After completing one of the biggest initial coin offerings in history, the Singapore fintech start-up has hit several road bumps, with the departure of its president and co-founder being its latest setback.
Julian Hosp, president and co-founder of TenX, has left the company, the Singapore-based crypto wallet announced in a statement on Twitter on Thursday.
«As of today, Tony Hoenisch [co-founder and CEO] will be driving the business forward solely, while Julian Hosp will be leaving TenX,» the statement said.
Several Roadbumps
The company has been working to develop a crypto-linked Visa debit card and mobile wallet but has hit several roadbumps since its US$80 million ICO in 2017, including having to restructure its token to comply with regulations and stop its payment of dividends.
TenX has not been able to release the cards it was developing since Visa suspended its card issuer WaveCrest in January 2018.
Stepping Down
«It became clear to us as founders that the only way forward is to mutually part ways, and that means I will be stepping down as the president of TenX,» Hosp said in a video on his YouTube channel, which he often uses to discuss cryptography and blockchain technology.
TenX previously acknowledged Hosp's past association with pyramid scheme company Lyoness, which he worked with for five years, acting as team leader for the Asian market.
