Singapore-based cryptocurrency company Telcoin will open three new remittance corridors imminently, expanding the fintech startup’s reach across three continents.
In February, the provider of blockchain-backed financial services intruded fiat transfers between Canada and the Philippines, marking the opening of Telcoin’s first remittance corridor.
Remittances to the Philippines are facilitated through Telcoin’s iOS and Android mobile applications in partnership with mobile money company Gcash.
With the launch corridor now functional, Telcoin will broaden the scope of its service by opening remittance corridors to United States, Australia, and Singapore.
“According to the GSMA’s latest state of the industry report,” Telcoin cites in a company media release, “there are more than 1 billion active mobile money accounts in 95 countries, capturing US$7.3 billion in annual remittance value. With a total market value of nearly US$700 billion, there is massive room for growth in mobile money-focused remittance services.”
In an effort to capture a larger slice of the global remittance pie, Telcoin is positioning itself to wrangle business away from industry giants like Western Union and MoneyGram by utilizing blockchain technology and the company’s own utility token ($TEL) to reduce remittance fees.
Telcoin says the global average cost of sending a remittance is 7 percent. Users of Telcoin’s service should expect to pay no more than 2.5 percent to send a remittance through the company’s mobile application.
Additional corridors for Telcoin are set to open in the future, most notably with US-Mexico remittances planned. Mexico currently retains the top spot as the world’s largest remittance corridor.
Complementing the remittance side of its business, Telcoin says it will introduce a suite of full-stack financial products through V3, the next version of its mobile application coming in June.
“Telcoin V3 is the culmination of three years of research and development, organization building, and business development,” Telcoin asserts. “The next generation of the Telcoin Platform stack is architected to fully harness the power of DeFi and the reach of telecoms to bring fast and affordable, user-owned financial products to every mobile network subscriber in the world.”
Telcoin is currently ranked among the top 100 cryptocurrencies in the world by CoinMarketCap.
