Financial inclusion is one of the hottest topics in the world today as so much of the world simply doesn’t have the same access to financial services as we in North America and Europe do. In fact, there are only 1.2 billion bank accounts open on the planet, according to the World Bank. That means only a small minority of people on the planet have access to financial services. Many of them will use things like pawn shops or other stores to borrow like many people use a banks.
Compare that to the fact that there are 5 billion mobile phones on the planet, and you see just how big of an issue financial inclusion is. The fact that there are almost 4 billion people out there with a mobile phone, but no bank account, is pretty shocking.
One company who is trying to bring these two industries of mobile phones and financial services together to benefit the world is Telcoin. Telcoin is a cryptocurrency that will be distributed by mobile operators and be accepted everywhere, which will make it easier for billions of people. Essentially, they are trying to increase financial inclusion around the world, by utilizing the mobile network that is already in place and services billions of people throughout the world. They decided to go through the telecoms as they already have the widespread reach, are already trusted by the public and have knowledge of their users. Other companies have tried to do it on their own in the past, and failed.
Telcoin’s mission is to solve this problem of financial inclusion by creating mobile money that will work without the need for a bank account, just a cell phone. They will first try to focus on the remittance market, as it is a growing and important market in many parts of the world. Currently, big players like Western Union dominate this market and unfortunately, their processing times and fees leave a lot to be desired. Telcoin wants to not only make sending remittances cheaper, but also quicker and easier as well.
However, it doesn’t stop there, as Telcoin has much loftier plans for the future. With just your cell phone, Telcoin wants to make it possible for you to be able to send transfers, make payments, pay bills and much more. So without a bank account, millions (or billions) of people will be able to enjoy the various financial services that most of us take for granted every single it. Basically, Telcoin will provide national telecoms with these tokens, and they will then sell them or give them to their subscribers, right through the mobile device to be used as the individual pleases.
As you can see, Telcoin has some pretty hefty plans and high expectations for their future. To make these plans a reality, is the goal of the very talented team at Telcoin. The team is led by CEO and co-founder Claude Eguienta and Chairman and co-founder Paul Neuner. Eguienta has an extensive background in crypto and distributed systems and Neuner has more than a decade of experience in the telecom industry and fraud management solutions. The team also includes a variety of other experts in industries such as security, development, finance, marketing and more.
In addition to their impressive team, they also have a few advisors along for the ride that are very valuable to Telcoin. These include Michimasa Naka, Toby Hoenisch, Matthew McGuire and more. Naka has nearly 3 decades in the banking industry and a former co-CEO of Citibank Japan.. McQuire is a former COO of Merrill Lynch and has decades in the industry. Hoenisch is the CEO of TenX, which had one of the largest ICOs ever at $80 million raised So as you can see, they have some pretty impressive advisors to help them becoming successful.
Speaking of ICOs, Telcoin is holding an ICO which is beginning on December 11th 2017 and will go to February 1st 2018. In total, Telcoin will have a supply of 100,000,000,000 coins, but only 25% will be available during the ICO. The other 75% will be split between the company and the national telecoms that will sell/give the tokens to their subscribers. The actual unit value for the Telcoin token will depend on how much is raised during the pre-ICO and ICO periods.
In conclusion, Telcoin has the mission of increasing financial inclusion throughout the world, by working with the national telecoms who provide the world with the 5 billion mobile phones it current possesses. By working with these telecoms, they can expand their reach and become the most trusted source of mobile cryptocurrency. This will not only help billions of people become introduced to cryptocurrency and blockchain technology, but will also help those who have been unbanked or underbanked for so long to finally have access to legitimate financial services.