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TenX: Spend Your Cryptocurrency At Any Merchant That Accepts VISA Card

Latest cryptocurrency news in India | latest cryptocurrency updates in India | tenx cryptocurrency | PAY cryptocurrency

TenX, the company that aims to make cryptocurrency spendable at any merchant that accepts VISA among other payment processors has had a tough couple of weeks with its price dropping to less than half of its most recent all time high price of $5 to under $2. But despite the massive price decline, TenX might be a good investment for the long term due to what the company is trying to accomplish with the Cryptographically-secure Off-chain Multi-asset Instant Transaction network, or the COMIT network for short. In simpler terms, the COMIT network is trying to build a protocol to facilitate an exchange of different cryptocurrencies instantly and for very cheap.

TenX claims that COMIT protocol is for cryptocurrencies what TCP/IP protocol is for the internet, which is helped by the fact that it is open-source.

The current pullback in the cryptocurrency markets has created opportunities for investors who may have missed out on earlier bull runs. TenX is one of the cryptocurrencies which have had a lot of pullback since its ICO in late June where it raised $67 million in a matter of minutes. Since then, TenX has gone to high of over $500 million in market cap in mid August (PAY token $5.08) to around $200 million right now. At the time of publishing this article, the price of TenX (PAY) was $1.71 with a market capitalization of $178,481,025 .

The major dip in price began when China announced to ban ICO and was exacerbated by TenX losing its card partner Wave Crest Holdings Limited for its operations outside the European Union. WaveCrest issued a statement on September 18 saying that they would no longer issue and maintain Visa Prepaid Cards to cardholders outside of the European territory. This update, however, does not affect TenX users within the EU who can continue to use their cards without any modifications.

TenX has to work with 3rd party card issuers since it does not have a banking license yet and is working to get a new issuer to be able to restart its overseas operations. The good news is that TenX is working with alternative card issuers who can issue cards outside of Europe and are expected to get their new system set up by November 2017. So at this price levels, TenX looks lucrative investment for long term investors.

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