The last quarter has been one of consolidation and preparation for our launch in Europe, starting with Germany and Austria — we are on track and the first TenX Cards have arrived in the hands of our employees and testers this week.
Our focus on Europe is in part due to an existing community we want to engage and fulfill our promise to serve. More importantly, Europe presents us with a fantastic opportunity for growth.
Europe's legislative landscape and established financial infrastructure allow us to enter the markets more efficiently than anywhere else today: with the E-Money License obtained in 2019 from the Financial Market Authority of Liechtenstein, TenX is able to operate in a regulated and compliant manner across most European markets.
As always and from all of us at TenX, thank you for your support. Here's to an exciting and fulfilling 2020 – Happy New Year!
On 1 October 2019, 300,000 PAY Tokens were distributed to TENX Token holders as rewards. Out of that, 169,267 PAY Tokens went towards TENX Tokens, both issued and to-be-issued, that belong to the public. 130,733 PAY went towards TENX Tokens that are held by TenX in reserve.
All 300,000 PAY Tokens were bought on the open market.
On 1 January 2020, 350,000 PAY Tokens will be distributed to the TENX Token smart contract as rewards for the TENX Token holders for the quarter of Q1 2020.
Out of these, 243,867 PAY Tokens will go towards TENX Tokens that belong to the public. 106,133 PAY Tokens will go towards TENX Tokens that are held by TenX in reserve.
All 350,000 PAY Tokens for the rewards were bought on the open market.
The first issuance of TENX Tokens took place on 13 June 2019, when 37 million TENX Tokens were issued to and claimed by an estimated 4,400+ addresses held by 4,000 unique and verified users and counting.
Eligible token holders who have not completed their TENX Token claim can still do so from the TENX Token Webapp. We continue to issue TENX Tokens monthly to new claimers.
As of 31 December 2019, 134,080,587 TENX Tokens (~65.3 %) have been issued.
In 2019, we re-launched our cards across APAC, making this available to eligible travellers from Thailand, Australia, New Zealand, Hong Kong, and The Philippines and residents in Singapore.
Over the year, we learnt about how our customers spend using crypto. The majority of purchases using the TenX Card were made in markets where our card is live, reflecting that cardholders spend on day-to-day purchases.
We learnt that crypto is used to buy groceries, drinks, cinema tickets. The top purchased item was food (including fast food and groceries).
We love that our users spent so frequently and really are crypto-first. Our goal for 2020 is to make this possible for even more users – starting with Europe! Our first markets open in 2020 for German and Austrian residents and we will continue to expand through 2020.
In January, we are introducing new features that ensure TenX is the simplest way to be part of the crypto space. We started a revolution in 2017 and we want to see it through and through in 2020.
As shared earlier, we are re-launching the TenX Cards in Europe beginning with Germany and Austria, and then working our way to more countries in the region from Q1 2020. The rollout of cards will take place in several stages: we will be releasing it internally first, to friends, family, and employees. This is to fully test and ensure we're ready for a much wider release. Once that is done, we intend to send cards out to the first two markets before incrementally making the cards available to more users.
Amidst all of that, we are committed to maintaining a strong presence in Asia-Pacific as we steadily grow our users across the region.