Nearly 25,000 members of Telcoin’s Telegram community are buzzing Friday morning in response to a rumor fueling further bullishness behind one of the fastest rising stars in fintech.
Is Telcoin — a remittance provider with plans to enter the DeFi space this summer — involved with an acquisition of a leading Nebraska bank?
While the name of the bank couldn’t be independently verified ahead of publication, speculation has been swirling about Telcoin’s partnerships with regional banks across the United States since 2020, when Telcoin CEO Paul Neuner publicly confirmed partnerships with no fewer than ten banks.
The names of the financial institutions were not disclosed at the time.
Stoking speculation of Telcoin’s big bank deal was prominent Telcoin community member and fact-finder, H|D. His cryptic connect-the-dot Tweets have been closely monitored by “Telcoiners” since 2018 in their never-ending quest to unearth what big moves Telcoin is on the verge of making.
The rumor mill has been more hit than miss lately with regard to Telcoin. Following months of speculation, Telcoin on Wednesday confirmed partnerships with the mobile money platforms of MTN (MTN Money) and Airtel (Airtel Money) among more than a dozen others. This week, Telcoin’s latest mobile application update expanded the company’s digital money transfer service from Canada to 23 new mobile money platforms in 16 countries, including El Salvador.
El Salvador just became the first country to approve Bitcoin as legal currency.
As for Telcoin, the blockchain-powered fintech innovator focusing on banking the unbanked, the company is planning to relocate its HQ from California to Nebraska.
The impetus for the move, is the May 2021 passage of legislation drafted and introduced to the Nebraska State Legislature by Telcoin with the support of State Senator Mike Flood.
“In an effort to bring the state of Nebraska to the forefront of national financial regulatory innovation, Governor Pete Ricketts signed into law today Legislative Bill 649, also known as the Nebraska Financial Innovation Act,” a May 26th press release explained, noting further that Telcoin “seeks to bring its own digital asset-backed financial services to US consumers in a compliance-first fashion.”
“At its heart, this new charter represents an alternative type of bank that does not have the right to loan your money to somebody else,” says Neuner. “Institutions under this new charter will use blockchain technology to empower users to self-custody digital assets and put their money to work for their own benefit.”
Telcoin has pledged to launch its eagerly awaited V3 application in beta by the end of June, in addition to opening key remittance corridors in the United States, Singapore and Australia.
Telcoin is currently ranked the 58th largest cryptocurrency in the world by CoinMarketCap.