Card Innovation To Let Users Spend Ether As Cash At Outlets
TenX, a Singapore-based fintech company, wants consumers to be able to spend their Ether as if it were cash by using a card, which will convert deposited Ether into the fiat currency needed at the point of sale, allowing consumers to maintain their balance in virtual currency.
Dr. Julian Hosp, chief visionary officer and co-founder of TenX, appeared in the company's serial broadcast, TenX TV, to shed light on the company's new developments.
"We are the first company to actually integrate Ethereum live into our system. ... We are the first company in the world that allows you to have you deposit [Ether] into, keep it in [Ether], so if [Ether] keeps going up you keep benefiting from that price increase," said Hosp.
Currently running as a test in Singapore, TenX’s card will allow users to deposit Ether into a wallet that is connected to its Onebit card. The wallet will be regulated by iOS or Android apps that are still in development. Once the test phase ends, Hosp expects the service to allow users to "spend the [Ether] at over 20,000,000 outlets in over 200 countries." As of yet there is no established end date for the test phase.
TenX produced an informative video showing the Onebit card in action:
According to TenX’s blog, after completing a seed funding round of investment on April 22, it had gathered capital from Fenbushi (of which Ethereum founder Vitalik Buterin is a partner), among others. TenX raised $1,000,000 to meet their goals, including hiring a dedicated team; developing web, Android and iOS applications; and adding Ethereum compatibility to its platform.
The innovation represents a major step toward the mass adoption of virtual currencies, such as Ether.