In this episode of the BeInCrypto video news show, host Jessica Walker will look into Telcoin. Despite not breaking into the top of the crypto charts, it has increased 43,000% since the beginning of the year. Since it’s getting a lot of attention on social media and developing a growing following, we decided to check out its unique value and the team behind it.
What is Telcoin?
Established in Singapore during July 2017, Telcoin is an Ethereum-based crypto striving to become the connecting point between crypto, blockchain, and the telecom industry. The project aims to partner with leading names in the telecom industry and scale through their reach. For instance, it hopes to remove the hassle between mobile money and billing platforms for names like Verizon and AT&T.
The main focus of Telcoin right now is the remittance market, where Western Union is currently the number one player. That’s part of the reason they are partnering with global telecoms and mobile money platforms. They are a natural choice to provide high-speed, low-cost digital remittances to mobile money platforms and e-wallets.
In 2017, Paul Neuner and Claude Eguienta co-founded Telcoin to help users efficiently transfer money globally. Claude Eguienta formerly served as the CEO of Telcoin and headed the project. For over a decade, he has worked for startups and large tech companies focused on financial services.
Meanwhile, current CEO Neuner accrued over 12 years in the field of telecommunication before venturing into the world of blockchain. He started as a tech entrepreneur in the telecom space with Mobius, which provides fraud management services for mobile networks. In 2018, he also established another similar company that focused on securing sovereign mobile financial services.
Telcoin’s goal is to become a useful service that could help countless people, particularly those without bank accounts. Currently, its primary focus is remittances markets. While there are almost five mobile phones for every one bank account, people still queue up to send money from high-cost remittance agents. Western Union in particular dominates this market.
Leveraging the power of blockchain, Telcoin is bringing people in the developing world a faster, low-cost alternative to remittance services. Telecom operators that connect to the Telcoin network are immediately able to issue TEL tokens. The network also gives incentives. For instance, the more the TEL token traffic an operator has, the more value he gets from the network.
The Telcoin team has been busy and has scored some wins recently. They drafted legislation in the state of Nebraska that will pave the way for its financial services to US consumers. The legislation creates a new state banking charter for digital asset depository institutions. The charter is the first of its kind to be shaped around consumers and how they connect to decentralized finance.
“At its heart, this new charter represents an alternative type of bank that does not have the right to loan your money to somebody else,” said Neuner. “Institutions under it will use blockchain technology to empower users to self-custody digital assets and put their money to work for their own benefit”.
Telcoin also announced that its users will be able to send money from the US, Singapore, and Australia to 16 countries in South-East Asia and Africa. These are some of the first so-called corridors that they plan to establish over the coming years.