Below is a transcript of the above YouTube Q&A livestream with questions taken from this Reddit thread.
Wonderful Tuesday to everyone, no matter where you are from.
We have had a lot of progress in the last couple of days and weeks, and it is always great to be here with you.
Tell me where you guys are from, I always like to see where everyone is from.
Let’s give people some time to come in. I want to give you guys a tour of our new office, we had our office party on Friday, and have been here for about 2 weeks.
As always, there will be some insights from my side, stuff that has been have been happening in the past two weeks. We are going to go through the questions from reddit, and then the questions in the chat.
Thanks for being here, please interact with us, but please remember to be respectful. We have Bettina, Brendon and Mike, who are pretty strict.
We have people from all over the world, I think that’s fantastic.
I want to give you a brief tour of the office, how everything is going here, and a little bit of our internal office celebration last week. We are going to talk about the cards, as most of you have noticed, we are sending more and more cards every day. We are going to talk about some of the events, and maybe even respond to whatever you guys have discovered about VISA.
Then, we will go into questions from reddit and the chat.
There are some contractors outside, which is why you may hear some noise.
Sorry, can you guys hear me again?
Here is the meeting room that I was in.
This is Bettina and this is Mike.
Here you can see the office space, we have 40 seats in here in total. Its 8pm here, but it is empty because we have a barbeque session tonight. I have my peace in the office.
Here we have more meeting rooms, with our core values.
Warren is trying to run away.
Here we have contractors fixing things, the source of the noise.
Heres Desmond, not at the barbeque.
Here is Warren, whos doing a great job with all the cards.
Here, we have our logo. The cool thing is, right across us is Marina Bay Sands. When you stand over there, you can see our sign, from all over the harbour. From the outside, you can see the TenX tower.
Here is the entrance, and here is the reception. This is space that we are going to use to host meetups. We are planning to host them at least weekly, to ensure that we remain close to the ecosystem.
We are going to be growing as a company, and should be able to fit a total of about a hundred people.
Over the next months, the entire team is going to continue to grow. We should have around 50 people by the end of the year.
The way it is structured is, Toby Paul and myself sit in the corner. Here we have legal and compliance, the developers at the back, marketing, PR, and more.
I think we love this setup here, as it has a very collaborative feel as everyone is able to see one another.
A question that we get a lot is “Can we come to the office, can we meet you guys?”
Yes, you can come to the office from 9am to 6pm.We have Samantha, our receptionist, and she is going to let you stay in the public area. You won’t be able to come to the back, because we have meetings and we need to work.
If you want to come here to pick up your card, that is not possible because we have outsourced our card shipping.If you want to drop by, that is fine, but please do not expect to be able to meet whoever you want. We are very busy with meetings every day.
You are welcome to come here, you are welcome to take photos with the TenX sign and look around.
Of course, it would make the most sense if you come during the meetups that we organise, and please understand that there will be rules. We do not just want anyone to be able to walk into the office.
Last week, we had our official office opening. We have been here for about 2 weeks, and it is a work in progress as you can see. It is going well, and we are no longer limited by the lack of space.
The entire last week has been insane, because Singapore Fintech Festival, one of the biggest FinTech events was taking place. On Tuesday, I represented the cryptocurrency and blockchain community alongside Christine Lagarde from the IMF. That was a real honour.
What surprised me was how knowledgeable she was about cryptocurrencies. She knew a lot about us, including how our card works. A lot of political and regulatory players were present, and it was an important event to attend.
Next, cards. You may have noticed that we have increased the number of cards being sent out per day. We are sending out over 500 cards per day, and are on track to clear the entire waitlist before Christmas. The goal is that if you order a card today, you will receive it before Christmas. That is the ideal situation. Now that more and more people are showing their cards, the number of new orders has increased as well. For those who have not received their cards, please be patient, it will not take much longer. Of course, this only applies to users from Europe.
For those of you who have been sending us thank you notes and these great videos, you have no idea how much this means to us. We are working hard on the backend. If you leave some nice words to the community managers or anyone in the team, trust me when I say that we do read it and share it with the entire team.
Expect a lot more cards coming, and do not be afraid to share your excitement with us. Trust me when I say that the team does see and share in your excitement.
Let’s talk about non-European territories, then about VISA
We are working with different card issuers. We have a card issuer in Singapore, we are signing a card issuer in the U.S and other Asian countries. We are also working on another card issuer in Europe alongside our banking license. We have potential partnerships from South Africa, China, Australia and Japan.
