SINGAPORE, 13 June 2019, TenX, global FinTech pioneer, focused on making cryptocurrencies spendable in an easy and safe manner, has recently become the first crowdfunded company to achieve the status of a regulated financial institution in Europe. With a fully passport-able licence, issued by the Liechtenstein Financial Market Authority on May 29th, 2019, TenX will be able to provide Electronic Money Institution (EMI) services across the European Economic Area (EEA) countries.

TenX has always endeavored to be a trusted brand, and the EMI licence is the result of their tenacity towards achieving this. “Liechtenstein is striving to provide the best legal and administrative framework for technology-oriented companies in combination with our long-standing tradition of being one of the core financial centers in Europe. The decision of TenX to set up its core activities in Liechtenstein and contribute actively to the Liechtenstein Blockchain Ecosystem shows that Liechtenstein’s strategy is well received by the market. TenX has worked intensively for several months in order to become a regulated financial institution. I congratulate them on this success,” said Thomas Duenser, Director of the Office for Financial Market Innovation, Ministry for General Government Affairs and Finance, Liechtenstein.

Earlier this year, TenX re-launched their core product, the TenX Card, to travelers within the APAC market and noticed a pattern of spending linked to everyday purchases. Since January, more than 62% of all purchases using TenX Cards were made at bars, restaurants, grocery stores and gas stations. 20% of existing TenX cardholders use their card on a weekly basis and total card spend has been growing by over 100% month on month, since January 2019.

The perception that cryptocurrencies are used primarily for infrequent, high-cost purchases is rapidly shifting. The trend that began a few years ago in Switzerland, with travelers using crypto to buy train tickets, can now be seen in Singapore. From this month onward, TenX Cards are usable as a form of payment at Singapore’s Mass Rapid Transit (MRT) stations and there have already been instances where bitcoin has been used to pay for MRT rides.

“The crypto winter we’ve been experiencing is over and it won’t be long before cryptocurrency adoption becomes mainstream. 2019 is about preparing for this and delivering to our existing community. We’ve already had an overwhelming amount of support from our card rollout in APAC and we are thrilled to be able to do the same in Europe.

Cards are just the first step though. We strongly believe our community is helping build a decentralised future. In order to ensure we deliver on our promises to them, we have issued all our loyalty program members, who hold the PAY Token, a rewards token called the TENX Token. This will come into effect in the third quarter of the year.” said Toby Hoenisch, CEO, TenX.

TenX’s PAY Token loyalty program is the first of its scale. Come July, the company will distribute a total of 4 Million PAY Tokens, currently valued at over 1M USD to TENX Token holders, rewarding them for their unwavering support. TenX PAY Tokens will be usable within the TenX ecosystem in the near future.

About TenX 

TenX is a Singapore-based blockchain company that makes cryptocurrencies spendable on-the-go. The TenX Product Suite consists of the TenX Card, TenX Wallet, TenX PAY Token and TENX Rewards Token.

The card and wallet allow users to spend their cryptocurrencies in a simple and safe way, in almost 200 countries at over 42 million Visa points of acceptance online and offline. It also gives people the opportunity to make everyday purchases and withdraw money from ATMs.

Contact 

Anjali D’Mello

Head of Public Relations

M: +65 9181 2542

E: anjali.dmello@tenx.tech 

Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. The information has been obtained from sources we believe to be reliable; however no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Authors may own the crypto currency they discuss. The information and content are subject to change without notice. Visionary Financial and its affiliates do not provide investment, tax, legal or accounting advice. This material has been prepared for informational purposes only and is the opinion of the author, and is not intended to provide, and should not be relied on for, investment, tax, legal, accounting advice. You should consult your own investment, tax, legal and accounting advisors before engaging in any transaction. Please also visit our Privacy policy; disclaimer; and terms and condition page for further information.

You May Also Like

MAOCAT Announces New $MAO Presale with Initial Results Exceeding All Expectations

MAOCAT, the first cat-themed memecoin on Ethereum, announced the first results of…

AltSignals Continues to Take the Crypto World by Storm As Presale Passes $750k Milestone

London, United Kingdom, May 23rd, 2023, Chainwire   AltSignals (ASI), the revolutionary…

Gaming Discovery Platform Earn Alliance Announces Team Expansion

Earn Alliance, the largest web3 game aggregator and discovery platform leading the future…

Accenture Announces Investment in a DLT – Focused Startup TradelX

On December 17, Accenture announced that it had formed a strategic partnership with TradeIX,…

A new ORIGIN for NFTs – Building confidence and trust in the market

Origin is launching its NFT marketplace and I hooked up with the…

Massenadoption beginnt: Bitexwealth gewinnt uber 100.000 neue Nutzer in nur 30 Tagen

Die Kryptoindustrie erlebt einen neuen Meilenstein in ihrer globalen Expansion: bitexwealth hat…

BitMart Partners with MetaEra to Further Accelerate Crypto Adoption and Education

BitMart, the global digital assets trading platform, is thrilled to announce its…

ExGCOO announces its entry into the Thai market, aiming to create a competitive advantage in trading fees

The renowned securities service platform, ExGCOO, recently announced its official entry into…

DefiQuant Unveils AI-Powered Trading Platform to Maximize Passive Income in the Bitcoin Market

DefiQuant, a cutting-edge financial technology company, is excited to announce the launch…

Jade City Releases White Paper Detailing the New Tokenomics of its Real-World Asset (RWA) Platform for Jade Gemstones

Jade City, which is pioneering the tokenization of jade gemstones, today announced…