Building bridges between blockchains – Toby Hoenisch

Toby Hoenisch is the CEO of TenX – a startup that provides a multi-asset blockchain wallet and builder of an inter-blockchain protocol. He is a serial entrepreneur and blockchain expert, and is extremely passionate about banking the unbanked by leap frogging today’s legacy finance system and making blockchain & crypto-currencies useable and accessible to anyone.


Tell me a little bit about yourself.

I have always been into tech since I learned programming at age 10. My passion for technology is based on the unlimited amount of things you can build with it and then allow users from all over the world to use it. This experience is also why I’m so passionate about Bitcoin and blockchain, which has this same unlimited potential of innovation for the finance industry; finally breaking down the financial borders and allowing everyday people to not only get paid, no matter where they are, but allow anyone to innovate on our financial system itself.


What is your business venture about?

Our vision at TenX is to make sending and spending of money as cheap, fast and easy as sending a text message. Our main product, the TenX wallet, allows users to send money across borders and spend it globally at any credit card accepting merchant. By building our wallet on the blockchain, we support any form of money, including of course crypto currencies, but also for example assets like gold.


What is your mission at the outset?

Our mission at TenX is to bring the massive benefits of blockchain to everyday people. I believe in a future where anyone with a smartphone is already banked.


How did you get your idea or concept for the business?

I got the idea for TenX after reading about LoopPay, the technology that allows contactless payments at magnetic stripe terminals, and realizing that the most important piece missing in the blockchain eco-system today is plain and simple backwards compatibility with today’s payment infrastructure.


What is unique about your business?

What makes us unique is not only our superior technology, but by being fully built on blockchain technology, we offer our users access to the most innovative ways of money such as for example real-time payments in bitcoin and gold.


Why will customers stay or do repeat business with you?

TenX is the first wallet to offer real-time conversion of any blockchain asset for real-time payments at zero FX cost. Aside from massive cost-savings, for many crypto-assets, we are the only option for our users to do payments.


What have been the biggest obstacles?

Our biggest obstacle has been the extreme slowness and difficulty of working with the existing finance world. Since starting our business more than 2 years ago, we have turned this obstacle into one of our biggest competitive advantages to know how to navigate the world of legacy finance while at the same time being able to innovate at the speed of a startup.


If you had one piece of advice to someone just starting out, what would it be?

Follow your passion and never compromise in what you believe!


Do you have any final thoughts?

“We need banking but we don’t need banks” – Bill Gates. Our financial infrastructure has grown to trillions of dollars of profit at the cost of the rest of the economy. Today we are at the verge of completely disrupting this legacy system which is slow, costly and inaccessible for billions of people on this planet. This disruption will play out over the next 10 years and will bring massive new economic growth as the world is shedding itself from a system that is outdated for many decades. I’m super passionate to be part of building the ground base for this revolution and watch first hand what is possible in a frictionless future of money.


Who is your biggest inspiration or drive to do what you are doing?

My biggest inspiration comes from being part of the blockchain eco-system and being able to collaborate with some of the smartest people on this planet to completely re-envision the world of finance.

What’s next for you and for TenX?

We are currently busy developing COMIT, an inter-blockchain protocol to allow for real-time transactions across blockchains from any asset to any other. The resulting network upon launch this year will be ultimately scalable to billions of tx/sec and will encompass any asset, while retaining the decentralization and security of each connected blockchain.

Chia Hock Lai

Chia Hock Lai

Chia Hock Lai is passionate about how technology is disrupting the way financial services are being delivered to consumers and businesses, and in the process making the financial system more efficient and inclusive.

Hock Lai has 18 years of experience in the financial industry, having performed roles in both business and technology. He graduated from the National University of Singapore (Real Estate), Nanyang Technological University (Infocomm Technology) and Nanyang Polytechnic (Fund Management & Administration).

He is also a Fellow of the Singapore University of Social Science, advisor to FinTech Startups and mentor to student FinTech projects.
Chia Hock Lai
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