TELcoin, a decentralized financial technology platform bringing blockchain-powered mobile financial services to consumers worldwide, announced on 14th of April the ability for new TELcoin Application users in the United States to cash in to USDC with only a connected bank account.
This new on-ramp to the popular stablecoin, which is pegged 1:1 to the price of the US dollar, makes it possible for users to seamlessly cash in USDC into their instant mobile crypto wallet, to directly enter cryptosphere and start no-brainer trading USDC for TEL and for 12 other digital assets (cryptocurrencies) supported across DeFi protocols.
Starting on the 14th of April, US-based users will be able to instantly cash-in up to US$1,000 and trade instantly or send money smarter overseas to their distant friends and family. After the preliminary “quick deposit” threshold is exceeded, users may deposit any amount up to their individual bank’s limits, based on standard settlement schedules. At present time , it is easy cashing up US$1,000 per 5 days. Following the initial beta release, TELcoin plans to gradually increase quick deposit limits, to allow instant DeFi trading in a safe manner with more funds.
“A simple and secure on-ramp to DeFi is something our users have been asking for, and we’re excited to make that a reality today,” says Paul Neuner, TELcoin CEO. “We now plan to roll out similar stablecoin rails elsewhere, with the goal of providing equal access to digital assets globally and enabling instant, affordable digital remittance using DeFi instead of traditional money transfer services or banks.”
Bringing DeFi behind the curtains, enables TELCoin to offer lowest costs for funds transfer from their secured app, directly to receiver’s side on the only basis of their foreign mobile phone number seamlessly input by the sender from his phone directory, whether the sendee have already or no yet , a mobile wallet.
Telcoin previously migrated its self-custodial digital asset wallets to the Polygon Network ($MATIC) , a popular L2 scaling solution for the Ethereum blockchain. Along with the ability to store multiple assets, Polygon enables Telcoin trades to cost pennies instead of dollars or tens of dollars.
Trades in the Telcoin App flow through TELx, the Telcoin platform’s decentralized liquidity engine, where users who provide liquidity in the form of tradeable asset pairs can earn a share of transaction fees and, in some cases, TEL and other reward tokens.
A growing list of 13 digital assets are currently available for trade in the Telcoin App, including :
- TEL
- WBTC
- WETH
- USDC
- AAVE
- BAL
- QUICK
- DFX
- CADC
- EURS
- XSGD
- LINK,
- MANA
- Additional tokens will be added at regular intervals, as Telcoin aims to provide an intuitive and low-cost alternative to existing centralized exchanges.
In addition to securely storing and trading digital assets, the Telcoin App also offers best-in-class digital fiat remittances from the United States and Canada to 24 mobile money platforms in 16 countries. The company aims to bring these two worlds – traditional fintech and the burgeoning crypto economy – closer together, in future releases that give users worldwide the most affordable personal financial product at their fingertips allowing them to enter crypto whenever they want.
Telcoin Group is headquartered in Singapore where its operating entity is licensed as a Major Payment Institution. The Group’s subsidiaries are also registered as Money Services Business in the United States, Canada, and Australia. Telcoin also supported the Nebraska Financial Innovation Act to create digital asset depository institutions for state-chartered banks in USA. The LB649 bill was signed into law in May 2021.
Source : From TELcoin Press Release, April 14th 2022.
Further reading: More on TELcoin and $TEL token
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