SINGAPORE, 13 June 2019, TenX, global FinTech pioneer, focused on making cryptocurrencies spendable in an easy and safe manner, has recently become the first crowdfunded company to achieve the status of a regulated financial institution in Europe. With a fully passportable licence, issued by the Liechtenstein Financial Market Authority on May 29th, 2019, TenX will be able to provide Electronic Money Institution (EMI) services across the European Economic Area (EEA).
TenX has always endeavoured to be a trusted brand, and the EMI licence is the result of their tenacity towards achieving this. “Liechtenstein is striving to provide the best legal and administrative framework for technology-oriented companies in combination with our long-standing tradition of being one of the core financial centres in Europe. The decision of TenX to set up its core activities in Liechtenstein and contribute actively to the Liechtenstein Blockchain Ecosystem shows that Liechtenstein’s strategy is well received by the market. TenX has worked intensively for several months in order to become a regulated financial institution. I congratulate them on this success,” said Thomas Duenser, Director of the Office for Financial Market Innovation, Ministry for General Government Affairs and Finance, Liechtenstein.
Earlier this year, TenX re-launched their core product, the TenX Card, to travellers within the APAC market and noticed a pattern of spending linked to everyday purchases. Since January, more than 62% of all purchases using TenX Cards were made at bars, restaurants, grocery stores and gas stations. 20% of existing TenX cardholders use their card on a weekly basis and total card spend has been growing by over 100% month on month, since January 2019.
The perception that cryptocurrencies are used primarily for infrequent, high-cost purchases is rapidly shifting. The trend that began a few years ago in Switzerland, with travellers using crypto to buy train tickets, can now be seen in Singapore. From this month onward, TenX Cards are usable as a form of payment at Singapore’s Mass Rapid Transit (MRT) stations and there have already been instances where bitcoin has been used to pay for MRT rides.
“The crypto winter we’ve been experiencing is over and it won’t be long before cryptocurrency adoption becomes mainstream. 2019 is about preparing for this and delivering to our existing community. We’ve already had an overwhelming amount of support from our card rollout in APAC and we are thrilled to be able to do the same in Europe.
Cards are just the first step though. We strongly believe our community is helping build a decentralised future. In order to ensure we deliver on our promises to them, we have issued all our loyalty programme members, who hold the PAY Token, a rewards token called the TENX Token. This will come into effect in the third quarter of the year.” said Toby Hoenisch, CEO, TenX.
TenX’s PAY Token loyalty programme is the first of its scale. Come July, the company will distribute a total of 4 Million PAY Tokens, currently valued at over 1M USD to TENX Token holders, rewarding them for their unwavering support. TenX PAY Tokens will be usable within the TenX ecosystem in the near future.
The card and wallet allow users to spend their cryptocurrencies in a simple and safe way, in almost 200 countries at over 42 million Visa points of acceptance online and offline. It also gives people the opportunity to make everyday purchases and withdraw money from ATMs.
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