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.
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.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
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.
Encomenda Invests €200,000 to Launch Telemedicine Startup Doctomatic
The fund led by Carlos Blanco and Oriol Juncosa has helped launch this new digital platform, called Doctomatic, for remote...
Burkina Faso: The European Investment Bank Strengthens its Partnership with CAPE
According to the Director-General of CAPE Burkina, the support of the EIB is one of the major factors that has...
The First Four Projects of the Civic Crowdfunding of Venice Were Launched
The first four civic crowdfunding projects in Venice were launched. The project "ONDEW - Let's face climate change together", is...
What Fintech Trends Set the Agenda for 2021 in Argentina
The fintech sector in Argentina has strongly developed during the pandemic. There are 238 fintech companies, i.e., almost three times...
Why Plant-Based Meat Could be the Future of the Food Market
Despite this incredible development and potential, vegetable meat is not the only alternative coming into play in this new era....
Cannabis2 weeks ago
Recreational Cannabis in Argentina, an Unavoidable Debate for the Congress in the Making
Featured2 weeks ago
PwC’s Climate Targets Were Validated by the SBTi Initiative
Crypto2 weeks ago
El Salvador’s Switch to Bitcoin Is Not the Cause of the Price Crash
Business2 weeks ago
Augmented Reality and Flooring in an App: XRA’s Double-Horned Unicorn