Telcoin app links all bank accounts to DeFi trading

Telcoin, a decentralized financial technology platform bringing blockchain-powered mobile financial services to consumers worldwide, now allows users of its app in the United States to cash in to USDC with a connected bank account, Invezz learned from a press release.

The new on-ramp to USD Coin, which is pegged 1:1 to the USD, lets users cash in and exchange the stablecoin for TEL and a dozen other supported digital assets across DeFi protocols seamlessly.

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Instant cash-in up to $1K

US-based users can now cash in up to $1,000 instantly and deposit any amount up to their individual bank’s limits after passing the preliminary “quick deposit” threshold. This is based on standard settlement schedules.

After the initial beta release, the platform plans to allow instant, safe DeFi trading by gradually increasing quick deposit limits. Paul Neuner, Telcoin CEO commented:

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. 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 migrated asset wallets to Polygon

Previously, the platform moved its self-custodial digital asset wallets to the Polygon (MATIC/USD) Network, a popular scaling solution for Ethereum Mainnet (ETH/USD).

Polygon has very low fees, enabling Telcoin trades for negligible amounts. In the Telcoin App, trades are made via TELx, Telcoin’s decentralized liquidity engine. Users who add liquidity through tradeable asset pairs can earn TEL, other reward tokens, and a share of transaction fees.

Telcoin offers 13 digital assets for trading

The Telcoin app currently has 13 digital assets for trading and is planning to add more in the near future. Those available are TEL, WBTC, BAL, QUICK, DFX, WETH, USDC, AAVE, CADC, EURS, MANA, XSGD, and LINK. Telcoin will add more at regular intervals, aiming to provide an intuitive, low-cost alternative to existing centralized exchanges.

The app offers excellent digital fiat remittances from the US and Canada to 24 mobile money platforms in 16 countries apart from storing and trading digital assets securely.