Despite how easy it is to get a bank account or use financial services in North America, Europe and other first world countries around the world, it isn’t like that everywhere. In fact, a large majority of the planet not only doesn’t have access to financial services like transferring money, speaking to advisors or even using an ATM.
This is because, according to the World Bank, there are only 1.2 Billion bank accounts active on the planet today, which means most people out there don’t even have a bank account, let alone access to actual financial services. This can make it very hard for people to get ahead in life as having a bank and financial services is quite important. In fact, the World Bank has also said that there are about 5 billion mobile phones on the planet, which means there are nearly 5 times as many phones as there are bank accounts, which is a shocking statistic.
A company that is looking to be a solution to this major issue of financial exclusion (by actually using those mobile phones that most people have) is Telcoin. Telcoin is a new company/cryptocurrency that operates on the Ethereum blockchain and will be distributed by national telecom companies and be available to use and spend for anyone, anytime and anywhere. This will ensure that anyone with a phone have seamless access into the online economy, which for many people, will be the first time they have access to financial services.
The first question many people will have is why did Telcoin decide to partner with national telecoms and not just go at it alone? Well, other companies have tried that and have never been successful. The main problems they run into are the fact they do not know their customers, do not have the trust of the public and do not have a very far reach. Since Telcoin will partner with telecoms, these concerns will be taken care of and they will already have a built-in user base and they will be a step ahead of their competition.
Now that you know a little bit about the company and why the partnered with telecoms and the issue that they are trying to solve, let’s look a little closer at the company and what they are trying to do, and how they want to do it.
Telcoin will begin by focusing on the remittance market which is dominated by large companies such as Western Union and others. Companies like Western Union can not only take a very long time to send remittance to others, but their fees can eat away a large portion of the money being sent, which hardly makes the transactions worth it. With Telcoin, it will be a much faster process and will also be quite a bit more affordable with less of a fee being imposed when compared to other leading companies in the space.
Once remittances are taken care of, they will begin to expand into offering other financial services and eventually, they hope to expand financial inclusion throughout the world by offer a simple, secure and safe mobile money solution. They want to make it possible to send payments, make transfers, and pay bills with only a cell phone and nothing else, which would allow billions of people access to finances that they have never experienced before in their lives.
Their ICO is currently going on right now and will cease in a little under two months, as it will end on February 1st 2018 or when their supply of tokens are gone. In total, Telcoin will have a supply of 100,000,000,000 coins, but only 25% will be available during the ICO. The other 75% will be split between the company and the national telecoms that will sell/give the tokens to their subscribers, so that those who don’t have the ability to invest during the ICO can still get access to this mobile cryptocurrency. The actual unit value for the Telcoin token will depend on how much is raised during the pre-ICO and ICO periods.
The team behind Telcoin is a good one, as you would expect with their lofty expectations for their company. Telcoin is led by Claude Eguienta (CEO and co-founder) and Paul Neuner (Chairman and co-founder). Eguienta had experience in the cryptocurrency space with impressive experience and Neuner has over a decade of experience in the telecom space and has founded a fraud management solution in the past. In addition to the strong leadership, Telcoin has many other talented team members in the areas of development, marketing, business and many more.
In conclusion, Telcoin is hoping to be the mobile money solution of the future. If successful, they could help billions of unbanked and under banked people to finally have access to financial services that you and I have taken for granted for years. Financial inclusion is a very important topic and Telcoin wants to do all they can to allow everyone access to funds to send to family, pay bills and purchase items in ways they never thought possible.
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