Telcoin recently made the headlines when it announced its partnership with GCash, a Philippines-based e-wallet. According to Telcoin’s Chief Executive, Paul Neuner, the move to partner with GCash was to enable rapid scaling, reduce transaction costs, and enable contactless transacting given the state of the pandemic. The collaboration is also an effort to make Telcoin a household name in the Philippines’ mobile and remittances market.
Telcoin points out that mobile phones are nearly five times more effective than active bank accounts. However, a majority of people are still leveraging high-cost remittance platforms such as Western Union to send money globally. Telcoin’s intention is to connect telecom and mobile money platforms with blockchain to enable high-speed, low-cost transactions. Targeting Canada and the Philippines, Telcoin aims to reduce the average cost of remittance from 7% to 2.5% or less using any mobile device.
What is Telcoin?
Telcoin is an Ethereum-based decentralized cryptocurrency created by Singapore-based telecom company Telcoin Pte. Ltd. The Telcoin platform was created with the aim of integrating blockchain with global mobile networks. For that reason, it seeks to collaborate with leading names in the telecommunication sector such as AT&T, Verizon, and most recently GCash.
The goal of Telcoin crypto is to reduce the hassles that exist between billing platforms and mobile money. Telcoin’s main products are the TEL crypto and the Telcoin wallet app that’s available for both Android and IOS.
Telcoin is targeting areas where access to traditional financial institutions is problematic. The only requirement to access Telcoin’s financial services is a working smartphone with an existing phone plan. Other than the company’s official wallet, Telcoin can also be integrated with other mobile wallets. Partnered mobile wallets provide zero charges on transactions with fees only being charged in cases of converting the crypto TEL to other cryptocurrencies and then to fiat. Telcoin’s end goal is to provide an alternative traditional money transfer platform that offers perks such as cheap remittance, credit, payments, among others.
Key Features of the TEL Coin
The TEL cryptocurrency functions as the Telcoin platform’s underlying medium of exchange and unit of account for users. With that said, Telcoin does stand out from other cryptocurrencies because of its unique features. They include:
- Mobile Friendly
As reiterated earlier, Telcoin is forming collaborations with global mobile money platforms to facilitate international payments and remittances directly from a smartphone. Telcoin aims at becoming a facilitator between these platforms, to reduce the overall transaction cost of remittances internationally.
- API Integration
This is one of the benefits of utilizing blockchain as the underlying technology of Telcoin. Users can quickly and easily integrate Telcoin with online billing platforms. For instance, the Telcoin wallet has the ability to integrate with existing telecom mobile money wallets. The Telcoin crypto can be used as currency on e-commerce platforms.
- Incentivized Adoption
Telcoin can conveniently fit into the models of existing mobile money platforms and carrier billings. Network operators that join the Telcoin platform are eligible to receive rewards in the form of TEL. However, the reward amount depends on the transaction volume and integration support provided by the network operator.
- Support for Multiple Wallets
Telcoin is not limited to the platform’s native wallet. It can be stored in any wallet that supports ERC20 tokens. Therefore, as a user or network provider, you have the option to integrate Telcoin with other third-party wallets.
Benefits of TEL
Some of the major benefits of TEL include:
- Instant Transfers
Through the use of blockchain technology, users are able to transfer money globally in a matter of seconds.
- Mobile Convenience
As reiterated earlier, Telcoin is partnering and collaborating with multiple mobile operators and e-wallets worldwide. This enables Telcoin to cover and reach a far wider base of users using their contactless services.
The average cost of sending a global remittance is estimated to be over 7%. Telcoin is changing the game by reducing this cost to an average of less than 2%.
- Powerful and Secure Network
Telcoin is built upon the Ethereum network. Additionally, it utilizes multi-signature crypto security. Therefore, the combined strength of these two ensures that the Telcoin platform remains powerful and secure.
- Multiple Remittance Corridors
Through the new Telcoin V2.3, Telcoin had added an additional 15 new corridors and 23 mobile platforms to the Telcoin platform. Additionally, its collaboration with Philippines GCash, Telcoin has opened the doors for remittance between Canada and the Philippines. This will boost the global user base and adoption.
- ERC20 Compatibility
TEL is an ERC20 token that runs on the Ethereum network. Therefore, it’s compatible with any ERC20 wallet. Therefore, if you happen to hold TEL tokens, you can simply transfer them to a third-party wallet such as MetaMask or Ledger.
- Physical Cash Out
Users of Telcoin can easily withdraw their remittances by simply visiting a physical cash-out location. Additionally, through GCash, users can withdraw their money through their respective Gcash accounts at any supported ATM.
Perspectives of Telcoin
Telcoin detailed in their vision the goal that they have along with the various deadlines they have set out on their roadmap. They are still dedicated to ensuring the growth and mass adoption of their token as a bridge between telecommunication and cryptocurrency. Unfortunately, Telcoin still has a long way to go. It currently has under 20 partnerships which limit Telcoin’s adoption and growth. However, the new V3 upgrade promises to introduce new countries and platforms into Telcoin.
Additionally, Ethereum’s scalability issues have led to high fees and slow transactions. But the new V3 upgrade promises to reduce transaction fees to less than 2%. At the moment, TEL is not listed in a lot of exchanges. Additionally, TEL trading pairs are also limited to popular cryptocurrencies such as BTC or ETH. This is mostly because most of their proposed features are still in development. Only time will tell if Telcoin delivers on its proposed features and updates in the future.
Why Is Swapzone the Best Place to Exchange TEL?
Wondering what’s the best place to conduct a TEL exchange? You are in luck. Swapzone is one of the best Telcoin exchange platforms in the crypto market due to offering the best rates and a variety of choices along with being non-custodial and free to use. Here’s a step-by-step on how you can exchange TEL on Swapzone:
- Launch Swapzone on your browser.
- In the “select pair ” tab choose the kind of crypto and amount that you wish to exchange.
- In the “get up to” section, ensure that you select TEL crypto.
- Ensure that you enter correct details in the respective tabs. Once you do so, you will be able to see different TEL exchange offers displayed on Swapzone.
- Go through the different offers and select the one that you desire. Simply choose it and then click on “exchange”.
- Key in your wallet details. Enter them and ensure that they are correct. Once you’re done, click on “proceed to exchange”.
- Wait for the transaction to complete.
- Please, rate the exchange partner and leave behind an honest review. That’s it.