TenX (PAY) Parts Company with Co-Founder Julian Hosp
Following a TenX overhaul and the launch of a new token, co-founder Julian Hosp will leave the project.
TenX (PAY), the former crypto-spending debit card project, is parting ways with co-founder Julian Hosp, announcing on Twitter that Toby Hoenisch will take over the business and guide its future course.
The TenX Reddit community suggested the removal of Hosp may have been prompted by internal tension at the startup. Hosp presided over TenX at a difficult time, and Reddit commenters say he may have hurt the reputation of the project, especially with the card delays.
“This should have happened a long time ago. Julian was dangerous, his reckless comments, attacks on competitors and false promises never boded well for TenX. Now that he is gone, TenX can reset almost and take a much better path,” user Vheissu wrote.
The decision to dismiss Hosp arrives a few weeks after a revelation that he was formerly affiliated with Lyoness, an Austrian multi-level marketing (MLM) scheme with a dubious reputation. Hosp guided TenX through one of the largest initial coin offerings during the crypto market peak in 2017, but later, the company’s model ran into obstacles. WaveCrest, its card provider, has had its activity suspended in Gibraltar since February 2018.
TenX never managed to find another card provider, focusing instead on its fintech side and mobile payment options. In December, it completed a snapshot of the PAY token ecosystem, issuing another asset to be used as a reward in connection with PAY.
The PAY market price dropped precipitously after the snapshot, shedding more than 50% in the past month. The asset reached levels of around $0.48 in December, only to return to the $0.20 range and see its volumes stagnate.
One reason for the crash was a series of sales after tokens moved into the Bittrex wallet:
The new TENX digital asset will potentially be issued toward the end of the first quarter. It is unknown which exchanges would be ready to credit the token balances given that markets refused to participate in the PAY snapshot.
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