TenX – A Blockchain Based Payment Solution

Digital currencies have been erupting across the globe at a rate faster than ever imagined. As more and more coins are making their way into the world of virtual currencies, more people are getting involved in the market of cryptocurrencies. But in order to keep and spend different digital currencies, certain payment solutions are needed by the people in the current times. TenX aims at providing people with a complete digital payment framework that they need concerning digital currencies.

Led by Toby Hoenisch, the Signapore-based company TenX aims at providing people the facility to store and spend different digital currencies in the crypto world. Its aim is to make digital currencies easily accessible to the general public. It provides people with a framework to use cryptos in the real world on a complete blockchain-based network.

With each passing day, different tokens are emerging across the crypto space. People and businesses struggle to make interconnection between the real and the virtual world. In order to give access to different virtual assets on different blockchain networks, TenX provides a comprehensive ecosystem. Cross-chain payments can be made through its ecosystem with complete security. It is stated in their official white paper:

We are able to do this by connecting blockchains, leveraging on the COMIT network, including the COMIT Routing Protocol and the Cross-chain Payment Channels, which works in a completely trustless, instantaneous and low-cost manner.

The support for bitcoin, ether and dash is provided by TenX. With more and more developments made in the crypto token world, more support is expected to be added in the ecosystem.

The TenX Wallet

The major game-changer presented by the company is its TenX wallet. This wallet gives its users the ability to spend their digital currencies over 42 million points of acceptance across almost 200 countries both online and offline. This can be done by the user easily through a smartphone.

TenX app provides the user with the necessary tools needed for making crypto payments. In order to become a part of the TenX ecosystem and gain access to the TenX wallet, the user simply has to download the TenX application on its smartphone. A TenX web application is also available for usage by the user. After gaining access to the application, the user has to go through the registration process. To set up an account the user has to enter his phone number and email address as required.

As the registration process is completed by the user, a multi-currency wallet is created for the user in TenX ecosystem. Different cryptocurrencies can be added in the wallet by the user afterwards. Each wallet has a private key associated with it which can be used by the user to make a secure access to the wallet.

A wide range of cryptocurrency assets such as bitcoin, ethereum and dash can be converted into one another just through the TenX wallet directly. This facility provided by TenX places it above many other cryptocurrency storage soultion available across the crypto space. Conversion to fiat currency is not needed until an actual transaction. Such conversions are done in real time on the platform. Within the TenX application, payment through different blockchain assets can easily be perform as per the desire of the user. User can also choose to withdraw their blockchain assets from the TenX wallet and transfer it to another cryptocurrency wallet without any additional incurring fee at the time of transfer.

The company also aims at providing users with a physical card, the TenX card. With the help of this card, users can easily spend their digital currencies in the real world. It can be ordered directly through the TenX app. It is intended by the company to make it possible for the user to connect their card to the TenX application. As a result of this, a security layer will be provided to the user, hence making the entire system more secure.

Advantages of TenX Wallet

The advantages of the product mentioned by the company as stated in its official white paper are:

  • Multi-asset (any blockchain asset compatible with and accepted by the TenX Wallet).
  • Assets stay in cryptocurrency.
  • Best available foreign exchange and transaction fees (with no other charges).
  • Decentralized and trustless storage.
  • Global access to 36 million points of acceptance online and offline in close to 200
  • Any user can sign up now.
  • Users earn a 0.1% reward for every purchase they make. This incentive will be transferred to the user in form of PAY tokens initially on a monthly basis, which additionally gives them the opportunity to become token holders and further benefit from a potential value upside of the tokens. Going forward, TenX aims to distribute the reward more frequently, with a target of reward distribution on an hourly basis.


The fee structure provided to the user in the entire TenX ecosystem is also cheaper, and hence more suitable for the general public usage. The comparison of the fee structure provided by TenX with other such platforms is shown in the table below.

The product comparison of TenX in terms of blockchain support, fund security, double spend risk, user’s fund security control etc. with other platforms is shown in the table below.

Initial coin offering

The initial coin offering for the PAY tokens provided by TenX took place on the 24th June, 2017. Pay tokens are ERC20 type tokens. In the ICO, a price of 0.64 USD (0.00285714 ETH) was kept for 1 PAY token. An approximate amount of $80,000,000 was raised by the platform in its initial token sale.

Cross-chain payment

Regarding the employment of the COMIT networks for providing the ability of cross-chain payments, it is stated by the company that:

We use Cross-chain Payment Channels and the COMIT Routing Protocol to allow our users to use their blockchain assets in real-time in the real world. TenX will be the first liquidity provider in the network to offer real-world payments. By using the COMIT Routing Protocol, a user can use any blockchain asset for his payments

The entire workflow through COMIT routing network is explained in the figure below:

The fee disbursement flow is explained by the company as:

For every card transaction a merchant accepts, the merchant pays 0.5-3% in the form of a merchant discount fee. This fee is then split among his bank, also called the acquiring bank, the card scheme and the issuing bank. The fee that is paid to the issuing bank is called the interchange fee. Traditionally this fee is plain profit for the issuer, but often is also used to give rewards to the user in form of air miles or similar benefits. At TenX, we reward our users with PAY tokens on every purchase to allow them to become a token holder. Subsequently, PAY token holders will receive an incentive of 0.5% of the entire payment volume on the TenX payment platform initially on a monthly basis. TenX aims to distribute the reward in shorter periods of time in the future, with a target of hourly reward distribution.

For the payments through the TenX card, following steps will be needed.

1. User pays at the merchant using his virtual or physical TenX Card.
2. The card network will send an authorization request to our servers for the purchase amount.
3. TenX will send an invoice through the COMIT network to the user
4. The user will then choose which blockchain asset to use for the payment and send the correct amount to TenX through the COMIT network
5. Upon receiving the corresponding amount for the invoice, TenX will authorize the
payment to the merchant


As for 2018, several goals have been achieved by the company concerning its overall advancement

. In March this year, support for Litecoin was added by TenX. In April, CoBlox R&D lab was established by the company in Sydney. Partnership was also made with the Litecoin foundation. In May, Pay token was also listed on the Bithumb exchange. whereas in June, first on-chain atomic swap between BTC and ETH was performed on COMIT by CoBloX R&D team.

Currently, adding support for new cryptocurrencies is planned by the company. New functionalities is also intended to be added in the wallet. Restruction of PAY tokens is also in progress in the company’s development framework.

Ahsan Khalid

Blockchain Developer. An Electrical Engineer with majors in software development. I present forward my insight regarding the latest happenings of the blockchain world. All views on my articles are my own. Email: or

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