Yes you are right. Wavecrest was their VISA card issuer and VISA revoked their right to issue the cards. But it apparently didnt had anything to do with crypto or TenX.

They say, that they have already with another card issuer a deal, which they cant yet annouce. However they also push to get a banking licence, so they can issue their own cards (without the middlemen of a card issuer), plus with the licence they can offer crypto to fiat and vice versa exchanges.

It is a lot about trust in the team and the founders. Hard to say if they tell the truth. But from my personal judgement I believe they really try to achieve what they are promising in a professional way. You can see that because they dont try to push the price of their token with artifical news.