TenX raises $80m in cryptocurrency sale

Singapore startup raises $80 million for cryptocurrency payment system for everyday life
30 June 2017   1052

Singaporean based startup TenX was founded in order to solve the problem of cryptocurrences being not much usable in everyday life.

Ethereum

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.

Blockchain

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

Genesis Conference to be Held in London

Genesis Conference will cover research and development, regulation, economics and applications issues, taking place in London on February 22
22 February 2018   73

Genesis London Conference will take place on February 22, tackling the most pertinent issues in blockchain space: research and development, regulation, economics and applications.

Genesis London is a platform for researchers, developers and generally anyone interested in blockchain, and its priority is to share knowledge, facilitate productive discourse and filter out the hype.

Location: The CityPoint building, 1 Ropemaker St, London, EC2, UK
Date and time: 9:30AM - 8PM, February 22, 2018

The agenda of the conference includes Privacy and Confidentiality Techniques for Blockchains; Permissioned Business Blockchain Applications and Use-cases; Scalable, Transparent and Post-quantum Secure Computational Integrity, with Applications to Cryptocurrencies; A Rational Protocol Design Treatment of Bitcoin, and more.

The headline speakers include Patrick de Laive, co-founder of TNW; Margarita Khartanovich, head of insight at Binary District; Jack Gavigan, chief operating officer at ZCash; Jeremy Kahn, technology writer for Bloomberg, and many more.