Foreword by Co-Founders Paul and Toby

If you have been in crypto for a long time, this might be a distant memory — before the advent of cryptocurrencies, people used to believe that money could only come from governments and treasury departments.

Then bitcoin started gaining traction, which led to the first crypto project that was crowdfunded on the Bitcointalk forum in 2013. The project ironically declared, "You should be aware that investing in currency experiments is really, absurdly risky."

By the time we ran our token sale in 2017, they were commonplace, with projects driving token sales of various structures and each with varying utilities. Of course, it did not just stop there, tokens can now represent any asset or value — we're talking securities, real estate, and even art.

Today, we're seeing that the trend in crypto is decentralised governance. Projects are asking, how do we operate in a manner that guarantees sustainability? How do we remove single points of failure?

All of this came from the very start of crypto, which was simply to create better money.

In comparing crypto to traditional finance, one year can seem like a decade's worth of progress (one day, if you're looking at price charts!).

We are privileged to be in a space that can adapt and move forward quickly, supported by a visionary community that believes in a programmable and limitless future.

In Q3 2019, we started the distribution of the very first rewards to our TENX Token holders. We are extremely proud to be one of the first crypto companies to deliver such a rewards program.

TenX will continue to evolve with the crypto space, and we cannot thank you enough for your support through our changes and our growth. We are happy to present to you our Q3 2019 Transparency Report together with our refreshed TenX Whitepaper, which will give you more insights into our company direction and goals.

TENX Token Issuance

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 30 September 2019, 131,678,309 TENX Tokens (~64.16%) have been issued.

TENX Token First Rewards in Q3

We distributed the first rewards on the TENX Tokens on 1 July 2019, for the period of 1 July 2019 (9am GMT+8) to 30 September 2019 (9am GMT+8). The total TENX Token Rewards distributed in Q3 2019 amounted to 4,000,000 PAY Tokens.

The quarterly rewards are equally distributed to each and every TENX Token. 2,235,268 PAY Tokens were distributed to TENX Tokens, both issued and to-be-issued, which belong to the public. The remaining 1,764,732 PAY Tokens were distributed to TENX Tokens held by TenX in reserve.

Further details on the first rewards can be found in the original announcement here.

Current statistics of rewards and withdrawals:

  • Number of rewards withdrawals: 1275
  • Number of unique addresses who have withdrawn rewards: 580
  • Total withdrawn rewards so far: 118,456.51 PAY

Note: As rewards on each TENX Token accumulate daily, it is not unusual for token holders to accumulate their rewards over a longer period of time before withdrawing them.

Using PAY Token for TENX Token Rewards

Rewards on the TENX Token are paid out in the form of PAY Tokens. We are committed to buying a number of PAY Tokens from the open market for the purpose of paying out the rewards, which we will disclose during these quarterly reports. Token holders accumulate their rewards daily and eligible token holders can withdraw their accumulated rewards at any time.

Q4 TENX Tokens Reward Announcement

On 1 October 2019, 300,000 PAY Tokens will be distributed to TENX Token holders as rewards. Out of that, 169,267 PAY Tokens will go towards TENX tokens, both issued and to-be-issued, that belong to the public. 130,733 PAY will go towards TENX Tokens that are held by TenX in reserve.

All 300,000 PAY Tokens were bought on the open market.

Organic Growth for TenX Cards

Since January 2019, 60% of all purchases using TenX Cards were made at bars, restaurants, grocery stores and gas stations. 20% of TenX cardholders use their card on a weekly basis and total card spend grew by 33% in Q3 versus Q2.

Card holders across Asia Pacific, namely Singapore, Thailand, Australia, New Zealand, Hong Kong, and The Philippines grew tremendously, by 48% in Q3 versus Q2.


TENX Tokens and PAY Tokens held by TenX in reserve are securely stored in a multi-signature wallet.

We stand for full transparency: You can find the ethereum smart contract securing the tokens in here: 0x185f19B43d818E10a31BE68f445ef8EDCB8AFB83

New Release: TenX Whitepaper: Programmable Money

As we came to an inflection point this year with the re-launch of our products and services in Asia Pacific and gearing up for Europe, we felt it was time to reflect and reaffirm our vision and mission about what TenX meant for us and the community.

We have since produced a refreshed whitepaper on where TenX stands today, how we’ve grown, and evolved since 2015. It is also meant to share with you our aspirations for the future and how we visualise a long time horizon for the company and community. We are happy to share that with you.

TenX Vision and Mission

We are proud to present our refined vision: we believe in a future with Programmable Money - by the people, for the people.

When blockchains power financial networks and all money becomes digital, it will not matter where a person lives, they will have equal access to the global economy. It will not matter what currency or assets they want to send someone, they will be able to. Whether they sit across the table or in another country, they will be able to access a world without borders.

This will be possible, because with complete control over their money, entrepreneurs everywhere will be able to create new services and will overhaul existing outdated financial infrastructure. This will give birth to a truly global, digital economy that is accessible by all, with programmability at its core. We will see rapid innovation bring down prices, the same way rapid innovation connected people to the internet. Not only will the money of the future be truly digital, it will also be programmable.

Our mission at TenX is to transition the world from old money to Programmable Money by providing global banking services built on top of crypto.

TenX will give users freedom from being able to access financial services that they do not have today.

Company Streamlining: Product Squads

We want to empower our employees to solve real problems rather than build features. We believe that planning and working in cross-functional squads will be very impactful for us to see quicker, more realistic and actionable outcomes, this also means a lot more coordination between product managers, engineers, product designers, marketers and the rest of the company.

We recently restructured the Product team to have more autonomy to build, experiment, iterate, and ship faster. We started to reshape the organisation to accommodate small cross-functional and self-organised squads working towards their long term objectives and key results.

Our new squads:

  • Wallet Squad
    Dedicated to iterating and improving the TenX Wallet app to consistently deliver new value for our customers
  • Card Squad
    Focus on creating a great and easy-to-use experience with the TenX Card
  • Token Squad
    Build upon and improve the long term use cases of the PAY Utility and TENX Rewards Tokens for the community

PAY Token Update

The top priority for the Token Squad right now is to implement ERC-20 and PAY Token support in the TenX Wallet. Significant progress has been made and we are close to enabling the ability for users to first order a TenX Card with PAY Tokens.

Specifically, we are working on improving the utility structure for the PAY Token and integrating it better into the TenX ecosystem. More will be shared with the community once we have concrete developments. We are very excited about this project and thank the community for its patience throughout the years.