TenX, an ethereum based projects some forgot about, has come back to life and with some vengeance, spiking an incredible 400% on Bithumb to then “settle” at a current price of nearly $3.
The incredible quick price rise led CoinMarketCap to exclude them from price averaging, with Bithumb being an outlier even in South Korea as Upbit is in line with other exchanges.
Julian Hosp, co-founder of TenX, said the price action on Bithumb was due to “an illiquid market (no deposits or withdrawals).” He further added:
“Imagine, what Comit would do to prices and industries all around the world, when markets are suddenly made super liquid and trust barriers are broken down?”
Comit is a protocol they are working on that tries to utilize atomic swaps for instant conversions of cryptos into any other crypto. They’ve made some progress on it, with a proof of concept shown recently.
But it was a cryptic tweet that made price go crazy on Bithumb. At around 6am London time, Hosp told his followers nothing more than “010000100100100101001110.”
Banking license confirmed? Someone shouted. The answer is probably no, but the rumor boots had probably traveled the world by that point. The cryptic language utilized by computers translates to:
That’s a bank in Berlin. We tried to reach out to TenX, but have received no response at the time of publishing. Rather than a banking license, therefore, the tweet probably announces they have received a BIN from the German bank which may allow them to issue more crypto debit or credit cards.
The project ICO-ed last year, raising 200,000 eth then valued at $67 million, for the purpose of allowing you to pay any merchant in cryptocurrencies through the crypto card, with TenX instantly converting the cryptos into dollars and so giving the merchant dollars.
The second promise was the Comit protocol and the third was a banking license. Neither of those two have launched, but crypto cards were issued last year, sending TenX’s price back then up 40%.
Demand for such cards clearly appears to have been higher for ‘when cards’ seems to have turned into a meme in that land, so this suggestion they are coming appears to have made some happy.
The project’s current market cap is at $95 million after the recent price rise, so investors have seen some gain, but many were getting frustrated due to lack of updates, which now is beginning to change.
Or, at least it appears so, with Hosp stating “When a team is ‘quiet’ for some time… they can unleash stuff one after the other quite rapidly.”