Change in leadership
TenX co-founder Julian Hosp, the most prominent public face of the company, announced that he is stepping down from his role as TenX’s president. According to an announcement posted on TenX’s official Twitter account, Hosp will be leaving TenX and will not taking another position within the company. Moving forward, TenX will be headed by Toby Hoenisch.
Hosp was a somewhat controversial figure in the cryptocurrency community for his past involvement with Lyoness, a multi-level marketing company that is often accused of being a pyramid scheme.
TenX is working on creating a VISA card that facilitates spending cryptocurrency in everyday situations. Like many other cryptocurrency card projects, TenX has faced several obstacles and currently has no working card.
Crypto card projects are facing several obstacles
Projects such as TenX, Cryptopay, BitWala and Wirex had their VISA cards issued by WaveCrest. In early 2018, however, VISA terminated WaveCrest’s services for alleged non-compliance with VISA’s operating rules. The existing cards were rendered useless, and TenX hasn’t launched a card since. On the TenX website, the card is labeled as a “work in progress”.
The sudden change in TenX’s leadership comes less than a month after the company announced TENX, a rewards token that will be airdropped to PAY token holders. According to TenX, the token will pay out rewards depending on the company’s performance:
“Depending on factors such as TenX Pte Ltd’s earnings, financial position, cash flow, capital needs and general business condition, rewards on the TenX token may be paid in the form of a tradeable cryptocurrency (i.e. PAY).”
The PAY token experienced a tremendous surge in value as people were flocking in to hold it on the date of the airdrop snapshot. Since, the token has retraced from its December 16 $0.48 peak and is currently trading at $0.20.