Telcoin ICO to Provide Banking Opportunities Through Telecommunications
Telcoin Pte Ltd, which aims to connect 2 billion people in the unbanked economy to mobile money using telecommunications, has today announced its initial coin offering. The company aims to raise between US$10 million to US$25 million through the ICO, with the funds raised being used to invest in technology infrastructure, meet regulatory requirements and to expand the business globally.
The firm, which aims to accelerate financial inclusion through cryptocurrency, has seen investment interest from entrepreneurs and high net worth individuals globally. Current investors include Mixi co-founder Batara Ito and East Ventures. The company believes that demand for cryptocurrencies linked to telecommunication companies is driven by the cryptocurrency’s compliance, know your customer (KYC) processes and transparent transactions.
Claude Eguienta, CEO and Co-Founder of Telcoin, stated: “We have seen unprecedented growth and demand for cryptocurrency linked to telecommunication in Asia, particularly in Southeast Asia where there is a massive population of underserved and unbanked population. By working with telco providers, we provide the unbanked access to the digital economy with services such as online remittances, payments and e-commerce.”
The firm partners with telco providers globally, with a focus on Southeast Asia and Northern Africa. These telco partnerships will provide Telcoin with access to more than 100 million subscribers in the next 18 months and a ‘remittance corridor’ between East Asia and Southeast Asia, along with another corridor for Europe and Africa.
Eguienta added: “We work with telco providers as they are trusted with an established KYC framework which ensures that transactions are transparent and traceable. Telcoin also builds upon this existing telecom security protocols through a multi-signature wallet, which is an added benefit of building Telcoin on the Ethereum blockchain,”
Telcoin is a smart contract on the Ethereum blockchain and would provide users with access to the digital economy: online remittances, transfers, payments and e-commerce. It is also focused on social impact initiatives. The company is currently in discussions with mobile network operators to airdrop cryptocurrency to provide disaster relief. Through an airdrop, the firm wants to be able to disburse aid to communities in need by creating technology that enables them to locate where people are located and drop Telcoins to them.
Co-Founder and CTO of Mixi, Co-Founder and Managing Partner of East Ventures, and an investor and advisor at Telcoin, Batara Eto said: “Telcoin represents the future of finance by making services affordable and convenient with a business model that focuses on financial inclusion and transforming people’s lives,”