Cryptocurrency wallet and credit card provider TenX have announced a new ERC-20 rewards token, which will be airdropped to holders of the PAY token in Q1 of 2019.
The new token, aptly named the TenX token, will incorporate elements of ERC-1462 tokens, which will “provide compliance with securities regulation and legal enforceability.”
In an official blog post, TenX said: “We are issuing a new ERC-20 rewards token called the TenX token to eligible members of the TenX community.”
The company will release updates every quarter as to when rewards will be airdropped to PAY holders, with a snapshot taking place on December 30th. Users will have to complete KYC approval before receiving rewards.
Hey #TenX community,
We have published a blogpost detailing our new TENX token, and provide answers to your most burning questions:https://t.co/Op7U78nnWj
— TenX (@tenxwallet) December 11, 2018
There will be 205,218,256 TenX tokens created, mirroring the amount of PAY tokens currently in circulation.
On the topic of the TenX token being listed on exchanges, the blog post read: “We believe that the token may be listed by the end of Q1 2019, and will inform the TenX community upon confirmation of a listing by an exchange.”
The PAY token will remain unchanged. In response to questioning over why rewards weren’t brought to the PAY token itself, the company replied: “We intend to integrate the PAY token into our ecosystem to perform various utility functions, and do not envision the PAY token to function as a rewards token.”
The PAY token rallied 16% after the announcement broke, making it the top gainer in the top 100 cryptocurrencies by market cap.