- Telcoin, which is a financial technology firm offering remittances that works in the decentralised and finance telecoms sectors, has confirmed that it has received equity financing.
- The funding is expected to be used to hire new members of staff and otherwise promote the company’s Telcoin V3 service, which is a full stack decentralised finance service.
- A senior figure at the firm described the move as “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”.
A financial technology company that describes itself as being at the centre of decentralised finance and telecoms has confirmed new equity financing.
Telcoin said that it had managed to secure US$10m in pre-series financing.
This is understood to be at the series A stage.
The goal of the firm is to provide user-owned financial services, including remittances, to everyone in the world who uses a mobile phone.
It also aims to ensure that these services are speedy and cost-effective.
The firm was set up in 2017 and uses blockchain to provide its services.
It comes as the company confirms that it will offer what is known as ‘Telcoin V3’, a move towards a full stack product offer.
It will also offer decentralised financial products.
The new injection of funding will help the V3 services be promoted further.
The firm also plans to hire new staff to help achieve this goal.
It was not made clear in the firm’s press releases which investors or investment firms were behind the new move.
In a statement, a senior figure at the company said that it was a big moment for the firm.
Paul Neuner, who founded Telcoin and now serves as its chief executive officer, said, “This round is a major milestone for a blockchain company founded in 2017.”
He added that the funding showed that there was a demand for cheaper financial services, including cross-border payments.
“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.”
The firm also used the press release to discuss version three of the Telcoin platform.
“V3 of the Telcoin Platform stack,” it said in the release, “encompasses three complementary layers: The Telcoin Application, TELx, and Rivendell”.
“The Telcoin Application, available on iOS and Android, was updated earlier this year to support fiat remittances,” it explained.
“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,” it added.
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