TenX, the popular cryptocurrency payment application, which last year raised $80 million during its crowd sale event for PAY tokens has announced that it has completed the tech integration with their new debit card issuer. However, the company will not be able to meet its initial timeline by the end of this month to deliver them out to users. The TenX team said that “factors outside of its control have caused continuous delays with the issuance of cards.”
Furthermore, to ensure compliance and to enable the onboarding of additional card issuers which will allow TenX to support more countries as well as for redundancy, the company needed to have its internal procedures and policies audited. Good news, as a successful audit of the internal processes by a well-known, major accounting firm was reported. With the audit complete, TenX stated it is now in final stage talks with several more card issuers in Europe, the US, and Asia.
While TenX focuses on its main priority of card issuance, another important update is the company pursuit of a banking license. The team says this is still on track by the end of Q2, expecting to check this off the list of major goals for 2018.
In-App Crypto Purchases
A new product feature developed over the last few months is in-app crypto purchasing. This will enable users to buy crypto with fiat directly in the TenX app.
Regarding the legal status of the platform PAY token, the team stated:
“We know that our PAY token restructure is an ongoing concern of the community. The main reason for the delay is that we have to get the structure right — both to protect you guys and us. We have to be 100% certain that the structure is legal and won’t be shut down by regulators as they start moving into this space.”
“As an example, the SEC released another statement in late February on ICO tokens, specifically regarding rewards/dividends. Each time a statement such as this is released, we have to review the token structure again to ensure it is compliant with the latest regulations. The current revision (4th!) is awaiting approval by our legal advisors.”
Finally, TenX says they have recently opened a research lab in Australia. Once available, a demo/preview will be presented by the project team lead.