TenX raises $80m in cryptocurrency sale

Singapore startup raises $80 million for cryptocurrency payment system for everyday life
30 June 2017   2352

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

Switcheo to Launch Cross-Chain ETH-NEO Atomic Swaps

Developers says that the technology of atomic swaps has been known for few years, but is not popular, since its implementation in practice is quite complicated
25 April 2019   59

Switcheo announced the official launch of the atomic swaps feature for the Ethereum and NEO blockchains.

From now on, Switcheo users have access to the inter-block exchange of their own token exchange, SWTH and ETH, which allows for the transfer of assets between two markets represented on the trading platform and makes Switcheo the first decentralized exchange that implements this functionality.

A challenge with existing trustless exchanges is that trades are confined to individual blockchains, limiting the market combinations that can be offered to users” says . With the launch of the new feature, users can now trade conveniently between ETH and NEO markets, while retaining full custody of their funds.
 

Ivan Poon

CEO, Switcheo

According to the developers, the technology of atomic swaps has been known for several years, but is not widely used, since its implementation in practice is quite problematic. Switcheo lead developer John Wong explained that his team spent a lot of time adapting the process to the user's needs and achieved the desired result.