TenX Community Forum

AMA with our CEO and Co-Founder Toby Hoenisch

Hey community, we are hosting our first Ask Me Anything (AMA) with our CEO and Co-Founder Toby Hoenisch on the forum on 24 June at 17.30 (GMT+8).

Post your questions in this topic! Toby will be reviewing and responding to them personally on 24 June.

For reference, here are our latest announcements:

Why an AMA on the forum?

  • The async nature of the forum promotes inclusivity as it encourages participation in the AMA across timezones and languages. You can post your question and check back for an answer at your own convenience, at any time.
  • The AMA fosters greater openness and transparency, and its record on the forum allows everyone in the community to access this institutional memory.

Hello TenX Team,
is there a plan to bring in also the new FB Coin into the wallet? Or to host one of their nodes?



Hello Toby.
First of all my heartiest thanks that there is an ama in this forum. I would like to ask you more detailed information about the tenx YouTube channel.what copyright problems are there in the room and when does the YouTube channel go online again?apart from that, great news that are out some time ago, a „good work“ from me to you,your co-founder and of course the whole tenx-team😁.
A Little question on top.have you personal visit the „utility for pay“ topic in this forum?:slightly_smiling_face:


Hi Toby,

First of all, congrats to the whole team for achieving the biggest milestone so far, the EMI licence. I think it will really positively affect the perception of the company professionally speaking (in regards to potential partners/investors/…). Can you elaborate a bit more on what the next steps are that are necessary in order to issue EU cards? I understand that you are planning on issueing cards yourself, but do you have a backup 3th party issuer that you can use in case self-issueing takes too long?

Regarding the TENX token issuance, there is a lot of unclarity among the community in the chat (which I follow and moderate daily), I will try to sum up the most pertinent questions regarding the token issuance and rewards:

  • Can you elaborate how the 4m PAY rewards were calculated, and can you tell us the reasoning behind calculating it in PAY before even paying out any rewards? Because at the time of announcement those rewards equal roughly 1mln USD, but if PAY rises or goes down, that value changes. Since the rewards are being paid out daily over 1 quarter, wouldn’t it be better to calculate in USD and payout the equivalent in PAY each day? For example 1 mln divided by 90 days = 11,111 per day. Now the payout is 44,444 PAY per day, which will fluctuate each day.

  • In the Token Distribution FAQ from April 9th (https://blog.tenx.tech/tenx-token-distribution-and-rewards-a3f0708bf622), you state that company held tokens will be eligible for rewards. Why the sudden change? In the past it was always clearly stated that company held tokens and exchanges would NOT be eligible for rewards, this was even in the original FAQ from 11th of December (https://blog.tenx.tech/tenx-token-distribution-and-rewards-a3f0708bf622). In there, you state “Yes, the company will also receive 1 TENX Token for every 1 PAY Token it holds on the snapshot time. However, TenX will not be receiving rewards from the TENX Tokens it holds after the issuance.”

  • If the 4mln PAY will also be distributed to company tokens (which is 70+% of all circulating tokens atm), the announcement should have been altered to “We will give 1.16mln rewards to the community”, as that is more or less what will be the case. Kind of false advertising here (yeah we give out 4mln, but as we own the majority of the tokens, you only get 30% of that).

  • What will happen to rewards for tokens that are held on exchange wallets? If I read the code correctly, the smart contract will assign rewards to each address that holds TENX tokens (except 0x00000…), so those rewards would get stuck on that exchange address. What is your policy on that subject? Same for addresses which are lost or inactive.

  • In the original whitepaper, both ETH for rewards and PAY for cashback would be bought by TenX on the open market. Will that still be the case or will you be using PAY tokens from the company wallets? If so, how do you justify that in view of this earlier token breakdown: https://blog.tenx.tech/tenx-pay-token-update-ea6687c32db9

  • This is a personal pet peeve of mine: what will happen with the unclaimed TENX tokens, and how do you plan to rebalance the company tokens vs the community tokens? In the original ICO whitepaper, it has always been the plan that the community owns 51% - 80% of all tokens. With the new token this seems to have shifted, as TenX now owns 70%. This means the token value and rewards would get more diluted over time than the PAY token would have ever been.

I think those are the most important questions people want clarity on, and imo we really need a clear, non-evasive answer on those. If we don’t have answers people will speculate for the worst, and it doesn’t instill trust in the company.


Hi Toby, thanks for the AMA.

TenX retained a large pool of PAY tokens at the time of the ICO, what is commonly referred to informally by the community as ‘the vault’. To date this was reported to be used for paying employees, contractors and partners. Have you now also decided to use ‘the vault’ to pay the rewards during Q3, or will you purchase PAY from the open market to pay the rewards, or have you already purchased PAY from the open market?


