Telcoin, a company that is working on a combination of decentralised finance and telecommunication, has announced a Series A funding of $10 million for the growth and expansion of version 3 of its platform that aims to build an exchange and hand over control of remittance to each user.
Though details of the investors have not been released, it is expected that the funds would be utilized for the launch of the growth of v3 of the platform.
“This round is a major milestone for a blockchain company founded in 2017,” said Paul Neuner, Telcoin founder, and CEO. “It’s also proof that people everywhere are tired of overpaying for basic financial services like remittance, and that they are ready to migrate to an alternate, decentralized platform like Telcoin.”
The Telcoin app is available on both iOS and Android and can handle fiat remittances. TELx would be the decentralized liquidity network and would power the suite of non-custodial financial products that Telcoin is working on. Two of those products have been released along with TELx and they are a decentralized remittance platform that helps the user to cut down on the fees that he would be paying to traditional remittance companies. The other is a decentralized digital asset exchange network called TELxchange that helps users to swap directly from their bank accounts.
One of the prime targets for many companies that work in the crypto industry is the remittance network. For a long, remittances have been plagued by slowness and unreliability and till a couple of years back, there was no escaping this fact. But with the advent of crypto and digital currencies, users now have a choice and this has spurred the banks to upgrade their infrastructure to handle remittances in a better manner as they begin to face increasing competition from the new digital entrants who have improved the speed and reliability of the remittance industry hugely.
This is good for the overall industry and for the users who now have a choice and can now demand better services from their financial institutions. The crypto industry has contributed to this sea change in a very big manner and it continues to innovate and upgrade its network to serve this industry as the financial world sees a big shift from legacy to digital systems.