Singapore Startup Takes Bitcoin Into Real World With Visa
Bitcoin is the most popular crypto-currency in the world. It is also the largest in circulation. Bitcoin can only be mined up to predetermined capped amount but its total worth according to valuation makes it the most precious among all crypto-currencies. Yet, Bitcoin has had some serious opposition from the present mainstream, all the global banking industry and financial services. The latter have meticulously stayed away from recognizing it in any form. Bitcoin remains confined to the virtual world and specifically in a few niches. All that is poised to change dramatically as a startup based in Singapore has found a way to allow people to use Bitcoin in the real world, as actual or real money.
TenX has come up with a Visa card that will allow people to use Bitcoin to make payments. The payment would be made in the local currency. It is a Visa debit card that can convert Bitcoin to the different dollars used around the world, the euro and yen among other major currencies. TenX will be charging 2% on every transaction as commission. Standard exchange rates for Bitcoin to the chose currency will apply. The company has stated that it has received applications for over ten thousand such cards. The transactions using the card are capped at $2,000 per annum but users can choose to increase the limit by applying for an upgrade. Such upgrades will require extensive vetting primarily focused on the verification of the user’s identity. It is unclear if there will be any additional charges to increase the yearly limit on transaction.
Bitcoin went through a scary phase recently when it was poised to be severely devalued but that has not happened. It is relatively stable, although other crypto-currencies are fast gaining ground and popularity. TenX is not exactly confined to Bitcoin. It is the primary selling point right now. The company aims to include as many as eleven crypto-currencies by the end of 2017, many of which may be unknown to most people around the world. TenX is only facilitating payments using Bitcoin wherein the user’s account will be debited and the recipient will be paid in local currency. In time the company plans to offer conversion services using which users can convert one crypto-currency to another. Even if that doesn’t fructify anytime soon, the sheer ability to use a crypto-currency in the real world as actual money could very well change the foundation and dynamics of virtual money.
TenX has developed a mobile app. It is essentially a digital wallet and hooked with Visa. The company has admitted there are many pathways to have the crypto-currencies get converted to actual money. There will be real currency exchange rates at play and virtual currency conversions as well. It is not too lucid how the digital wallet will work around the world or with merchants in Singapore. One has to wait for the more feedback from the users. TenX reportedly processes transactions worth a hundred thousand dollars every month and it is eyeing a cap of a hundred million by the end of next year. It is also expecting to have a million users by the same time.
About the Author
Morris Edwards is a content writer at CompanyRegistrationinSingapore.com.sg, he writes different topics like FinTech Startups in Singapore and Singapore’s Economy Is Expected to Grow This Year and all topics related to Business and Economy, if you are interested about Company registration Singapore visit our website.
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