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.
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.
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:
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.
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.
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.
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.
Some of the major benefits of TEL include:
Through the use of blockchain technology, users are able to transfer money globally in a matter of seconds.
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%.
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.
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.
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.
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.
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.
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:
An exchange rate is the rate at which one cryptocurrency can be exchanged for another through a certain crypto exchange provider. Cryptocurrency exchange rates on Swapzone reflect current prices of crypto assets and are updated every 30 seconds for you to keep track of any market changes and fluctuations to profit when buying the dip or going with the best exchange rate and the lowest exchange fees. All cryptocurrency exchange providers have their own rates, which depends on supply and demand, mining rewards, costs and so on. See what else might affect the rate in our article on prices.
There are two types of exchange rates aggregated by Swapzone – fixed rates and floating rates. To receive the exact amount of crypto that is displayed at the beginning of the exchange and shield yourself against the market's volatility, opt for fixed-rate offers. If you're ready to take a risk and receive less or more than the sum displayed, go with floating-rate offers but bear in mind that floating rates may drastically change any second. You can refresh your memory on how to get the best exchange rate here.
Crypto transaction fees may vary depending on the network (Ethereum transaction fees tend to spike during the congestion on the network), your chosen cryptocurrency, an instant exchange provider as well as its transaction processing speed and internal policy. These fees may be relatively low but it’s crucial to know they may be imposed in the first place.
If you want to exchange cryptocurrency with the lowest fees, beware of the offers with a grey-colored “Transaction fees are not included” label displayed under the exchange rate. To avoid having to pay an unexpected amount of fees during the exchange, opt for those that do not have that label. Read our articles to learn more about how to exchange cryptocurrency with the lowest fees and find out which assets have the lowest transaction fees.
Transactions usually take from 5 to 30 minutes to be processed, especially if you choose currencies with speedy networks. However, there are several factors that may affect and slow down the exchange process, i.e. transaction volume, blockchain capacity, network updates, cryptocurrency itself and the capacity or chosen exchange platforms.
The processing may take longer due to the large transaction volume, congestion of the network, blockchain overload and market overload, technical issues or system failures, lack of liquidity or network maintenance.
The transaction may be also stuck if you forget to add a required Extra ID, mistake networks or use the wrong wallet for a chosen crypto asset. If you worry that the exchange processing is taking too long, please, contact us at [email protected] or via our live chat on the landing page.
To exchange, buy, sell or trade cryptocurrency and store your crypto keys safely and securely, you need a crypto wallet. Choosing the best cryptocurrency wallet is a question of preference and need. To learn more, read our guide on how to choose the best cryptocurrency wallet for your needs.
There are several types of wallets for different crypto assets and tasks. Software wallets, or hot storage wallets, are connected to the Internet and come in many forms: Web, Desktop, Mobile or Browser Extensions. If you want to build a large crypto portfolio, you might want to look at multi currency wallets like Exodus, MetaMask, TrustWallet, Atomic or Guarda. If a coin or a token of your choice isn’t available there, you can always opt for a single-currency wallet that is usually designed by the project that launched the asset.
If you take safety and security matters seriously, go for hardware wallets, or cold storage wallets, like Ledger or Trezor, or even paper wallets. We strongly recommend you to do your research before creating a wallet: read the reviews to see what the community thinks, learn about the fees a particular wallet imposes for performing transactions, check out supported currencies and networks and see its security policy.
There are loads of different crypto exchange services, with new platforms emerging every month. Exchange providers differ by supported currencies, liquidity providers, fees, customer support, user interface, level of privacy and anonymity and customer support, which makes it hard for beginners to understand which one to choose. To learn more about what these exchanges offer and how you can assess them, read our guide on how to choose the best exchange platform.
To navigate them through the field full of services, we conduct research and thorough analysis of the market & list both prominent and promising exchange providers, keeping in touch with their teams 24/7. We give you all the necessary data on the offers they provide as well as their brief history, KYC/AML policies, reliability and advantages, while also indicating their downsides so that you don’t have to do that yourself.
Swapzone is an instant non-custodial cryptocurrency exchange aggregator that helps users make an informed choice when exchanging crypto assets. To make this possible, we gather the information on the exchange providers, select the parameters for comparison, aggregate and sort available deals & give an option to make a swap through providers' APIs in the same interface with a common user flow for every exchange. Still have doubts? Here's 9 reasons why you should use Swapzone to exchange crypto.
Learn how to exchange cryptocurrency with the lowest fees or zero fees as well as how to find the best crypto exchange rates and choose the safest cryptocurrency exchange provider.