One of the great things about blockchain technology is that it seeks to provide financial services to parts of the world that simply do not have the access or means to traditional institutions.
That’s what has helped Telcoin (TEL), whose hard cap was able to reach $25 million over a month ahead of schedule late last year, garner so much attention in the cryptocurrency world.
The much-discussed cryptocurrency project was able to make history recently with an important milestone. It recently completed its first TEL/PHP transaction through the Telcoin wallet, in Manila.
— Telcoin (@telcoin_team) October 22, 2018
The World Bank estimates that a significant portion of the population – up to 2 billion – don’t have access to traditional financial services.
Often times, there are private companies that understand this, and provide services to these sectors of the population – but cost an exorbitant amount of money, as they know that their customers often do not have many other options.
Telcoin (TEL) seeks to disrupt this industry, and is clear about this, as they often hashtag #FinancialInclusion in their social media posts. The project is therefore communicating that their ultimate vision involves every human being having access to financial services.
Telcoin has signed up with many telecom operators and providers, including the global telecommunications company Etistalat, and VEON Group, one of the largest network operators in the world.
The cryptocurrency project seeks to focus on the global remittance market, which is already worth hundreds of billions of dollars. There are various reports that point to the fact that remittance will grow, due to trends such as urbanization and the growing trend in general with regards to mobile payments.
The project not only touts itself as one of the most user-friendly mobile cryptocurrency payment systems, but also states that it plans on working with telecommunication companies to create their own Telcoin wallets, as well.