{"id":30096,"date":"2020-10-14T16:29:38","date_gmt":"2020-10-14T13:29:38","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=30096"},"modified":"2025-08-27T20:31:06","modified_gmt":"2025-08-27T17:31:06","slug":"tenx-halts-crypto-card-services-amid-wirecard-collapse","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/tenx-halts-crypto-card-services-amid-wirecard-collapse\/","title":{"rendered":"TenX halts crypto-card services amid Wirecard collapse"},"content":{"rendered":"<p>The Singaporean blockchain startup TenX announced a change to its business model. The forced withdrawal from current services is linked to the collapse of German fintech Wirecard, which <a href=\"https:\/\/forklog.com\/en\/news\/interpol-issues-an-international-arrest-warrant-for-former-wirecard-director-jan-marsalek\">was involved in<\/a> issuing TenX payment cards.<!--more--><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Sunsetting of current services &#038; a new dawn at TenX<a href=\"https:\/\/t.co\/JXGPGJAFYT\">https:\/\/t.co\/JXGPGJAFYT<\/a><\/p>\n<p>\u2014 TenX (@tenxwallet) <a href=\"https:\/\/twitter.com\/tenxwallet\/status\/1312014115716689922?ref_src=twsrc%5Etfw\">October 2, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>By October 14, the Monetary Authority of Singapore (MAS) <a href=\"https:\/\/www.mas.gov.sg\/news\/media-releases\/2020\/mas-directs-wirecard-to-cease-payment-services-in-singapore\" target=\"_blank\" rel=\"noopener noreferrer\">directed<\/a> the local Wirecard subsidiary to cease operations and return funds to customers.<\/p>\n<p>As a result, from October 1, the physical and virtual TenX Visa cards for customers in the Asia-Pacific region have been suspended. In the near term, European Economic Area cards will be deactivated, where Wirecard has filed for bankruptcy.<\/p>\n<blockquote>\n<p>\u201cTenX Wallet will remain accessible even after the cards are deactivated, so customers can access and withdraw their cryptocurrencies at any time. We will also fully reimburse funds to users who prepaid for cards,\u201d the representatives of the blockchain startup said.<\/p>\n<\/blockquote>\n<p>The TenX team has focused on building a new platform for cryptocurrency payments. The project\u2019s internal TENX and PAY tokens will move into this ecosystem, the developers added.<\/p>\n<p>The company did not explain why it abandoned new partnerships for issuing payment cards in favor of Wirecard.<\/p>\n<p>According to former TenX CEO Julian Hosp, the company\u2019s CFO Toby Hoenisch left Singapore. However, representatives of the startup deny any internal problems:<\/p>\n<blockquote>\n<p>\u201cWe have good funding, and our management team, including Toby, works hard every day to bring a quality product to market,\u201d they said in a Handelsblatt interview.<\/p>\n<\/blockquote>\n<p>TenX was known for issuing crypto-backed bank cards that allowed spending digital money in the real world. In 2017, the project conducted an ICO that raised about $83 million.<\/p>\n<p>In January 2019, co-founder and president Julian Hosp left his post amid a scandal surrounding his ties to the Lyoness pyramid scheme.<\/p>\n<p>Subscribe to ForkLog news on Telegram: <a href=\"https:\/\/t.me\/forklogfeed\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">ForkLog Feed<\/a> \u2014 the full news stream, <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">ForkLog<\/a> \u2014 the most important news and polls.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Singaporean blockchain startup TenX announced a change in its business model. The forced withdrawal from current services is linked to the collapse of German fintech Wirecard, which issued TenX payment cards.<\/p>\n","protected":false},"author":1,"featured_media":30097,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1975,1858],"class_list":["post-30096","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-tenx","tag-wirecard"],"aioseo_notices":[],"amp_enabled":true,"views":"53","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/30096","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=30096"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/30096\/revisions"}],"predecessor-version":[{"id":30098,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/30096\/revisions\/30098"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/30097"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=30096"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=30096"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=30096"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}