TenX: Crypto credit cards are history, new beginnings planned

TenX has often been viewed with suspicion in the crypto scene, and not only because of the (meanwhile broken off) connections to the scandalous Julian Hosp. The actual main product of a real crypto credit card never really got off the ground after the announcement in 2017, the first attempt failed due to a partner’s backtracking for the issuance of Visa cards. 

Then TenX found a new partner in Wirecard and brought its credit cards to Germany in 2019. That is now already over, TenX has announced in an official announcement. The TenX credit cards will therefore be deactivated in the near future, the reason given for this being the insolvency of Wirecard.

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What TenX customers need to know now 

According to a blog post, anyone using a TenX credit card in Germany should by no means deactivate it on their own. That is because a prerequisite for a refund of prepaid fees of such credit cards is that they are not deactivated by the owner himself. Details of the refund program will be announced later.

The credit balances deposited with TenX in cryptocurrencies are stored on the TenX Wallet and, according to the information available, are secure. The TenX Wallet will continue to function and thus also allow the transfer of Bitcoin and other cryptocurrencies to other addresses.

When it became clear that the insolvency of Wirecard also affected the TenX offer, it was still said that alternatives for the issuer of credit cards were being sought. This is no longer the case, and so it has to come to terms with it for the time being: Genuine crypto credit cards are not available in Germany, so Germans have to be content with the alternatives offered by Binance, for example, which also have advantages.

Binance’s plans have been known since spring 2020 to meet customer requirements with its own crypto credit card. A lot has happened since then and it was probably only the takeover of the provider Swipe that put Binance in a position to fulfill its promise. 

However, now the wait is over and the offer called Binance Visa card is officially launched in the EU and therefore also in Germany. In a blog post, Binance emphasized that it has the best program currently available on the market for cardholders with up to 8 percent cashback.

Conclusion: TenX with an uncertain future  

TenX promises “dawn” and by that, it means that it is developing a new platform, which connects financial services and banking with cryptocurrencies. A prototype is already created and in this new project the tokens PAY and TenX launched by TenX would play an important role. 

However, these have not generated any positive interest in the crypto scene for a long time and TenX is also aware of dismissals and changes in management. Whether a new start can be made under these circumstances? At least massive skepticism is probably more appropriate.

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(Featured image by Ingo Joseph via Pexels)

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