Telcoin now connects any US bank account to DeFi trading in an updated mobile app
Starting today, US-based users will be able to instantly cash out up to $1,000. Once the preliminary “fast deposit” threshold is exceeded, users can deposit any amount up to their individual bank’s limits, based on standard settlement schedules. After the initial beta, Telcoin plans to gradually increase fast deposit limits to enable 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 it a reality today,” says Paul Neuer, CEO of Telcoin. “We now plan to roll out similar stablecoins elsewhere, with the goal of providing equal access to digital assets around the world and enabling instant and affordable digital funds transfers using DeFi instead of money transfer services or traditional banks.
Telcoin previously migrated its self-custodial digital asset wallets to Polygon Network, a popular scaling solution for the Ethereum blockchain. In addition to the ability to store multiple assets, Polygon allows Telcoin transactions that cost pennies instead of dollars or tens of dollars. Transactions in the Telcoin app go through TELx, the decentralized liquidity engine of the Telcoin platform, where users who provide liquidity in the form of pairs of tradable assets can earn a share of transaction fees and, in some cases, TELs and other reward tokens.
A growing list of 13 digital assets is currently available for trading 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 exchanging digital assets, the Telcoin app also offers the best digital fiat money transfers from United States and Canada to 24 mobile money platforms in 16 countries. The company aims to bring these two worlds together – traditional fintech and the burgeoning crypto economy – in future releases that bring users around the world 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 United States, Canadaand Australia. Telcoin also supported Nebraska’s Financial Innovation Act to create digital asset depository institutions for state-chartered banks. The bill was enacted in May 2021.