By the way, I want to give a shoutout to hiyohiyo, who does a great job with the Japanese community.
We are working on all these things, and as soon as I have a fixed timeline, I am going to announce it.
Please keep this in mind, we do not create hype around nothing. This is why we have not released public statements related to things that we do not perceive as relevant. It’s not exciting to say “Hey guess what, we have a partnership that allows us to distribute cards”, because ultimately, what our users are focussed on is getting their cards. Please do not be disappointed if we do not place much focus on that, because our team is very down to earth. We are here to deliver results, not to create fake hype. We are not going to have a press release without substance. We want the exact opposite, to be able to deliver. You know our roadmap and you know our plans. This all comes down to expanding to other countries.
Yes, we have been updated in the VISA registry, but it is not a big deal for us. We have cards distributed, and we have a roadmap that we will follow. I know that other companies only have this to focus on, but we have other things that we want to focus on, such as COMIT and obtaining the banking license.
Here is an important thing. Any company right now, that doesn’t have a live product, that doesn’t have a product like cards distributed, it is a completely different thing as compared to actually executing. Settling transactions is more complex that it seems. There are many other aspects that you need to consider, like KYC, Fraud Detection and AML. It’s an achievement of ours that have so little problems with fraud, so little problems with people trying to misuse our system. These are things that I am very proud of, and while I cannot share with you such things in greater detail or release more data, we are very proud of this as a company, as a team. We also have way more than 100,000 users, and tens of thousands of cards already distributed.
Julian, last time you said “We are pretty much a VISA Program Manager”
Don’t read too much into this, honestly, the next most exciting thing is when I come in and say “This country is live, that country is live- if you are from these countries, you will receive your cards in the next week or two,” Just like right now in Europe.
Please understand that. Look into traditional companies. Such as Uber, Facebook and Amazon. It is not so much about being cash flow positive. It’s about having having revenue, having customers. Look at how these companies are communicating. Honestly, these are the examples that we believe we should emulate. Yes, crypto may be different, but these companies are still examples of amazing organisations, and that is what I want to achieve as well. I hope that that is the kind of community that we attract, and the kind of people that join our team.
We are going to start answering the questions, starting with the most popular questions before moving on to the questions from the chat.
If you love what you see here, please give us a thumbs up. Share this video with your friends, because obviously the more people know about TenX, the more the entire community benefits.
Jack asks “Can you drop some words on Tether?”
I am not a big fan of that system, TenX is not interested in listing Tether.
Have you ever considered a rewards program affiliation with airlines and hotels.
There are a couple of companies that are interested in partnering with us, we are definitely interested in exploring possibilities in that direction. We have hired somebody to handle the business development aspect of TenX.
Julian, don’t be surprised if you focus so much in the EU, that your company will stay EU. You aren’t servicing anyone else in the world at the moment, and it does not appear as if there is a plan to at the moment.
At the moment, we are servicing Europe because that is where we are able to distribute the cards. The regulations compared to the population is beneficial for us. You will be able to service half a billion people if you can overcome the regulatory hurdles. This is why we have chosen to prioritise Europe. Next year, we will transcribe all of our content into 8 different languages. This includes languages like French, but also Asian languages. We don’t have the capability to do everything at once. We need to start with something, become proficient at it, then move on to other things.
While I do understand where you are coming from, please give us some time, and you will see a lot of progress for China, Japan, America, Australia and more.
Rory says; Remind people to cover their card numbers when sending their photos and videos.
1) Do you still plan to do the first reward payout in 2017, timeframe seems kind of tight. Do the Whitepaper rules for the reward get changed? If so, when are we going to be informed about it?
We still plan to do the first payout in 2017. However, this is dependant on certain things. The first is that we need the written documentation from lawyers in the US, Europe and Singapore. This has legal implications on our token, we need to confirm that it is not a security. There have been updates all around the world, and Singapore has released an advisory the week before. It is very important that we confirm that we are not a security. At the moment, I am still not allowed to share it with you. However, I can assure you that it is not going to be a setback as compared to how it was described in the Whitepaper. We do want to update it a little bit to be on the safe side. This also ensures that exchanges and us as a company cannot get rewards, which means that the token holders get most of the rewards themselves. That update is actually the key, but it is not a disadvantage for you. This is the only way we can structure it at the moment. We had hoped that Casper to be developed by now, but since it has been delayed, we have no choice but to do it ourselves.
