Q1 Round Up
We’ve started the year with some major announcements so here’s a recap of some of this quarter’s achievements. After months of working with Canadian regulator, FINTRAC, our registration as a money services business was approved. Being an MSB in Canada means that we’re able to offer foreign exchange dealing and money transferring services to the public. It’s estimated that almost 25 billion dollars worth of international remittances were sent from Canada just last year, making Canada 6th globally in terms of total remittance outflows. Per capita, Canada attracts more immigrants than the United Statesーplaying a huge role in sending money to developing nations. For the past few years it’s been calculated that 3 billion dollars were sent to India, 2.5 billion to the Philippines and .5 billion to Sri Lanka annually. On average, Canadians have to pay 5–11% of their hard earned cash to send money to their loved ones abroad. In contrast, we’re targeting an average of 1–2.5%, putting more money back in our user’s pockets and beating the competition by more than half.
Being able to operate in Canada is a major catalyst for our pending operations. One of the biggest challenges that cryptocurrency companies face is the uncertain regulatory environment. Now that Telcoin is an MSB in Canada, potential partners can move forward with confidence. On that note, we shared earlier this month that we officially partnered with Telin Malaysia, a subsidiary of the largest telecommunications services company in Indonesia. Malaysians will be able to cash in via Telin’s network of 30,000 dealers nationwide to remit money to friends and family in Indonesia using the Telcoin app. This is also the first time a CEO of a major Telecom has publicly endorsed a cryptocurrency company. The average remittance from Malaysia to Indonesia costs around 6%. Our partnership with Telin will allow us to empower Malaysians by giving them access to a better service for an affordable price (1–2.5%).
Our dev team has also been working hard in parallel to our business development and compliance team. We recently initiated a closed community round of testing for our iOS wallet. Devs gave each member access to two wallets and some TEL for testing purposes. A member with access to the test wallet could give the other download to a friend with an iOS device and send Tel to each other simply by putting in the receiver’s phone number no matter where in the world they are! Closed beta testing for the Android wallet has commenced and is structured in a similar fashion. Thanks to everyone’s assistance and our hard working developers, we expect the wallet to be in everyone’s hands sometime in Q2.
At Telcoin, we put our community first. We appreciate the dedication that many of you have given us from the start, that’s why we’re always thinking of creative ways to give back. We recently introduced the Community Ambassador initiative which rewards top community members with Telcoin swag. Along with the swag, being a beacon of the community means that you get dibs on early wallet testing, no matter what device you use. We’ve also gained some major praise from a lot of you about our new popular initiativeーthe team member AMA. Via our official Telegram, a team member from one of our many departments joins the chat for an informative 1 hour session where they educate the community about their role, and any relevant developments we can share. The community learns a lot about how Telcoin works and we learn a lot from our community!
Another exciting change we made was a website redesign. Now that we’ve been making some major strides in terms of compliance and business development we felt that it was time to change our look. The previous website was mainly targeted towards cryptocurrency newcomers, and potential crowd-sale participants. Our new look helps us convey that we’re ready to work with anyone who wants to send money smarter. Many eyes will be on us as we continue to pave the way for cryptocurrency compliance, that’s why we’re putting our best foot forward and showing off a glimpse of what’s to come. Telcoin will bring speedy, low-cost remittances to the masses, are you in for the ride?