Editor's note: This column has been updated to disclose the writer's advocacy of blockchain technology--the underpinning of all crytocurrencies--and a Consumer Financial Protection Bureau warning about these investments.
Entrepreneurs have officially gotten their hands in the cookie jar of the cryptocurrency world. And believe me that's a good thing.
TenX, who is launching their highly anticipated ICO this coming Saturday has figured out how to solve one of the biggest problems for people that are involved in cryptocurrency -- actually spending the currency.
The worlds of entrepreneurship, cryptocurrency and Initial Coin Offerings are officially merged and entrepreneurs are raising 10s of millions of dollars to fund their companies. Bancor, Status and Basic Attention Token were prime examples of tokens/startups who collectively raised millions of dollars through ICOs. It should be noted here that I am an advocate of blockchain technology.
Editor's note: Bitcoin and digital currencies, as with any investment, may involve the risk of loss. The Consumer Financial Protection Bureau has warned that virtual currencies, including Bitcoin, carry "significant risk" to consumers.
The problem TenX is solving and why their ICO will likely also do very well is that nobody can actually spend cryptocurrencies at 99% of businesses without having to wait days to exchange it through a centralized exchange bank into Fiat (government issued currency), or jump through other major hoops.
TenX has built an iOS and Android app that serves as both a wallet and a decentralized fee free exchange, then adds a debit/credit card functionality on top of that to let you spend your cyrptocurrency anywhere you could use VISA or Mastercard. (They send you a physical card.) It also converts it to local currency, meaning it pretty much works in any country.
As of right now TenX's platform officially supports Ethereum, Bitcoin, and Dash, amongst others.
Vitalik Buterin the founder of Ethereum is also an official advisor to the company. Historically, any ICO that he has backed has done phenomenally well. Another big factor for ICOs that typically do well is when they already have their tech built. TenX has a fully functioning and tested iOS and Android version and is ready to get it out in the everyones hands.