If that all falls in line, which I am optimistic about because our legal time is working really hard, we will be able to do the technical implementation and release it. I will do a special 30 minute video that answers questions specifically relevant to token structure, to help you understand that there is nothing to worry about. I can’t promise that we are going to pay the first reward before the end of the year, because not everything is in our control.
2) Will Ethereum, DASH and ERC20 Tokens be available to everyone in 2017? Do you have a fixed date for LTC? Rumours say Jan 2018.
I can tell you that we want to support as many coins as we can. Right now, we have Ethereum, DASH and tokens ready for some of you. We want to expand this in the near future. Tomorrow, we should be featured on a television show in Germany. We are expecting another 100 to 200,000 new users because of that. I don’t like to make promises that I am ensure of fulfilling. We have been focussing on scaling our backend architecture, it can handle around half a million users at the moment. Now, we have started working towards ensuring that everyone can use those currencies again.
We do want to offer Ethereum to everyone ASAP, before Christmas. ERC20 tokens should follow shortly after. We have DASH available for all the DASH Masternode users. If you run a Masternode, send us a message with proof, and we will activate it for you. Only after this is complete, then we will add LTC. January 2018 might be possible. Im very glad that we can finally focus on getting these currencies supported. Yes, I know that we are late with regards to this, but I hope that you understand that we did not expect to run into scalability issues so quickly. We expected to have 50,000 users by the end of the year, and we have already hit over 100,000.
3) PSD2 regulation in Europe will allow fintech and all payment actors to access bank accounts of their customers in order to add a service layer or act as a payment initiator. All in all, you can be the bank account administrator as long as the customer allow you to. Will TenX grasp this opportunity to have customer account linked to their app and also provide crypto services directly from customers’ bank account?
Yes, and No. It will depend on how quickly we can obtain our banking license. We are aiming for Q2 next year, and we will be able to offer these services directly. It is not just about making cryptocurrencies spendable, but also going in the opposite way.
4)Question about COMIT: Kyber network will try and integrate Kyber functionalities directly in MEW website in order to increase awareness of their service and allow direct swap from portfolio. Do you think that you can do the same for COMIT, for instance I open my wallet and have access to COMIT directly through MEW with off chain asset swap with just one click. This is a marketing move because everyone knows MEW.
Yes, we are in touch with MEW. To me, this is good marketing, but I will be more impressed if there is a working product. I am always amazed at the extent to which the crypto ecosystem buys into ideas instead of a tangible product. We have plans with pertaining to marketing and partnerships. We are not a company that believes in speculation. We have big dreams and big goals, but that is not speculation.
5)You always talk about warren buffet and I see crypto as a new financial asset. Warren buffet invest when he has a clear idea about the business and when he knows his return on investment based on the current value of the asset. You promised 0.5% cash back from overall transactions this is the rationale behind your Crypto Asset, how sure are we that it is going to be maintained? Warren will not invest if the asset does not provide the return that was promised because the investment case and return potential changes significantly.
Personally, I think nobody can promise future returns, even Warren Buffet knows that. He looks for companies that are likely to be cash flow positive in the future. I want to point out that the PAY Token is not an investment into TenX. I need to point that out for legal reasons. However, I am confident that we are building a strong and profitable business, and that we are going to deliver a lot of value. Is it going to be 0.5% all the time? Probably not, because we do have some partnerships where it is going to be more than 0.5%, and we are forwarding more than 0.5% to our token holders. Furthermore, there will also be other payment services similar to COMIT where we will have way less than 0.5%. There are many variables and we will try to be as transparent as possible about this. We do want to give you as much as possible while remaining profitable.
6)Do you still think you can achieve your deadlines ? You missed ETH integration and there’s only one month left in Q4 to launch a beta test for COMIT, do you think deadlines can still be met?
Regarding Ethereum for Q4, yes. Regarding COMIT in Q4, I don’t think we will have the beta test live for everyone to use. We have a special team in Sydney comprised on 4 researchers. We have everything on the backend and we have done a lot of testing recently. We are still committed to having the decentralised exchange ready next year. I don’t think we are behind the schedule, I think we have just shifted our priorities.
7) When you read the questions now, you see that the community has evolved and questions are directly linked to the business model of TenX. Thus, can we all agree to stop using the word FUD when the community ask legitimate questions? There is a difference between FUD which is spreading false concerns and asking business/Return risk questions. Can we agree on that?
