Pre-series A round marks a major milestone as Telcoin brings DeFi to its digital remittance service
LOS ANGELES, July 1, 2021 /PRNewswire/ -- Telcoin, a fintech operating at the intersection of decentralized finance and telecommunications, has closed US$10 million in pre-series A equity financing to fulfill their mission of bringing fast and affordable, user-owned financial products and services to every mobile phone user in the world.
"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 fundraising round coincides with the reveal of "Telcoin V3," which introduces the full Telcoin Platform stack and two new user-owned DeFi products. The fresh capital will be used to launch and promote V3 services, while also enabling the company to reach a headcount that is conducive to meeting the demands of a global rollout.
V3 of the Telcoin Platform stack encompasses three complementary layers: The Telcoin
Application, TELx, and Rivendell. The Telcoin Application, available on iOS and Android, was updated earlier this year to support fiat remittances. The next generation of the Telcoin Application will launch on the Polygon Network with a wide variety of new features and two new products powered by active Telcoin users on DeFi protocols or TELx.
TELx, revealed today, is the decentralized liquidity network of the Telcoin platform. TELx serves as the engine that powers Telcoin's suite of non-custodial financial products, two of which are being unveiled alongside it:
- Send Money Smarter (SMS) Network is a user-owned, decentralized international money transfer platform disrupting the US$700 billion remittance industry. SMS decentralizes foreign exchange to active Telcoin users on DeFi protocols, enabling remittance senders to capture fees now exclusively awarded to legacy financial institutions, at a fraction of the cost, with instant global settlement near mid market prices.
- TELxchange is a user-owned, decentralized digital asset exchange network that uses TEL as the reserve asset and medium of exchange. TELxchange decentralizes token exchange to active Telcoin users on DeFi protocols, enabling users to swap, directly from their bank account, between TEL and TELx ecosystem assets while capturing a portion of trading fees now exclusively awarded to centralized exchanges - without giving up custody of their assets.
SMS and TELxchange launch today, with TEL issuance flowing to TELx market participants on a network of liquidity pools across Quickswap and DFX (Polygon) from next week. Head over to TELx to learn more.
Rivendell, released today, is an open Ethereum sidechain run, validated, and secured by MNOs. Rivendell enables mobile networks to provide blockchain-based, non-custodial financial services to their subscribers - without needing to be a bank or custody funds. Rivendell is designed to operate at a fraction of the cost of the legacy system, while enabling telecoms to leverage their existing network and fraud infrastructure to power the system.
Follow Telcoin for more information and to be the first to hear updates about additional remittance corridors and the upcoming V3 launch.