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TenX: Crypto credit cards are history, new beginnings planned

TenX as a crypto company with German roots is best known for its credit cards that natively support Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC). TenX announced that due to Wirecard’s insolvency, this offer has to be discontinued. An alternative is the card launched by Binance. The company emphasized that it has the best program currently available on the market for cardholders.

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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.

If you want to read more about the problems faced by TenX because of the Wirecard scandal, download the Born2Invest mobile app for free. Read the most important business headlines in the crypto sector, fintech, biotech, and much more with our companion app, the best online news aggregator, available for both Android and iOS devices.

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.

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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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First published in BLOCK-BUILDERS.DE, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.

Philip Gregg is a tech biz writer, with a keen understanding of blockchain technology, Internet of Things, and cloud services. He also serves as chief consultant for an IT business in Washington and a cryptowallet startup in Tokyo. Philip holds an MBA in finance and has previously worked at a Silicon Valley company before striking out on his own. He is a dad to three German Shepherds and owns a sweet vintage Mustang he fondly calls Sadie.