TenX raises $80m in cryptocurrency sale

Singapore startup raises $80 million for cryptocurrency payment system for everyday life
30 June 2017   1594

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

'Kodak Miner' Turned Out to be a Scam

KashMiner by Spotlite USA was promoted as Kodak branded bitcoin miner 
17 July 2018   117

The KashMiner bitcoin miner, exhibited at the Kodak stand during the CES technology show in Las Vegas, was in fact a product designed to mislead potential consumers and with a potentially unattainable potential return. This is reported by BBC.

Spotlite USA is licensed by Kodak's lighting division, which allows it to use the famous brand in its products. In January 2018 the company introduced its miner and announced that it intends to lease it. According to its business plan, potential users had to pay a commission before getting the device. It was expected that after depositing $ 3,400, the customer will receive a device that will allow him to easily cover expenses and receive revenue from bitcoin mining.

However the company did not have an official Kodak license to use the brand in the production of mining equipment and initially overstated the indicators of the potential profit of its device, refusing to take into account the growing complexity and costs of bitcoin mining. The advertising materials reported that KashMiner brings $ 375 a month, which, subject to a 2-year contract, would allow the client to receive $ 5,600 of profit after paying a commission. Experts from the industry of cryptocurrency call this offer a scam.

There is no way your magical Kodak miner will make the same $375 every month.
 

Saifedean Ammous

Economist

CEO Spotlite USA Halston Mikail previously reported that he plans to install hundreds of miners at the headquarters of Kodak. According to him, he already managed to place 80 miners there, but the Kodak spokesman denied this information.

While you saw units at CES from our licensee Spotlite, the KashMiner is not a Kodak brand licensed product. Units were not installed at our headquarters.
 

Kodak Spokesman

In a phone call with the BBC, Spotlite's Halston Mikail said the US Securities and Exchange Commission (SEC) had prevented the scheme from going ahead.