Hi guys,

Few questions from my side:

  1. Will you ship cards in Europe but to the countries that are not part of EU such as Serbia, Montenegro, Switzerland, Bosnia, Ukraine, Russia…?
  2. Can you give us up to date roadmap for TenX company in the next year or two?
  3. On which exchanges will the new token be listed on and when?
  4. Can you elaborate in more details what will the Pay token be used for in the future, for what kind of loyalty programs? Some examples?
  5. How many employees does TenX have in the time of AMA?
  6. What will E Money liscence exactly bring to the TenX and users and why it is important to have it?
  7. Are you planning on some important partnerships with bigger names in the crypto industry or outside of it in order to speed up mass addoption?
  8. Why is the number of current card holders so secretive that you are afraid competition might do something about it if the know? How can they use that in their advantage?
  9. Why can’t you pay out rewards in some other coin such as BTC or USDT and have COMIT network do the swaps and calculations automatically before sending them to user addresses? What is the reason for using PAY to give rewards beside giving a purpose for existing?
  10. How do you plan to maintain the price at least stable for PAY when people start to cash them in (sell them) from reWards? Will TenX company buy them on the free market in order to distribute them as rewards?
  11. It was mentioned earlier several times that cards are only one of the product that is planned in the TenX eco system. What other products do you have in plan that you can share with us?



PAY stuck in rewards pool forever?

What happens to the PAY allocated to those TENX token addresses which don’t claim their PAY rewards. Will it eventually be re-allocated from the rewards pool after a period of time or be stuck there forever?

Such addresses holding TENX tokens will happen because someone may move TENX tokens to an address that doesn’t get KYC’ed or to an exchange.


Hi Toby

Thanks and congrats

  1. Please can we have more details on the loyalty scheme for PAY. This seems to be the most needed thing at the moment to ensure PAY is still relevant (and not a useless coin as many will call it) and also has a direct influence over TenX tokens.

  2. Is there any update on exchanges listing the TENX token? As this is representative of TenX as a company, please can I request that TenX actively pursue exchange listings (and CMC listing) on behalf of the community. You guys might not consider it important, but it’s yet another factor that the crypto community look at when evaluating your company, product, tokens and community. Like it or not, the PAY and TENX tokens do represent your company in a way so they should be given sufficient TLC. Liquidity is the important thing, not price. But at the moment, the token situation is not what I would expect from a company as good as yours. Please can you be transparent about dialogue with exchanges so the community is aware of the attempts that are made and any reasoning behind rejections.

  3. COMIT has gone relatively quiet, are there any updates to share regarding this project? When are TenX going to launch a product or service off the back of COMIT? Any details you can share? Are any other 3rd parties using it yet or have plans to? Will COMIT be used by the TenX app wallet to allow trustless conversion of currencies?

  4. How do you see Brexit impacting availability of TenX cards as part of the EU rollout? Please don’t ignore the UK as a market!

  5. What services are being launched by TenX now that you guys have the emoney license? When can we expect this?

  6. When will new cryptos be supported in the TenX app wallet? PAY was supposed to be next on the list, and this would at least provide some easily achievable utility. Surely it is not a difficult technical challenge? What is the hold up? Can there be some transparent published milestones for new ones to be added. Perhaps a community vote would help pririotise the ones people want to spend?

Thank you in advance!


Toby, can you carefully explain how the rewards work in the case where TENX tokens are moved between addresses? Take this slightly simplified scenario…

  • Day 1: Address A has 100 TENX tokens and is KYC’ed.
    Quarterly rewards of 90 PAY are announced per 100 TENX tokens (so claimable as 1 PAY per day for 90 days on address A)
  • Day 20: 50 TENX tokens are moved from address A to address B which is not yet KYC’ed
  • Day 60: Address B is KYC’ed and claim is made for PAY reward on each of the addresses A and B.
  • Day 90: Second claim made for remaining PAY reward from both addresses A and B

On the Day60 claim, does A receive 40 and B 20?
On the Day90 claim, does A receive 15 and B 15?

It seems a simple question, but I think it’s not well understood by the community about how rewards will work in this simple usecase, so hopefully this will shed some light on it.


Could we get some information how will PAY rewards be handled.

Where are those 4m PAY coming from?

Will Tenx buy any PAY from market?

Did Tenx already use some % of transaction volume to buy PAY from market? What is the %?

If you didnt use the 0.5% of volume to deliver value to rewards, why didn’t you?

Will Tenx be buying PAY from market daily, starting 1st July?

Will Tenx buy 4m PAY even if price of PAY would be 10usd? would they really use 40m usd ?

Will you use your 95m pay stack to pay rewards 8n future?

Does tenx have any PR or marketing team?

when cashback? I am waiting for cashback from my card usage i did in 2017, will old cashback be paid?


Hello Toby,

Are there any plans to turn or be able to redeem the TenX token into an official e-share once regulation follows and companies start tokenizing their shares?

Will holders of the TenX token(or possible e-share) be able to choose their payout in a stable gov backed e-currency?

I do see how PAY is built around a loyalty program, but it simply is not attractive to receive rewards in a loyalty token and in fact is artificial utility.

Thank you and all the best.


One simple question please:

For how many tenx token do you pay rewards? (I know that some additional token could be claimed until 26th of july but that shouldn‘t produce a great change).

If you say „4 M pay reward“ I have no idea how much reward I get for the amount of tenx token that I own.


Hi TenX.

