A new Visa (NYSE: V) brand debit card and mobile wallet might allow for instant conversion of several varieties of altcoin into fiat currencies like U.S. dollars.
Singapore startup TenX claims its’ new Visa will let you convert popular cryptocurrencies into major fiat currencies; such as yen, dollars and euros instantly, Bloomberg Technology reported. TenX cofounder Dr. Julian Hosp claimed altcoin transactions made with his company’s Visa will be process instantly.
The TenX Visa is supposed to convert eight cryptocurrencies including bitcoin, ethereum, ERC20 and Dash (the currency formerly known as Darkcoin). More currencies; presumably including Litecoin are coming according to the TenX website. It is not clear if there is any connection between TenX and China’s Tencent Holdings (OTC: TCEHY).
Visa with Rewards for Cryptocurrency is here
Interestingly TenX has a rewards program; that includes a .5% reward to those who use its TenX Token cryptocurrency, and .1% in other cash rewards for the TenX holder.
One of the biggest revenue generators at TenX might be its mobile wallet. Videos at its website show cofounder; and Chief Operating Officer Paul Kitti, using the wallet top pay with Dash at McDonald’s and ethereueum at a coffee shop. If this succeeds it might be bigger than Apple Pay.
TenX is more than just debit cards it offers a full range of services including electronic funds transfer, lending, security services and an exchange. It is also developing decentralized security smart contracts (DSS); similar to ethereum contracts, to give users more control over funds.
TenX might be a Cash Cow
If its’ claims are true TenX might quickly become a major cash cow fast. It claims to have received orders for 10,000 cards and is processing $100,000 worth of transactions a month.
Hosp wants to process $100 million worth of transactions a month by the end of 2018. The plan is to make money by charging a 2% transaction fee. Two percent of $100 million would be $2 million.
TenX has raised around $80 million in an initial cryptocurrency offering (ICO) of its TenX Token altcoin, Bloomberg Technology reported. It also received $120,000 in angel investments and $1 million from Fenbushi Capital. Ethereum cofounder Vitalik Buterin is a general partner at Fenbushi.
If Hosp’s plans come to fruition TenX might quickly become one of the world’s most valuables. Companies like PayPal (NYSE: PYPL), American Express (NYSE: AXP) and Ant Financial would be well advised to buy TenX now because it might quickly become a major player in the payment and fintech spheres.
British Companies Stocking up on Bitcoin
The United Kingdom is fast becoming one of the world’s largest bitcoin markets. Around one third of British companies by Finance Magnates were accumulating bitcoin, CoinTelegraph reported. The main reason the companies were buying bitcoin was to pay ransomware extortion.
Around 36% of UK small businesses, 57% of medium-sized firms and 18% of larger British companies reported having cryptocurrency in stock. No breakdown of the varieties of altcoins held was provided. Around 250 companies were surveyed; British businesses are afraid of ransomware because of the WannaCry attack on the National Health Service and other entities in May. Ransomware like WannaCry only accepts payment in bitcoin.
Some companies might be anticipating weakness in the pound; or inflation caused by Brexit as well. Moving assets into cryptocurrency is a good way of hedging against Brexit fallout. It looks as if cryptocurrency is going mainstream faster than many people anticipated.