Skeptic’s lens: TenX is flirting with securities, again

Quick Take

  • After pulling out on distributing rewards to the token holders in 2017, TenX is now set to start issuing rewards in Q3
  • The amount will be determined by TenX Board of Directors “depending on financial performance in the previous quarter and other relevant factors”
  • Even though the reward token can’t be distributed to residents of the U.S. and China, it’s quite likely that it could be considered a security in other jurisdictions

TenX raised $80 million in an ICO in June of 2017 with a vision to let users spend their cryptocurrency through conventional debit cards. But since raising an astronomical amount of money, TenX has struggled to fulfill its vision and the promises laid out in its white paper.

Nearly two years after conducting an ICO, the company is shipping cards to only five countries — Singapore, Australia, New Zealand, Hong Kong and Malaysia.