Telcoin has launched an initial coin offering (ICO) globally, with plans to raise between $10 million to $25 million, at a time when governments in Asia are tightening the regulation of virtual currencies.
The Tokyo-based company said the funds raised will be used to invest in technology infrastructure, meet regulatory requirements and to expand the business globally.
Telcoin has seen investment interest from entrepreneurs and high-net worth-individuals, particularly in Asia. Current investors include Mixi co-founder Batara Ito and East Ventures.
‘We have seen strong investment interest in Asia, given the growing demand for telecom cryptocurrency,’ Claude Eguienta, CEO and Co-Founder of Telcoin told Citywire Asia.
The demand for cryptocurrencies linked to telecommunication companies is driven by the cryptocurrency’s compliance, know your customer (KYC) processes and transparent transactions.
Currently, the young start-up partners with telco providers globally that are focused on Southeast Asia and Northern Africa.
These partnerships will provide access to more than 100 million subscribers in the next 18 months and a remittance corridor between East Asia and Southeast Asia and another corridor for Europe and Africa.
‘Increasingly, Asian high-net-worth individuals, venture capitalists, and angel investors are wanting to diversify their investment portfolios with telecom cryptocurrency, particularly for three benefits it brings – trust, reach, and KYC compliance,’ Eguienta said.
‘We work with telco providers as they are trusted with an established KYC framework which ensures that transactions are transparent and traceable.
‘Telcoin also builds upon this existing telecom security protocols through a multi-signature wallet, which is an added benefit of building Telcoin on the Ethereum blockchain,’ he added.
In October, Singapore-based fintech hub, LATTICE80 announced plans to launch an ICO in 2018, for high-net-worth and institutional investors.
The firm will partner with licensed platforms to offer services like licensed cryptocurrency exchange to e-payments, and even a full digital bank.
Source:
http://citywireasia.com/news/new-ico-launch-attracts-the-super-rich/a1077400?4685
