% of the total number of tokens that will ever be released after the release of 29% entering the market over the next four years that will be earmarked to help community initiatives, biz-dev, and academic research.

Out of the remaining 20%, half will be reserved as company assets while the last half will be used to pay the TenX founders and staff over a four-year period.

Once these tokens have been distributed, no more will ever be created.

How can I get one?

Unfortunately, at the moment the ordering of new cards is currently on hold because WaveCrest has stopped supporting Visa Prepaid cards as of the 5th of January 2018.

According to the TenX website, they are in the process of bringing on a new issuer, and the problem will be resolved by the end of the first quarter of this year.

If however, you are not signed up to TenX then we would recommend you doing so.

That way, when the card function is restored, you will be able just to order a card and get going without having to rush to sign up.

What is the verdict?

If you want our honest opinion, we think the team behind TenX could be onto something good.

The founders may not have quite as high crypto-credentials as some other start-up projects, but it is always a good sign that the creator of Ethereum, Vitalik Buterin is on-board with an investment capability.

Having taken a look at the TenX and the COMIT whitepapers, it seems to me like not only do they have a firm tech-plan in place, but they have the business strategy to make it a success.

We do have a couple of concerns regarding the reaction of international authorities and regulators regarding how they will treat the types of transactions that will be made using the card, as this is still a bit of a legal grey area and it could be that each transaction is considered as a taxable event.

The fact that there are zero transaction fees means that PAY tokens and the TenX card are a massive attraction to investors in and users of cryptocurrencies across the world.

It is also an excellent incentive for possible currency investors, meaning that they can now use their crypto assets to enact purchases that they previously, may not have been able to access this technology.

TeneX Card is an essential development in the world of cryptocurrency, and it is one that could help to seriously bridge the gap between using crypto coins as an asset and using them as a fully functioning currency.

For a comparison, read about another crypto-cared in our Wirex Review.