The cryptocurrency market is currently suffocated by overnight projects and new coins that have absolutely no future.
In this confusing landscape appeared the Telcoin team, which proposes a project for a better future.
The Telcoin project could help millions who have no access to financial institutions and are unable to send money through bank accounts.
Telcoin wants to compete in financial markets with institutions that abuse consumers through imposed commissions.
What is Telcoin?
Telcoin Pte Ltd is based in Singapore, with a diverse team operating out of Tokyo, Japan.
The company’s eponymous cryptocurrency, Telcoin, is based on the popular Ethereum blockchain. It will be issued to national telecom operators and sold to subscribers, allowing it to be used by anyone – with or without a bank account.
Telcoin is the ﬁrst cryptocurrency to tap into synergies between the reach of mobile telecoms and the fast, borderless nature of blockchain technology. According to the World Bank, there are nearly ﬁve times as many mobile phones in the world (5 billion), as there are active bank accounts (1.2 billion). It’s a lot easier to access mobile phone services than banking services, and they aim to capitalize on that disparity.
The Telcoin team comes from a wide range of backgrounds, including telecommunications, IT security, anti-fraud, corporate marketing, mass media, and finance.
The team’s point of view
“Our objective is not to compete with telecom mobile money, but to cooperatively participate in the overall mobile money ecosystem. We see ourselves as a complementary solution; a tool that will increasingly bring users to mobile money, cryptocurrency-backed solutions, and mobile wallets. Our goal is to become one of the cornerstone ﬁnancial inclusion efforts of the 21st century and we want to cooperate with actors who we believe can play a critical role in this process, namely mobile network operators.”
How will Telcoin achieve its goal?
Telcoin firstly wants to reach millions of people to improve and optimize their standard of living.
By partnering with mobile operators, Telcoin can avoid key points of friction that have prevented similar projects from succeeding: trust, reach, and KYC compliance (Know Your Customer). Telcoin will be able to solve basic trust, marketing, and compliance challenges that have inhibited cryptocurrency adoption until now.
Telecoms have a signiﬁcant technical advantage to be able to actually know their customer – based on call detail records (CDRs), location-based services (LBS), and other network elements that are already commonly leveraged by fraud management platforms. A bank relies on the customer’s word on a KYC form – the telecom operator, on the other hand, has real evidence regarding the customer’s usage patterns. So it could be argued that a mobile operator’s ability to perform effective KYC is actually far greater than a traditional bank’s ability to do so. Telcoin will leverage existing telecoms KYC in place for mobile money access and work with the telecoms to meet standards required for cryptocurrency.
As core telecom services are becoming commoditized, operators need to seek differentiators to remain proﬁtable and grow. Financial services are an important part of that growth picture and cryptocurrency offers an opportunity to differentiate in the market. Telcoin aims to contribute to the mobile ﬁnancial services ecosystem as a complement to existing telecom mobile money platforms.
ICO is around the corner
ICO will take place on December 11th. So if you want to be part of the financial technology of the future, we encourage you to research the Telcoin project.
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