TenX, a COMIT (Cryptographically-secure Off-chain Multi-asset Instant Transaction network) compatible wallet, making global payments as cheap, fast and easy as sending a text message just released their long-awaited spendable Ether (ETH) feature by card, becoming the world’s first company to offer this.
Now users can fund their TenX card directly with ETH, no fiat needed Customers can keep your funds in ETH. TenX DOES NOT convert them into fiat. This way users benefit from a potential price increase of ETH. TenX only converts ETH to fiat in the very moment of transaction.
At the moment, this feature is only available for Android users in Singapore, however, the company noted it is releasing the web app and iOS version soon and will also expand globally step by step.
TenX is a Singapore-based FinTech company, supported by PayPal, focused on connecting private and public blockchains to a single large network called COMIT and thereby making any payment easier than sending a text message.
Founded in mid-2015, TenX chose Singapore (SG) as its main base. These were the thought processes the company considered:
- Singapore is a major recognized global financial hub in the world with SG Regulators (MAS) open to working with startups.
- MAS is a highly regarded regulator in Asia, and SG companies can leverage being regulated here to expand into Southeast Asia, China, and India.
- South East Asia is a huge growth market.
- 50% of the population is still unbanked in South East Asia, China, and India.
- Singapore is globally connected and recognized, especially for business development to Europe and the Americas.
The company is soon to launch an ICO, with no specific date yet announced.