TenX $PAY (2017 – Now)

TenX $PAY (2017 – Now)

Last week, we at the CryptoSyndicate publish an updated analysis for Metal, one of the projects in our October 2017 Premium Report. This week we will do the same with an up-to-date report, featuring TenX.

At the time of the original analysis, TenX had been working towards a VISA issued cryptocurrency card. Working payment cards were planned for release during Q1 2018, however, the team ended up having to delay indefinitely due to an unforeseen issue. Wavecrest, a card issuer who was providing service to a number of cryptocurrency debit card companies such as Bitwala, CryptoPay, Wirex and of course TenX, had their VISA license revoked. VISA said in a statement that the situation was due to violations of VISA’s regulations.

The termination of WaveCrest services was effective immediately without prior notices, and many users temporarily loss access to their funds. Later, the CEO of VISA, the payment processor company, commented in an interview that the company will not process transactions that are cryptocurrency-based. Despite reassurances that the TenX team has been searching for an alternative card issuer, no official partner was ever confirmed.

Consumer interest for the project has been dismal at best. Our original projection of 35 Synthetic Value Score (SS) for TenX came with the evaluation that “only a product release will affect this asset’s value in the markets”, has persisted to be accurate. Falling from a projected value of 40k satoshis, TenX PAY is currently being valued at 8797 sats, almost a 75% loss. There was some associated hype during July 2018 due to physical cards being teased and token value rose to 18k sats, however, nothing substantial ever arise from it and it was quickly dumped back to where it is now.

The team’s habit of over-promising and under-delivering has cost them substantial community support. Extended delays and lack of transparency has not helped build faith in the project. TenX had originally planned to become a fully-licensed bank by Q2 2018, but now there are no mentions of any such attempts. Even now, there is no official release date for functional physical cards.

In comparison with their competitors in the original report, TenX is largely behind. Metal and Monaco has already recently begun shipping cryptocurrency cards in Singapore. For a 50+ employee team, it is disappointing to observe such a lack of communication and progress coming from TenX.

Common Sentiment


Sources

https://www.cnbc.com/2018/01/17/visa-will-not-process-bitcoin-transactions-says-ceo-alfred-kelly.html

https://www.cnbc.com/2018/01/05/some-cryptocurrency-backed-cards-dropped-from-visa-network.html

 https://www.reddit.com/r/TenX/comments/9bojb0/is_tenx_payment_services_useable_at_all_right_now/?st=jnni0g4i&sh=a4287fde

https://www.reddit.com/r/TenX/comments/7rtnpo/does_this_affect_coming_tenx_visa_card/?st=jnnggz80&sh=d9249e91

https://cryptobriefing.com/tenx-card/

https://www.independent.co.uk/news/uk/home-news/bitcoin-visa-cards-cryptocurrency-lock-prepaid-latest-a8144706.html

https://www.techbullion.com/why-visa-made-a-mistake-with-wavecrest/

https://www.reddit.com/r/TenX/comments/7tzww7/tenx_to_partner_with_new_debit_card_issuer/?st=jnnqhyji&sh=9406d517

https://www.reddit.com/r/TenX/comments/7tiv56/tenx_card_situation_when_how_where_new_cards/?st=jnnqjn36&sh=9862aa87