United States, July 1, 2021 /AlexaBlockchain/ – Telcoin has secured US$10 million in pre-series A equity financing, as one of the fastest growing FinTech enters into DeFi space.
Commenting on the successful funding round Paul Neuner, Telcoin founder and CEO, said:
“This round is a major milestone for a blockchain company founded in 2017. 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.”
Telcoin Enters in DeFi Space
The fundraising round coincides with the much anticipated launch of “Telcoin V3,” which introduces the full Telcoin Platform stack and two new user-owned DeFi products.
The company will use the fund raised to launch and promote V3 services. It also intends to expand its workforce sufficient enough to meeting the demands of a global rollout.
Telcoin Introduces V3 complementary layers
Sharing more details on V3, Telcoin revealed that V3 of the Telcoin Platform stack encompasses three complementary layers – Application, TELx, and Rivendell.
The Telcoin Application
It is available on iOS and Android. These applications have been updated to support fiat remittances. Telcoin said that 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
It 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 – It 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 – It 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.
Rivendell
It 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.