TenX, the crypto payment solutions provider, announced that it would be airdropping a new token, by the same name, to its PAY token holders. The TenX token is an ERC-1462 token which is a standard token designed for issuing security tokens that are compliant with securities regulations and legal enforceability. Depending on TenX's earnings and financial position, the company will be reward TenX token holders with PAY tokens every quarter. TenX also announced that it will begin rolling out its crypto debit cards, which allows users to pay merchants using cryptocurrencies, "in phases."
TenX will require PAY token holders to go through a KYC process to receive the TenX token airdrop. U.S. PAY token holders will not be allowed to register for the airdrop, despite initially being able to purchase PAY tokens through TenX's $80M ICO.
TenX's announcement follows a string of delays and negative media coverage around its crypto debit card and president. The debit card was delayed for over 11 months after the card issuer, Wavecrest, was cut off from Visa. TenX's president, Julian Hosp, also found himself in hot waters after Breaker published a piece connecting him with Lyoness, an Austrian discount-shopping service that has been found to be an illegal pyramid scheme.
The price of PAY tokens is up over 34% in response to the airdrop news, according to data from CoinMarketCap. (Source: TenX)