We went into the last quarter laser-focused on executing the plans that we set out at the beginning of 2020. Seeing our vision of a future with programmable money, for the people, by the people and our mission to bring us into this future, come to life, has been both exciting and challenging.
As the first step towards this, we successfully launched our cards in Europe, beginning with Germany and Austria. In order to ensure we stick to our mission and help a wide crypto curious audience, we launched this together with the Buy Bitcoin feature and a refreshed version of both our IOS and Android apps.
Through the remainder of the year, we will continue to roll out to new markets in Europe, launching both the TenX Visa Card and our Buy Bitcoin feature.
With the E-Money License granted by the Financial Market Authority of Liechtenstein in 2019, we are now able to operate in a regulated and compliant manner across the EU and EEA markets. In Q1 2020, we officially launched the TenX Visa Card to residents of Germany and Austria.
For a seamless crypto experience with TenX, users residing in the European Economic Area (EEA) and a number of APAC countries can buy bitcoin directly in the TenX app.
For users who can experience the full suite of services, you can purchase bitcoin and receive it instantly in your wallet balance, where it is then immediately spendable with a TenX Visa Card. We do away with the hassle and unnecessary cross-wallet transfers.
The Buy Bitcoin feature has been in beta testing since Q4 2019, and we thank the community for participating in the beta and helping us improve on the buying bitcoin experience!
To cater to the wider crypto curious audience, we have made the TenX app brighter, cleaner, and friendlier than before. A departure from our previous aesthetic, the refreshed design boasts a whole lot of white and lighter colours, although we are also working on a dark mode for better accessibility.
The TenX app redesign is rolled out iteratively in phases so that we can improve quickly on each version.
On 1 April 2020, 320,000 PAY Tokens will be distributed to the TENX Token smart contract as rewards for the TENX Token holders for the quarter of Q2 2020.
Out of these, 222,964 PAY Tokens will go towards TENX Tokens that belong to the public. 97,036 PAY Tokens will go towards TENX Tokens that are held by TenX in reserve.
All 320,000 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 March 2020, 134,330,159 TENX Tokens (~65.45 %) have been issued.
The first quarter of 2020 has been challenging from a global standpoint due to the COVID-19 pandemic. We have taken measures to ensure business continuity, and are confident in our ability to continue providing you with undisrupted service during this time.
It generally is known now that the most responsible course of action is social distancing so that we flatten the curve and not critically overwhelm the healthcare system. TenX was one of the first companies in Singapore to implement work-from-home to encourage social distancing, which took effect for us on 17 February.
You can read more about our Business Continuity Plan here.
Read the report in German here.