I don’t think we have every not allowed the community to ask questions. One of the reasons we are doing this, and I am not filtering any of the questions, if you come to our events and ask us any question, I will answer answer any question. To me, FUD is trying to criticise without being constructive. I do not care if you ask me question where you are pointing out big flaws we have. We are a startup, we have 40 people, of course we have flaws. We definitely have more flaws than I would like to have, and despite that, I think we have achieved a lot. There are things we can change and things we cannot. If you criticise without making a point, that’s FUD to me. There’s no need to criticise if it is obvious to everyone. If you ask me question, I would answer to the best of my ability, even if there are situations where I have to tell you that I cannot comment on that. You have my full agreement. If you meet me in person, feel free to ask me anything.
8)When can we expect the announcement regarding wirecard and reward?
I have already mentioned this in other videos, so I will not repeat that. As soon as we have the cards shipping, we will announce it. Talk is cheap, actions are priceless.
9)We Japanese community started launching our own website and providing a help desk support to open up the Japanese market. We’re thinking of having high-street support centers in the future. We entirely act as a volunteer now but also set up a foundation to receive donation. Hope this would be a start of future Japan office! Julian, we would love to hear your supportive comments to Team Japan!
Hiyohiyo, I know that this is you and your team. I just want you to know that I really really appreciate you. Thanks so much
10)Are there any updates on the legal status of the PAY Token not being a security?
Exchanges, if there are exchanges listening to this, or you know exchanges who are interested in listing us, and they would love to have a legal opinion from us, we do have that. We have that even on the old token, the token where the rewards would be distributed to everyone. We have added a small update, only the users would get the token rewards. We can give the legal opinion to these exchanges so that they list us. Some exchanges have also delisted all of the ERC20 tokens, because they are risk-averse.
Next, I am in touch with Kraken on a monthly basis. Kraken has told me that they are not adding new coins this year, so we cannot expect TenX to be listed on Kraken this year. As soon as the adding process resumes after Christmas, we will be at the very top of the list. Furthermore, we are going to be listed on 2 more exchanges. Not teasing, but as soon as we have that, you will know about it.
11) Any plans on making TenX giftable?
There a lot of ways to achieve this, be it through the physical or virtual card. Currently, we do not want to implement any new features.
12) Will European cardholders get the same benefits as those who have cards issued by a different issuer when you eventually start shipping working cards outside of Europe? I ask this question because in the last Q&A you mentioned you are very happy with WaveCrest handling the Europe part of the rollout and will continue to use them.
We try to align these incentives and fees.
Since many of you have already found out, the show that we are going to be featured in is Galileo in Germany. For those of you who have seen it before, Galileo is a show that has an audience of about 1.5–2 million viewers from Germany, Austria, Switzerland and more. We are going to be airing tomorrow at prime time, 7:15pm if I am not wrong. It’s a really cool show, and I flew to Berlin and survived on Bitcoin only. It shows how our app works, how to buy Bitcoin and deposit them into our TenX app. Lets see how the actual show is going to be, and we do expect an increase in demand for our cards. Galileo is not a show for everyone, but I feel that it has the right target audience. I think it is going to be very exciting for us. It is going to be 2am here for us in Singapore, and our Dev team and Customer Support team is going to be up to ensure that there are no problems.
We had some problems with iOS, so we had to update it and redeploy it. That should be ready for tomorrow. Obviously I didn’t want to share so much on this right now, because we have known about this for over a month. We love results, and that’s why we are revealing this now, 24 hours before it airs.
For iOS users, the new version has just been updated. You should have no problems now.
13)OmiseGo is also based in Singapore, why don’t you cooperate with them?
OmiseGo is based in Bangkok, but we are always open to working with them. At the moment, the challenge is that they do not have a live product. Yes, they have a great team and they are doing a great job, but I think the live product is important. We do not want to be partners for the sake of being partners, but to achieve greater results.
14) As TenX is a company based in Singapore, is there any news of TenX being available in Asia?
Yes, definitely. Our new card issuer will be able to issue cards internationally.
Another thing- Yesterday, the team from FOX Business News was here, filming in the office. For some of you this might be news, but we are going to be airing in the U.S. In the middle of January. That’s going to be very exciting, as we will have around 15 million people watching that show.
The merchandise store is being set-up and will be live soon. We are taking these things one step at a time, and quite satisfied with our current progress. We have cards being distributed, we have great users who give us great feedback, a new office and a team that grows together.
Trust me, we always read your feedback. If you have some nice words to say to our community managers, whoever it is, just leave some words, because it goes a long way.