First of all a big congratulations on the eMoney licence. I trust that you will put it to good use.


  • Fantastic news with the 4 mil PAY in rewards. Approx. 37 mil TenX tokens have been KYC’ed by the community. Can you confirm that the 4 mil PAY is distributed to the 37 mil TenX community tokens only…and not distributed across TenX’ own tokens also.
    Please clarify this, and please clarify if TenX will follow same principle in the fortcoming Q’s - uncertainty about this is not good for anything. GOOD ADVICE: Stay away from including TenX in the rewards - here you go - here is 100…ohh, by he way…We will keep a large chuck ourselves and throw a big chuck into a dark hole (unclaimed and not-KYC’ed tokens). Anything else is very bad communication. Please comment.

  • The week-over-week growth rate was mentioned to be 15% some months back. Please can you give us an update on this. What is current growth rate on the number of cards in use, and what is the average transaction volume per card-user?

  • TenX is clearly missing a profesional PR representative. This is needed to seriously raise awareness and increase adoption amongst non hardcore cryptofans also = mass adoption. You and Paul are geniuses at your individual core areas, but none of you are PR pro’s - neither at heart or profession. Please can you comment on this. Will you start looking for a pro in this area?

  • We need to know the average % reward we/the community who followed and supported you year over year, is rceiving. That % needs to be 0.5% of transaction volume - otherwise we will feel that TenX is trying to run away from their Whitepaper promises and just using whatever bad excuses to cover for this. - please can you give us the exact %
    I understand that it varies from country to country and that not just turnover from cards count…but that is so far only source of revenue and earnings from APAC countries are generally higher than from say Europe - To regain trust I need to see that TenX is not cheating us on the 0,5%’ ish level

  • Based on the shock and falling apart of your community since yesterday, can you please confirm this calculation:
    So out of 4 mil PAY rewards, how many is shared among the community that claimed and KYC’ed and trusted in TenX?
    (4 mil/205 mil) x 37 mil = 721.950 PAY? ( = approx 174.711 USD = 0,00472 UDS/community reward tokens for Q3

  • Can you confirm that this is the new (rough) rewards flow? And do you understand why the community is angry?

IF this is the case (the flow described) there should be a “timeout” on the “black hole” so that after say 5 years, the reserved black hole rewards from this Q that has still not been claimed, should be re-distributed to the community. Please comment on such an idea/setup.



Dear Toby,

Thanks for the happy energy you guys shared June 13th! Congratulations to obtaining the EMI license! Here are some questions for your considerations.

1.) Could you (re)start a new TenX-youtube channel during the former is stil being disabled?
2.) Without disclosing any details, which highlights could you please share to the community about H2 2019 progresses?
3.) How about card user growth: still having a solid growth? Why else haven’t you started in new APAC countries?
4.) Speaking of which: when do you guys expect to hit the Korean market?
5.) APAC-rollout is busy. Europe will soon follow. So what’s after? Japan? Afrika?
6.) Will “undistributed PAY-tokens” be placed in a publicly viewable escrow?
7.) Teaser: What would it take for you to make a press-release in which you guys are preparing for adding Libra to the TenX-wallet? You’ll instantly make the frontpages :wink: LOL
8.) I’d love to come drink a beer with you guys. Maybe in 2020. cheers :beers:

P.S. I hope you’re able to share a number? … does TenX already have 5 digits card-users?


I agree. It’s very much bait and switch. Buy pay to fund us… now bye bye pay.


Hey TenX congratulations on achieving the EMI licence! I’d like to ask and I hope you can give me a full detailed answer to this question and not avoid it as I am quite disappointed that not only has it not been announced but I can’t find any answer whatsoever. I’d like to know why did TenX decide to suddenly drop support for its card in Malaysia? As I’m aware of TenX has not drop support for the other 5 countries. So why only Malaysia, will you resume to ship cards to Malaysia anytime soon? I truly love the TenX card and how convenient it is for me to spend my crypto without having to convert it prior before use, so do a lot of friends of mine.


Malaysia is dropped?
Wow, didn’t knew that…no announcement, no nothing?


Nope nothing I had to email them why some of my of my friends could not order the card and then they told me they halted the issuance of new cards reason being they “couldn’t say”.


Hello Toby,

does TenX plans to become a founding member of the Libra association?
If not for what reason? This could be a massive opportunity to educate people and create awarness
for TenX. This route would make marketing campaigns insignificant because the attention of the whole globe would be on us, which also increases your credibility.

Best regards


Hi again Toby,
First Thailand was ‘paused’ for cards a few weeks ago with very little comment from TenX, almost under the radar to the community. Please tell us exactly what the problem was for Thailand and why it happened. I can see from chat that TenX are now saying Thailand is ‘fixed’. Does that mean everything is up and running again - Thailand cards working, can be ordered, are being delivered? If not, when?

And now the same thing seems to have happened to Malaysia. Is it the same issue? What exactly is the problem for Malaysia? Technical? Legal?

How is the whole cards roll-out going for APAC? Is there a percentage done figure you can share with us? When do you expect to complete the APAC roll-out? It seems a while since the most recent country was added to the list.