Telcoin, a cryptocurrency launched in 2017 with the aim of enabling people to transfer money using their mobile phones, is gaining traction. Unlike other payment systems, Telcoin does not rely on banks, but partners with telecoms companies to facilitate the transfer of funds using billing systems on mobile devices. The service enables billions of people without access to banking services to send funds, and has cut fees by more than 50% compared with traditional money-wiring services. Telcoin’s TEL token was launched when the Ethereum network was still in its infancy, but is now experiencing growth following its listing on the Polygon exchange QuickSwap.
Telcoin: Reinventing Remittance with Blockchain Technology
In 2017, Telcoin joined the wave of initial coin offerings with a unique vision – to enable people to send payments from their phones. The governance token TEL was built on the Ethereum network, but with the explosive growth of payments via smartphones and the evolution of blockchain technology, where does Telcoin stand today?
Supported by Legacy Telecom Operators
Telcoin decided to partner with legacy telecom operators to facilitate adoption and act as stakers, nodding to its name. Sending money via telephone lines became increasingly prevalent as the need to transfer money over long distances grew over time. The advent of technology saw the rise of online services such as PayPal, Venmo, and Cash App, revolutionizing payments over a smartphone in a more convenient and efficient manner. However, these services are all dependent on legacy banking to supply the funds from fiat.
Serving the Unbanked
To address the issue of sending money outside of the banking system, Telcoin utilizes blockchain technology. As nearly all of the 2.2 billion unbanked individuals worldwide have access to a mobile phone, partnering with telecom companies enables Telcoin to offer money-sending services to those without a bank account. This method of providing funds bypasses the bank and utilizes the billing systems of the phone companies. This way, any device that can send and receive SMS text messages can utilize Telcoin’s services. By doing this, Telcoin opens up remittance services to billions of people through various means.
Bridging the Gap
Beyond providing access to unbanked individuals, Telcoin is also looking to penetrate the establishment by offering lower transfer fees than traditional wire transfer services. Telcoin’s token TEL is built on the Ethereum blockchain, a risky venture at the time due to its untested and volatile nature. However, four years later, with Ethereum being the No.1 smart contract blockchain platform, the founders’ gamble paid off. With Ethereum’s London hardfork increasing network speed and the TEL token’s liquidity in the marketplace in the near future, Telcoin is primed for consistent growth.
Telcoin’s vision to offer a comprehensive solution to the problem of sending money outside of the banking system is becoming a reality. By partnering with telecom companies, Telcoin provides a way for unbanked individuals to send money more efficiently. The development of blockchain technology and the Ethereum network enables Telcoin to offer lower transfer fees than traditional wire transfer services. Telcoin’s team has a strong presence in Southeast Asia, one of the world’s most crucial economic powers. The future is looking bright for Telcoin and its token TEL, with consistent growth, strong demand, and partnerships with key players globally. Leave your thoughts and price predictions in the comments below.