The cryptocurrency’s trajectory growth by far has been similar to the technological revolutions throughout history. It has disrupted the financial system in the same way the internet did to traditional media. This modern currency has proved its usefulness in the early stages and achieved mass adoption through usability and design. Nevertheless, if cryptocurrency means to truly replace authorized currencies, it needs to achieve widespread adoption and gain the ability to transact on a massive global scale.
To achieve this target, TenX has progressed significantly in making this novel currency mainstream. TenX is a Singapore-based blockchain company that makes cryptocurrencies spendable i.e. to give people the opportunity to make everyday purchases and withdraw money. Its unique system offers the TenX Wallet that can be funded with different cryptocurrencies and the TenX card, which can be used in almost 200 countries at over 42 million VISA points of acceptance online and offline. All in all, the company caters to anyone looking to spend or invest in cryptocurrency.
Avenues to Spend Cryptocurrency in the Real World, in Real Time
New blockchain-related companies are emerging everyday where many of them operate on open-source software projects. This raises more security concerns. TenX brings a wealth of security knowledge to the crypto space. It offers access to an ever-growing range of blockchain assets at utmost convenience, all the while sticking to the highest security standards of the industry. TenX is enforced by 2-factor authentication to keep the user’s accounts secure and protected. As the application is also available on mobile devices, it supports biometrics feature for unlocking.
Furthermore, to ensure that the customers are satisfied with the service, the team of TenX constantly upgrades the product depending on the user feedback. TenX remains in the build mode to ensure that its products suit the fast-paced market. The company’s core services consist of the TenX Wallet App and the TenX Card to make spending cryptocurrency and investing in crypto simple and hassle-free.
TenX Wallet: TenX Wallet is an easy to use service that allows users to complete the transaction in just a few simple taps. The wallet currently supports BTC and ETH and provides control over card management i.e. if the user tends to lose the card, he/she can lock and secure the card within the app and unlock it again easily. TenX Wallet also contains multi-signature wallet management that gives the users access to multisig cold storage for treasury and long-term custody of user funds.
TenX Card: This card allows the user to spend cryptocurrency anywhere. Further, the card can be used globally at any ATM to withdraw money. The user also receives notification when the card is used.
Co-founder Trio’s Journey towards Building a Successful Company
Toby Hoenisch (CEO) and Paul Kittiwongsunthorn (CDO) co-founded TenX in 2015. Back then, the company was known as OneBit. Michael Sperk (Engineering Lead) collaborated part-time to establish the company, and later joined full time when Toby and Paul managed to raise the first investment.
Toby was always fascinated by the world of technology. He started coding at the mere age of ten. Having realized the unlimited potential of blockchain technology, he built the first prototype for TenX with Paul. He always believed that the project on which he was working on is disruptive, and he wasn’t wrong.
Today, Toby draws inspiration from many great pioneers in technology, and recently got influenced by Marty Cagan, who helped the TenX team to refine their go-to-strategy and thinking. He believes that in the new fast-paced space, it is important to look for mentors that are both inspiring and challenging.
Being a leader himself, Toby faces a fair set of challenges amongst which the challenge he regularly encounters is ensuring that TenX is incorporating new changes and reflecting the upgrades in its products as per the market trends. And most importantly, he makes sure that the business is running efficiently.
Predictions for the Forthcoming Revolution & Changes
The financial sector is still trying to adjust to the sudden shift of the cryptocurrency revolution. Spreading awareness and making crypto easy to use will help in making crypto mainstream and have the biggest impact in the finance industry.
Therefore, in the future, Toby foresees that blockchain will power open financial networks, giving everyone easier access to their money. The transaction will be solely based on the digital medium, which will make the payments instant and each will have complete control over their money. Though the world is moving rapidly, there is still time for the financial networks to become truly borderless, safe, convenient, and accessible.
How TenX Overcame Challenges & Emerged Strong
Every successful company has to learn how to deal with potential challenges and overcome them. It is also very important for leaders to share their vision with their teams so that everyone stays on the same page.
In the initial years, TenX’s growth was rapid. By 2017, it had a crypto product that was a market fit. Even today, TenX remains one of the few companies that conducted a token sale, while having a working product and an existing global user base. Two years back, the company had set the standard for a well-executed token sale. However, it faced challenges with its card partners as well as was unprepared for the sudden market shift. But, Toby and the entire team of TenX remained undeterred by these setbacks and instead, emerged strong. As for Toby, the dynamic CEO believes that the most important thing is to build and ensure that the teammates you work with believe in the same long-term vision as you so that everyone remains aligned to it.
Roadmap to Future Development
The leading crypto service provider believes that there are still a large number of people interested in this technology, but are unsure about how to enter the market. So, TenX’s goal is to seamlessly bridge this gap. Toby and his team mates aim to give more people access to open financial systems. For 2019, the company’s key milestones include expansion of services across the Asia Pacific, support new cryptocurrencies, re-launch the TenX Cards in the European Economic Area, implementation of a referral system, several updates to TenX app and implementation of Pay Token utility.