TenX raised $80M in a 2017 ICO but failed to deliver on its crypto card promises. The PAY token lost 99%+ of its value.
| ICO Raised | $80 Million (2017) |
| Token | PAY |
| HQ | Singapore |
| Promise | "Spend crypto anywhere" |
| Reality | Cards barely worked, token worthless |
TenX was one of the highest-profile crypto card ICOs of 2017. Led by Julian Hosp (a former professional kiteboarder turned crypto influencer), TenX promised a revolutionary card that would let you "spend crypto anywhere."
The $80 million ICO was massively oversubscribed. PAY token holders were promised a share of card transaction fees.
Then the WaveCrest shutdown in January 2018 killed their card program. They struggled to find new issuers and never properly relaunched.
The PAY token crashed over 99% from its highs. Julian Hosp left the company in early 2019 amid controversies. The promised rewards never materialized.