The TenX platform and the PAY token are built with the goal of supporting integration between blockchain and traditional payment systems. This is to be bridged by linking blockchain-based assets and existing payment platforms, making it possible to spend these assets in an easy and accessible manner.
The platform was designed back in 2015 in Singapore with the goal to help the unbanked populations in large markets of Southeast Asia, India and China. The project was launched by the team consisting og Toby Hoenisch (CEO), Julian Hosp (President), Paul Kittiwongsunthorn (CDO), and Michael Sperk (Engineering Lead).
The project managed to garner some success in early 2019, particularly when it launched its first payment cards in Singapore. It also managed to attract attention from some major fintech players such as Citibank, DBS and PayPal.