Singapore-based TenX bags $80m in token swap

Singapore-based TenX has netted $80m to help with the adoption of blockchain in everyday life.

The investment was made through a token swap, with the company offering its PAY tokens in exchange for other cryptocurrencies. These PAY tokens allow people to access the company’s revenue of the payment service and is also a loyalty program for users.

Founded in 2015, the company is blockchain payment platform, offering users the chance to pay with their cryptocurrency in the ‘real-world’.

This funding round was only live for seven minutes, and at least 4,000 people took part in the investment. Around 40,000 people didn’t get to swap their tokens and so will have to wait until later this month when the PAY tokens are tradeable on cryptocurrency markets.

With this capital, the company will develop its payment system, by making apps available for Androids, web, iPhone.

TenX will also be used to accommodate further payment services, and creating its decentralised system to connect with blockchain to allow the addition of any new cryptocurrency.

Earlier this year the company picked up a $1m seed-investment from Fenbushi.

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