TenX ICO Raises $34 Million in 7 Minutes
Founded in 2015 and a graduate of this year’s PayPal incubator program, Singapore-based company TenX managed to raise $34 million through their recent ICO.
One of the major problems that cryptocurrencies face today is the liquidity for real-world usage. Only a very few cryptocurrencies have a high enough trading volume and liquidity support in order to provide such a service.
According to the TenX team, many cryptocurrency users face this problem:
Once you start getting into that environment you realize one big problem though that keeps this technology from truly breaking through: it is actually really hard to use Bitcoin or Ether in everyday life. In theory everything sounds great and nice, but if you actually want to spend them at “a real world store” it is pretty much impossible.
The TenX Solution
TenX is a Singapore-based company a 2017 graduate of Paypal’s own incubator program. Their main goal is to create an efficient solution for the liquidity problems of many cryptocurrencies. The TenX official debit card would allow cryptocurrency users to effectively spend their blockchain assets in real-world. For example, buying coffee, food, airline tickets, clothes etc. would be much easier for cryptocurrency users with the TenX debit card.
Tech Inside the Card
TenX’s debit card is being powered by a payment system on the frontend and through the COMIT system in the backend. The COMIT protocol would allow different blockchains like the bitcoin or ethereum blockchain to interact together without issuing a different token.
The Token Sale
On June 24th, the TenX team officially started the token sale. Investors could exchange 1 ETH for 350 PAY and receive a 20% bonus in the first 24 hours of the token sale. The sale had a pre-sale cap of 100,000 ETH and a total cap of 200,000 ETH.
It didn’t take long until the sale hit the total cap of 200,000 ETH. In an impressive amount of time(7 minutes), 4000 users had invested 200,000 ETH or $34 million.
The huge amount of participants led to a similar network congestion that was caused by the Status ICO.