From $0.00017 on January 1st to $0.05987 on May 10th, the more than 35,000% price increase alone makes this an incredibly attractive proposition to altcoin traders looking for a bargain.
For those who trade on fundamentals, knowing that this technology solves a real-world problem presents the greatest attraction as a long-term investment. In 2019, $573 billion was remitted globally, with $422 billion sent to developing countries. The key selling points are:
- Instant transfers sending money in just a few seconds
- Affordable fees that cut the average remittance from 7% down to 2%
- Compatible with mobile operators and e-wallets globally
- Blockchain-powered with an Ethereum network design that ensures security
The tokenomics are another important reason to invest:
- 25% were sold in the crowd sale
- The Telcoin team kept 15%
- 5% was held in a liquidity fund
- 50% is used for operator incentives
- 5% is used for community incentives
So far, with 50.2% of the tokens issued, there remains a lot of scope for growth and future investment.
Where can I buy Telcoin (TEL)?
The best place to buy Telcoin (TEL) is on KuCoin, where there are three market pairings current listed:
DeFi traders who want to buy TEL on decentralized exchanges will find it on Balancer and 1INCH.
What is Telcoin (TEL)?
The ambition of Telcoin is to reimagine digital remittances and make instant, low-cost money transfers easy by leveraging the Blockchain. Built on Ethereum back in 2017, the Singapore-based company wants to unite cryptocurrencies, the Blockchain, and telecoms to compete with Western Union.
By forging partnerships with multinationals like Verizon and AT&T, Telcoin can make the relationship between billing platforms and digital cash much more streamlined, especially for the remittance market (those sending money overseas in different currencies). People sending money abroad or to their home countries are open to exploitation from services like Western Union which can charge very high percentages to facilitate the transfers.
TEL, the coin backing the project, is an ERC-20 token, meaning it is built on the Ethereum blockchain. Part of its function in the ecosystem is to make payments on e-commerce websites using Telcoin for money transfers.
How Telcoin Works
- Rather than needing to buy Telcoin (TEL), Telecom operators earn TEL based on transaction volumes and integrations maturity.
- Telcoin is assimilated into existing fee models for billing and transferring money, with the fees being deducted from TEL issuance, making it cheap for users and profitable for networks.
- Introduced telecoms to the world of DeFi, helping them move forward sustainably and in line with the cryptocurrency revolution.
- Can be integrated with existing telecom mobile money wallets, being added as an extra choice for remittance, alongside well-known merchants such as Western Union
- There are five mobile phones for every bank account in existence. Yet, people still use in-person services such as Western Union to transfer money, so Telcoin focuses on solving the remittance issue.
- By leveraging the blockchain to keep costs low, Telcoin (TEL) solves a problem for cross-border workers in the developing world, particularly those who need to send money back to their families. By partnering with telecom operators and digital wallet companies, they can reach many potential users with a service that requires zero in-person interactions.
- As a decentralized asset, ownership belongs to the person with the private keys, which is the user. This also makes them entirely responsible for their security, with this non-custodial approach being incredibly popular with many cryptocurrency traders and enthusiasts.
- The TEL network incentivizes telecom operators to hold and use the coin, with more rewards available based on the holding size.
History of Telcoin
Paul Neuner and Clause Eguienta co-founded Telcoin in 2017 to help improve the global money transfer system. Neuner worked as an entrepreneur for 12 years in telecoms, launching Mobius, a mobile fraud management tool, before starting Pangea K.K, a mobile software development company in Tokyo. He then started a mobile events app called Ikou and a telecom fraud management service called Sedona. Clause Eguienta has an MS in computer science and comes from a background in tech and financial services. Together, their expertise has allowed them to build a company valued in the billions of dollars.