The Singapore startup is reported as being an ‘instant converter of multiple digital currencies into fiat money.’ These include the dollar, the yen and the euro. With TenX stating that they are attempting to make the spending of digital currencies, such as bitcoin, easier, the company has already received over 10,000 cards. Transactions are capped at $2,000 a year, but this can be increased with further customer verification.
present, TenX process around $100,000 transactions a month, but the startup is aiming to reach $100 million in monthly transactions and a million users by 2018. It’s claimed by Hosp, that the startup doesn’t add charges on top of the conversion fee which is set by digital currency exchanges and that transactions are processed straightaway.
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