• Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics
Subscribe
  • Login
  • Register
No Result
View All Result
  • Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics
No Result
View All Result
No Result
View All Result

TenX Raises $67 Million Worth of Ethereum in Minutes for a Crypto Debit Card

24/06/2017 15:26
1 comment

TenX’s ICO finished nearly as soon as it started, with the project raising 200,000 eth in around ten minutes, currently valued at around $67 million, for the further development of a crypto debit card, a new protocol called Commit and to apply for a banking license.

TenX ICO stats

The team received seed funding by Fenbushi Capital, a China based VC fund that focuses exclusively on blockchain projects, having previously invested in Circle, Bloq and many others.

However, they listed Vitalik Buterin himself as an investor on the webpage and whitepaper prior to the ICO in a somewhat misleading manner as Vitalik told Trustnode it was Fenbushi that invested, not he personally, as we detailed yesterday.

Vitalik Buterin somewhat misleadingly listed as TenX Investor

But Julian Hosp, co-founder of TenX, told us Buterin had helped with the Commit protocol and was one of the first individuals to test the debit card, suggesting Buterin has been assisting the project.

They already have a wallet usable only on Android, a debit card which you can order for $15, then you just send eth or btc to the wallet, allowing you to spend it by taping your card anywhere Visa or Mastercard is accepted, not any different than if you had deposited fiat, rather than eth or btc.

How that works is somewhat simple. Once you make a purchase, they take the eth equivalent amount, sell it for USD or whatever currency on Kraken or Poloniex, and then send the USD to the merchant. For the service, they take a fee of 2% from the merchants.

On top of that, they plan to apply for a banking license, but have not yet taken any steps as far as we are aware. Then there is the commit protocol which aims to allow for an easier interchange between currencies.

So the overall package is interesting, especially if they do get a banking license, with a significant plus for the project being that they actually have a working product out there, but the aggressive marketing is somewhat dicey to say the least.

It will therefore be interesting to see how the project develops in the coming months and years, as well as how this $67 million will be spent.

 

Related Posts

Euro area inflation, March 2023

Inflation Falls More Than Expected in Europe

Two Faced Elizabeth Warren Allies with Banks Against Crypto, March 2023

Elizabeth Warren Allies with Banks

Bitcoin Up on Futures Expiry as Stocks Replace CME

Banks Keep Rolling Fed Loans

Load More
  • Trending
  • Comments
  • Latest
US gov bitcoin holdings, March 2023

US Gov Becomes Top Holder of Bitcoin

CFTC

Bitcoin, Ethereum and Litecoin Are Commodities Says CFTC

Biden and other global leaders at the Summit for Democracy, March 2023

Is Dedollarization Happening?

The National Bureau of Economic Research

Goldman Sachs and JP Morgan Can’t Survive Bank Run Says NBER Paper, Fail Stress Test

CFTC

Bitcoin, Ethereum and Litecoin Are Commodities Says CFTC

Biden and other global leaders at the Summit for Democracy, March 2023

Is Dedollarization Happening?

Euro area inflation, March 2023

Inflation Falls More Than Expected in Europe

Two Faced Elizabeth Warren Allies with Banks Against Crypto, March 2023

Elizabeth Warren Allies with Banks

Coinbase on the day of Nasdaq Listing, April 2021

Bitcoin Up on Futures Expiry as Stocks Replace CME

Fed St. Louis HQ

Banks Keep Rolling Fed Loans

Comments

Latest News

  • Inflation Falls More Than Expected in Europe
  • Elizabeth Warren Allies with Banks
  • Bitcoin Up on Futures Expiry as Stocks Replace CME

About Trustnodes

Terms of Service

Privacy Policy

Our Ethics and Values

Trustnodes Newsletter

(You have to be a paid subscriber)

Trustnodes © 2017-2023. All Rights Fully Reserved. For any Enquiries contact@trustnodes.com RSS Feed

No Result
View All Result
  • Login
  • Sign Up
  • Cart
  • Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics

Trustnodes © 2017-2023. All Rights Fully Reserved. For any Enquiries contact@trustnodes.com RSS Feed

Welcome Back!

Login to your account below

Authenticate with MetaMask Loading...

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

*By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?