Singapore-based crypto wallet TenX has announced the departure of co-founder and president Julian Hosp.
In a statement, the startup said, “2019 brings great opportunity for TenX […] We are committed to ensuring that our vision and our mission are seen through, as per plan. As of today, Toby Hoenisch [co-founder and CEO] will be driving the business forward solely, while Julian Hosp will be leaving TenX.”
“We have received a tremendous amount of shareholder value and support from you all under Julian’s leadership and want to thank him for paving the way towards further success for TenX in the years to come,” it continued.
TenX co-founder Julian Hosp / Photo credit: Tech in Asia
The startup, which is developing a cryptocurrency-linked Visa debit card and mobile wallet, completed one of the largest ICOs ever in June 2017, raising the equivalent of close to US$80 million.
However, it has hit numerous bumps since then, including having to restructure its token to comply with regulations and stop paying dividends, much to token holders’ chagrin.
TenX token holders have also regularly complained on Reddit and other online forums that they are yet to receive the debit cards they had been promised, with delivery dates constantly put back.
Watch: TenX – Life after ICO
A former trauma surgeon and professional kitesurfer, Hosp was the public face of the company, regularly uploading videos to YouTube to explain the TenX ecosystem and other cryptocurrency projects.
This has sometimes resulted in controversy, as have revelations about his past involvement in a multilevel marketing business called Lyoness. TenX acknowledged Hosp’s affiliation with Lyoness – which had reportedly been recognized as a fraudulent scheme by courts in Austria and Switzerland – but said it had no bearing or relevance to the startup.
In a video posted to YouTube following his departure, an emotional Hosp said that while planning TenX’s strategy for the coming year, 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.”
“It was one of the hardest decisions of my life […] I can only wish my team the best for the future,” he added.
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