Mobile crypto payments firm Telcoin raises $ 10 million to fuel expansion

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Telcoin, a Singapore-based wireless network payment company, has closed a $ 10 million angel investment round that will power two new decentralized finance (DeFi) applications, Crypto Investor has learned.

Parker Spann, vice president of strategy at Telcoin, said the venture capital funding will allow a “V3” version of the company’s product line that will allow further expansion.

Telcoin’s V3 includes the Send Money Smarter (SMS) network, a new money transfer platform, and TELxchange, which uses the TEL token as an exchange and reserve asset.

Telcoin also plans to expand its coverage area to include the United States, Singapore and Australia as sending markets and plans to add more later this year.

The company, founded in 2017, enables money transfers over telecommunications networks with its Ethereum-based TEL. Its market capitalization rose 28% to nearly $ 1.7 billion and trading volumes have increased 140% in the past 24 hours.

TelX, the DeFi home of the SMS network and TELxchange, will launch on the Polygon network, formerly known as Matic. It is an Ethereum Layer 2 scaling solution that enables blockchain interoperability. In short, it allows different blockchain networks to be connected.

Spann said that when the SMS network launches, it will reduce Telcoin’s fiat transfer service fees, which currently hover around 2.5%.

“When the SMS network goes live, I can say that the fees will be a fraction of our current ‘fiat train’ rate and, more importantly,” he said, “users will have the ability to capture between 0.04% and 0.30% of [Forex] fee depending on currency pair. “

Telcoin made the news on crypto legislation earlier this year when a Nebraska bill Telcoin CEO Paul Neuner helped write, the Nebraska Financial Innovation Act (LB649), became law. .

It allows the creation of state-chartered “digital asset banks”. Banks can be either stand-alone institutions or services created within existing institutions. The state will begin accepting and processing applications in September.

“The next step for Telcoin is to apply for the charter, and we expect to be the first,” Neuner said when signing the bill in late May.

Telcoin, a Singapore-based wireless network payment company, has closed a $ 10 million angel investment round that will power two new decentralized finance (DeFi) applications, Crypto Investor has learned. Subscribe for the full article

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