The president of TenX, Dr Julian Hosp, has announced his departure from the company in an emotional YouTube video.
The 32-year-old, who this time last year spoke on BBC News about TenX and cryptocurrencies, has suffered a fall from grace in 2018, driven by his company’s failure to release the promised “crypto visa card.”
The company launched in 2017 with the innovative idea to release a visa payment card that would allow users to spend cryptocurrencies in major stores and retailers.
However, the company continually delayed the launch of the card, switching their focus onto a cryptocurrency wallet instead.
In an update video posted on his personal YouTube channel, Dr Hosp said: “This is going to be short but emotional. While we were looking at TenX in 2019 and beyond, it became clear to us as founders that the only way forward is to mutually part ways. That means I will be stepping down as the president of TenX.”
He continued: “It was one of the hardest decisions of my life, I hope you know that. TenX has always been flowing in my veins. It motivated me every single day. I can only wish my team the best for the future. They are rock stars. Toby will take over. As for myself, I will take a few weeks off. I need to move forward. I want to thank you all for the support and for having been there during hard times on this journey.”
The price of TenX tumbled on the news of Hosp’s departure, falling 20% over the past week. The price has also fallen by 94.5% over the past 12 months.