Summary on WaveCrest card situation
- For those of you who have the card now, which is no longer working, we are going to send you a replacement. This does not affect our partnership with our new issuer. Most of you already know that we are in the process of going live with our new issuer. For us, WaveCrest was always seen as an intermediary step, we always wanted to transition everyone over to our new card issuer.
- We asked our new card issuer about this and asked if this was a general issue or one that was specific to WaveCrest. It was very clear that this was a very specific issue to WaveCrest. None of the other roadmaps will be affected. This is something that is key to our success as a company.
- We will announce further details as to the process on how to get your new card once we are ready to go live with the new card issuer.
Below is a transcript of the above YouTube Q&A livestream with regard to the latest update on WaveCrest and other TenX related topics.
Hey everyone welcome to 2018.
My gosh it has been a fantastic 2017 and 2018 is starting really crazy .
I’m going to share a couple of things with you here.
I just got out of the airplane here in Singapore.
I got some messages and some emails that I do want to share with you.
I feel that its very important to be close in times like this, whether there is exciting news or bad news to share.
I want to let everyone understand what this means for TenX and how we are going to move forward.
I hope you all had a wonderful Christmas and a good start to the new year.
Let’s get to the point.
Some of you have already heard that WaveCrest, the card issuer that TenX is working with, has disabled all of their cards.
There was an advisory sent to us less than 12 hours ago, which was completely unexpected on our part.
If you have one of our cards right now, they are not working, simply because WaveCrest got the advisory from their card network that they have lost their license or they are not allowed to use their cards anymore.
Obviously, this affects TenX because this means that all of our cards will be declined.
What does this mean for TenX as a company and what does this mean for you as a user?
The first answer I really want to give you is about the withdrawals. The team will be back on Monday, and we will re-enable withdrawals for everyone by Monday evening. We had to pause withdrawals, because we wanted to ensure that the new system that went live with Ethereum was stable. If you are waiting to withdraw your cryptocurrencies, it will be available by Monday evening, Singapore time.
For those of you who have the card now, which is no longer working, we are going to send you a replacement. This does not affect our partnership with our new issuer. Most of you already know that we are in the process of going live with our new issuer. For us, WaveCrest was always seen as an intermediary step, we always wanted to transition everyone over to our new card issuer.
There is going to be a short period of time where our cards do not work, but we will be in the process of sending out the new cards to everyone.
This is a huge opportunity for us, as literally everyone that was using WaveCrest lost the ability to issue cards.
We have been working relentlessly to get our new issuer live, to get our new issuer live, and we are not going to be the only company with several currencies live, we are probably going to be the only company live.
There are millions of card users out there looking for a company with a live product. Our technical team will no longer have to deal with issues arising from WaveCrest, allowing them to be able to focus on adding new currencies.
Coupled with our huge user growth, currently closer to 200,000 users, we will focus on working with our new card issuer.
This is what I meant when I said “huge opportunity”. This is why I wanted to go live and share that with you. For us, our goal of having a million cards live, I am actually thinking that we can do double of triple that.
Before, TenX was always being compared to this company or that company. Soon, there will not be many other companies who have a live product, while we will have one.
We asked our new card issuer about this and asked if this was a general issue or one that was specific to WaveCrest.
It was very clear that this was a very specific issue to WaveCrest. None of the other roadmaps will be affected. This is something that is key to our success as a company.
If you have a card right now that is not working, we are going to replace that card. Obviously, the wallet will continue to work.
I want to give a shout out to the technical team, who has done a great job with the Ethereum rollout.
We had a staggered rollout with minimal downtimes, we are going to have withdrawals enabled by Monday.
We are going to replace the cards for those who had cards, you are going to be the first ones to get the new cards.
For those who do not have cards yet but have paid the fee, you can wait to get the card replaced, or you can ask for a refund. Of course, I hope that you trust that TenX is going to do a great job and continue to wait for the card.
Our timeline for rolling out within Q1 global rollout is completely the same, we are in the process of obtaining our banking license by Q2 2018, its going to allow us to issue our cards directly to our users.
To my knowledge, we are going to be the only company able to do that without an intermediary, which will make us completely independent.
We have always tried to have two or three ways to do something, and in this case, it has paid off. We are talking to close partners in the U.S. and in Asia which will allow us to supercede our goal of 1 million card users by the end of the year.
When I can talk on stages, to the press and customers, and the question is which company should I choose, hopefully there is only going to be one company, and that company will be TenX.
Some of you have also seen our limited edition cards, the founder cards, its really high quality and works really well. That is completely on track and we will send them out soon.
For us, I think this is a huge opportunity to grasp despite it being a minor setback. We are not affected in the mid and long term.
We are going to do a Q&A on Tuesday as per normal, I just wanted to put this out there because I know how people are, they read something and they get confused. Please understand that I do not want to do this for too long, I am still jet lagged and I wanted to do this because it is important for me to be there whenever there is important news to share.
I know we have one of the best communities, and I really appreciate it.
Let’s talk about rewards on Tuesday.
Our new card provider was announced a while back. There are a lot of questions, it’s going to be hard to answer everything.
Exchanges. We get a lot of requests regarding exchanges. I think I have received 1500 emails over the past two weeks, give me the weekend, give me until next week, the regular Q&A on Tuesday.
For those of you who ask why shouldn’t I go to this company or that company, those companies do not even have a wallet live, and those who have a wallet, do not have a card live.
Our international timeline has not changed at all. Our wallet will continue to work. In fact, we will be faster.
Put yourself into the shoes of our developers. With over a hundred thousand users, there will always be challenges. Now, we will be able to focus on implementing new currencies and the new card system, something that I am really looking forward to.
We will be able to add more systems more efficiently, which will be beneficial to us in the long term.
In summary, for those who are waiting for withdrawals, it will be available monday evening. The wallet will be working as per usual, we will be adding more and more Ethereum wallets for you all.
For those who have a card, we are going to replace that card. It will all happen within Q1.
For those who do not have a card yet and want the $15 back, just let us know. If you re-order the card afterwards, you will be put at the back of the waitlist.
For us as a company, our goals as a company will be more achievable as we will be able to focus our resources.
I hope this answers most of your questions and clarifies certain rumours.
This is something specific to WaveCrest, it doesn’t affect other programs or other program managers or our timeline for the banking license.
We will have another Q&A on Tuesday, if there is more information on this by then, we’ll talk about it. If you have any other questions on the rewards, we will also address it on Tuesday.
All the best for the year ahead.
I am going to talk with the team, regarding how we are going to speed up the things.
Thank you so much, I wish you a really nice day, and a good weekend.
TenX update 5th Jan 2018: WaveCrest, Outlook 2018, New Currencies, Special Cards… was originally published in TenX on Medium, where people are continuing the conversation by highlighting and responding to this story.