Below is the full transcript.
I’m originally from Austria, but I now live in Singapore.
Good morning everyone, I am the co-founder of TenX. We make cryptocurrencies spendable. We are a Singaporean based company. Can I get a little feel for the crowd? How many of you here hold cryptocurrency. Wow. Quite impressive. Well when you see Bitcoin at $7400, and the entire crypto market at $200bn I think it’s quite a nice time to hold cryptocurrencies.
My background is completely different, but it’s relevant because it shows our approach to this entire ecosystem. For 10 years I was a professional kitesurfer. Then I started Medicine, and became a trauma surgeon. When I was working as a medical doctor, I missed my freedom and having the time to surf at the best places. I was looking for exciting things to do. In 2014, I met my co-founder Toby, who started Artificial Intelligence, and had another friend Paul, who was really great at UX and product. They told me about cryptocurrencies, and how cryptocurrencies are changing the world.
The World Economic Forum predicts that in the next 8 years, over 10% of the entire world’s GDP will be based on cryptocurrencies. This is not just Bitcoin and Ethereum, this is stocks, gold and so many other things. As I’ve seen in the room, many of you actually hold cryptocurrencies. Now, when I heard about this over 3 years ago, my first question was “How do you actually use cryptocurrencies? I mean, they are so virtual” That is how this entire thing started in 2015. With this idea of making cryptocurrencies spendable, we are the only company in the world, where we have 1 debit card, 1 app that you download, and you can fund this debit card with all kinds of cryptocurrencies. There are some companies where you can fund it with Bitcoin, but for us its Bitcoin, Ethereum DASH, and many more cryptocurrencies.
How it works is very simple. People download our app, you can do this right afterwards if you want. Create a free account, it’s a wallet that you can fund with cryptocurrencies and then you can order the debit card from there. This card works in 200 countries, 30 million merchants, both online and offline, making your Bitcoin and Ethereum liquidable instantly. Even if you are at an ATM, if you need cash, you can do this at any time. Its flexible, it’s fast, and for us it’s about the user experience.
We want to offer our users the best rates possible. That’s one of the major questions, right? If we offer this service, does the user lose out on the exchange rate? The answer is no. We offer the user the best forex exchange rate available. That’s very exciting if you live in countries where you do not trust your local government or currency as much, and want to stay flexible. The way we do this is, we get from the card network, a fee back. This is our cut, how we make a profit. Hence, we do not need to charge our users any additional fees. You will see at the end, that there is actually a lot more to that, especially when it is about building new rails in the financial systems as you will see in just a second.
Our product has been live for almost a year. The first 6 months we conducted a trial with about 100 users. A lot of these first users are now team members of our company. We are now close to 100,000 users, we are doing millions of dollars in transaction volumes. Our company is not extremely large, so scaling at these levels is quite a challenge. I think that’s what makes it exciting, connecting the crypto and the fiat world. This is what we view as the first step to mass adoption of cryptocurrencies.
Step 1 is making cryptocurrencies spendable, anytime anywhere. But if we want cryptocurrencies to go into the masses, we need to offer the reverse as well. With a click of the button, through the app, to be able to convert traditional fiat currencies into cryptocurrencies. We could not have started with step 2, because if we offered that first, people would ask “Yeah that’s great Julian that you guys offer that, but how am I going to get out of crypto?” So, we needed to offer the exit first, before the entry. Then comes step 3.
Imagine, I want to put $500 in cryptocurrencies. But I don’t want to select which one. I just want to have a really smart, diversified portfolio. Now imagine, with the click of a button, you can put $500 into all kinds of different cryptocurrencies, automatically spread. And if you go to the supermarket and spends it, it takes all of these different parts back. This is how we view the future. In 20 years, we are not going to sit here and select which payment method we want to use. We might be connected with a neural link, or fingerprint or some iris, and we pay. We pay with our assets that have become tokenised.
In one of the largest ICOs to date, around $80million USD, on this mission, bringing cryptocurrencies to the masses. The TenX PAY Token is a loyalty program, similar to that of airlines or banks. Our loyalty program is decentralised and completely authentic. If you want to buy this token, you can register on exchanges, such as bittrex for example.
What is next for us? We want to make cryptocurrencies spendable, we want to offer the reverse, then we really want an easy way for people to stay in this ecosystem. The big thing that is going to happen in the next 7–10 years is to replace this entire financial rail system that is out there. It’s about connecting different cryptocurrencies. This is what we are working towards at TenX. It’s basically replacing old infrastructure with new infrastructure that is efficient and connects all sorts of different cryptocurrencies.
We have a team at TenX that is working on COMIT. COMIT stands for Cryptographically Secure, Off-Chain Multi Asset Instant Transaction Network. It’s similar to how the internet works, where you can communicate between different cryptocurrencies. This would allow, for example, a central bank, to create their own cryptocurrency, on board their users into this cryptocurrency, and connect these users to a public blockchain like Bitcoin. This is where it gets really powerful, because suddenly the clearing house that we have today, will not be needed anymore.
We at TenX want to be the payment provider through all these different kind of rails. If you are here and you are from the traditional finance world, and you are open to what this crypto world brings and you seen some similarities in what we are doing, and you would love to be part of this, reach out to me afterwards. It would be great to hear from you — I’m going to be here the entire day. If you are a developer, and you are interested in joining a revolutionary company, we are well funded, please do the same.
We are hiring really aggressively at the moment, we just went from 8 to 40 people. We want to be 200 people by the end of the next year. We are working on the banking licence right now in Europe. We are working on the banking licence in the US and in Singapore. There are many things going on at the moment, and we need great talent, smart people, great partners. If you are an investment fund and you are open to some strategic partnership, obviously we are also very open to that.
With this, I want to say thank you, and wish you a nice rest to the day.
Looking forward to connecting with you afterwards.
Thank you everyone.
Host: The $80million raised through the ICO, how many investors do you meet?
Julian: In person, not as many but I’ve had email and Skype contact with quite a couple.
Host: What’s the biggest cheque somebody wrote?
Julian: There was one that was a group of collective investors, but that aside maybe the largest individual was about $5million US.
Host: You know that you make people like me unemployed.
Host: Well, we are bankers.
Julian: Join us.
Thank you so much.
Thanks everyone, goodbye.
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10 minute TenX presentation at NOAH17 conference — Transcript was originally published in TenX on Medium, where people are continuing the conversation by highlighting and responding to this story.