Telcoin now connects any US bank account to DeFi trading in updated mobile app
Users in the United States can now cash in to USDC from their bank account, enabling low-cost trades into 13 supported assets.
SINGAPORE, April 14, 2022 /PRNewswire/ -- Telcoin, a decentralized financial technology platform bringing blockchain-powered mobile financial services to consumers worldwide, today announced the ability for Telcoin Application users in the United States to cash in to USDC with 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 and trade USDC for TEL and 12 other supported digital assets across DeFi protocols.
Starting today, US-based users will be able to instantly cash-in up to US$1,000. 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. Following the initial beta release, Telcoin plans to gradually increase quick deposit limits to allow instant DeFi trading in a safe manner.
"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."
Telcoin previously migrated its self-custodial digital asset wallets to the Polygon Network, a popular scaling solution for the Ethereum blockchain. Along with the ability to store multiple assets, Polygon enables Telcoin trades that 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, and 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.
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. The bill was signed into law in May 2021.
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