15) Do you have some new numbers about users and transaction volumes?
I don’t want to update right now, let’s stick to the last update, which is over 20 million dollars in total transactions and more than 100,000 users. We will update when we have hit the next milestone. This is also because we do not want to give the impression that we are a company that has to report financial statements, as that may lead to us being perceived as a security. Our goal is to update you when we hit big milestones, like any other startup. Any startup that hit 100,000 users will be proud of it.
16) Will a banking license allow you to service just Europe or also the rest of the world?
The banking license that we are getting in Europe is for Europe. We are already working on something in the U.S. In Singapore, we would not need a full banking license to issue our own cards. We want to support many countries, and depending on the regulations in those countries, we will determine if we need to have a full banking license, or have partnerships with local firms.
17) Julian, I was wondering if you guys would consider influencer marketing at some point. I have recently watched Andreas Antonopolous state in interviews that he lives entirely off of bitcoin to which the interviewer asked how he managed to do so. He stated that this is very difficult but that he has all sorts of work arounds like purchasing gift cards in order to keep doing this.
My question is, would you guys consider sending someone of high influence like him, a tenx card to make life easier for him? If he gets a tenx card and ever talks about it during his speeches or interviews, I think we all can agree that this will cause a huge amount of users to come in
Yes, so far we have never paid anyone to use our card. We have started with a little bit of marketing on social media platforms like Facebook, Twitter and Instagram. We have only started this now because we were previously focused on scaling the backend. We will soon be able to support thousands of users a day, then we will start doing actual marketing. One thing we have done is sending cards to prolific individuals in the cryptocurrency community. I think that this was a reasonable investment.
If Andreas has a European passport or can provide a European proof of address, let him reach out or provide us with his details and we would be glad to send him a card so that he can spend his Bitcoin easily. We are not a company that will send cards out to anyone. Reputation and Branding is important to us, and we are careful with regards to who we work with. We believe that we are a company that does a great job, and that is sadly a rarity in the ecosystem.
18) There are many questions regarding when specific countries will be supported.
Yes, we will support the countries, but I cannot give you an exact date.
I hope you guys had a good laugh at the “Where’s my Card” video. There will be 3 other videos, and this is a rough outline of the storyline. Christmas is coming up, and obviously we understand your frustration. We asked ourselves, what kind of videos can we make right now that our users can relate to? We really wanted to be authentic, and not take ourselves too seriously. One of our values is Create Fun. We are hardworking and outcome driven. The videos will all be out around the middle of December, and that’s when the user will finally gets his card. That’s also around the time in Europe where most of you will have received your card. We will also have a Christmas video coming out.
In the last couple of days in November, I will be taking a short trip to Europe for more meetings regarding the banking license. On the 12th of December, I will be in Kuala Lumpur with Michio Kaku, we will be talking about the future of certain things. Then on the 13th I will be at the Payments Summit in Australia.
That should be most of the travel from my side until Christmas. The team is really well structured, and we are going to be signing a COO who will join us after Christmas. We are hiring a few more people in January, the next two months will be more of a structural period. After Chinese New Year, we will focus on scaling again, with the goal of having around 200 employees by the end of 2018.
Some of you have already noticed that we are going to be publishing a cryptocurrency book. It originated as an internal handbook for the company, to help new hires better understand the industry that we are in. Its about 90 pages thick, and we are going to be releasing this in 8 different languages. We want to make it easier for people to be involved with the cryptocurrency space, and obviously we will be mentioning what TenX is about. We will explain the risks and advantages of cryptocurrencies, which will tie in nicely with our mission, which is bringing cryptocurrencies to the masses.
I hope that you understand why we are doing this, because we are planning for the long term. In a years time, you will understand why.
With this, its almost an hour. Are there any last questions? If you are interested in working for TenX, send us an application via email to [email protected], please include your LinkedIn profile and CV if possible. We would love to get in touch.
Thank you so much from Singapore, thank you from the entire team. I hope that this was informative, and for those of you who are able to watch Galileo tomorrow, please watch it. I have not seen it, so I hope that it is good. It was definitely fun filming it with them.
If you have any other questions, join our online community at Riot. I will be hosting another Q&A on Riot this week. I have not been on Riot so much, but that’s because my schedule has been really packed recently.
Thank you so much for your support, for defending our community when FUDsters come in and try to cause disruption. See you at events, see you online, be it social media or Riot. Thank you for your support, your love and understanding. We are not perfect, but we are doing the best we can.
Have a wonderful evening,