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Paypolitan is expected to provide TenX users a product that will seamlessly satisfy their needs.
According to industry sources, the Estonian fintech Paypolitan (Paypolitan.io) is planning a takeover of Singaporean fintech TenX. TenX, once a shooting star in the crypto world, raised USD 80 million through an ICO in 2017 and reached a market cap of over USD 500 million in early 2018. After losing the Visa card supplier Wavecrest, 200 000 TenX clients got their cards blocked overnight. Beginning 2019, the trouble continued, when CEO Julian Hosp stepped down as a CEO after liquidating a huge bundle of TenX tokens.
TenX distributed credit cards issued by Wirecard in 2019, but with the bankruptcy of the latter, the trouble for TenX cardholders started again. Now, the UK Financial Conduct Authority (FCA) has suspended Wirecard’s subsidiary, Wirecard Card Solutions (WCS), which issues Visa crypto debit cards. WCS issued Visa crypto debit cards for several fintech companies including Singapore-based TenX. According to Apple, the TenX Visa Card and Buy Bitcoin feature have been deactivated for all users.
Paypolitan is developing a payment solution based on open banking API’s without any cards. Paypolitan’s CEO Nils Tharandt Ortiz stated “an asset deal of TenX users is possible. We could finally deliver a product that will seamlessly satisfy their needs.”
“Otherwise, we will offer a token swap from TenX (PAY) tokens to Paypolitan’s EPAN token, but with a valuation discount of 50%” added the CEO.
The management of TenX couldn’t be reached for a statement.