Singaporean based startup TenX was founded in order to solve the problem of cryptocurrences being not much usable in everyday life.
Is an open-source blockchain-based distributed computing platform featuring smart contract functionality, which facilitates online contractual agreements
According to a company blog post, TenX raised the equivalent of 245,832 Ether with a value of around US$80 million. These were exchanged for the company’s own PAY tokens, at a rate of 350 PAY to 1 ETH.These PAY tokens provide access to part of the revenue that TenX generates from its payments service, in addition to serving as a loyalty scheme to its users.
The participants had only 7 minutes to submit their contributions to TenX’s receiving address before TenX stopped accepting further offers at 1:07 p.m. UTC. Thus, around 4,000 people directly participated in the token sale. Roughly 40,000 people did not manage to swap their tokens and will have to wait until July to get another chance to do so when the PAY tokens will be tradeable on cryptocurrency exchanges all over the world.
Distributed database that is used to maintain a continuously growing list of records, called blocks
According to TenX, the funds raised will be used to the further development of the payment system. This will include the creation of mobile and web applications, the expansion of the list of payment services, as well as the ability to connect any blockchain system, which, accordingly, will lead to the addition of new crypto-currencies.
Below you can see a table with all the currencies that were received during the pre- and tokensale:
Financial Summary TenX Tokensale