Champions are made in tough times
Vol 2(17)
Today, October 20, 2023, marks 892 days since May 11, 2021. Two years, five months, nine days. Twenty-nine months, nine days. On May 11, 2021, Telcoin reached an all-time high of $0.0644.
While we were on cloud 9, rain clouds gathered.
China announced a renewed crackdown on cryptocurrency mining, leading to a significant drop in Bitcoin's hash rate. Elon Musk tweeted that Tesla would no longer accept Bitcoin due to environmental concerns. The United States Infrastructure Bill was passed, including regulations requiring cryptocurrency brokers to report customer information to the IRS. Evergrande's debt issues triggered concerns over a potential global market crash. The U.S. Securities and Exchange Commission sent various signals about potential cryptocurrency regulations, impacting investor sentiment negatively. The emergence of the Omicron variant raised concerns over economic recovery, affecting investor confidence. The Chinese government intensified its clampdown on cryptocurrency trading and mining operations. FTX's collapse shook the volatile crypto market, which lost billions, falling below a $1 trillion valuation. The U.S. Federal Reserve announced interest rate hikes in a bid to curb inflation. Escalating geopolitical tensions in Russia, Ukraine, China, etc., and uncertainties in global economics caused investors to withdraw from riskier assets.TerraUSD/Luna collapsed, wiping almost half a trillion USD from the cryptocurrency markets. Silicon Valley Bank (SVB), Silvergate Bank, and Signature Bank crashed in quick succession, taking down billions of dollars from the crypto market. These and many other events took a toll on the crypto market, and Telcoin was no exception. By October 12, 2023, it had reached a low of $0.00089.
Because champions are made in tough times.
You see, global market trends exert considerable influence on the broader cryptocurrency market due to their interconnected nature with financial ecosystems. Economic indicators such as interest rates, inflation, and geopolitical events can sway investor sentiment, impacting both fiat and digital currencies. When global markets experience volatility, cryptocurrencies often become speculative assets or alternative stores of value. Conversely, positive trends in traditional markets may attract institutional investments into cryptocurrencies for diversification. Regulatory shifts, technological advancements, and cross-border transaction capabilities further intertwine cryptocurrencies with global markets, making them susceptible to overarching economic dynamics. Telcoin is, therefore, not immune to global market trends. When we are in a bear market, we are in it together.
Because champions are made in tough times.
Most in crypto tend to take a narrow view. Some people study charts with the hope of predicting how an asset will behave. But without consideration of fundamentals, such charts are probably meaningless. Some also focus on one crypto asset and expect it to perform miracles. Consider the Top 20 assets on the weeks of May 11, 2021, and October 15, 2023. Uniswap is out. VeChain is out. Stellar, Ethereum Classic and Theta are out. LEO is in, Shiba Inu, Wrapped Bitcoin, Polygon, Dai, and Toncoin are in. That’s the name of the game. No one is immune to the volatility caused by global market trends.
Because champions are made in tough times.
So, what’s special about Telcoin? Has the team been sleeping, as some have suggested? Did Telcoin die? Well, forget about the charts. Here’s what has happened at Telcoin since May 11, 2021.
On June 30, 2021, Telcoin introduced V3, a significant update to its decentralized financial platform aiming for global financial inclusion. V3 debuted two websites detailing the Telcoin Platform's core layers and participation methods. The new platform operates on the Polygon POS and introduces the Rivendell Network, an Ethereum side-chain. Key features include the Send Money Smarter Network for international remittances and TELxchange, a decentralized digital asset exchange. Both products aim to disrupt traditional financial systems, empowering users to capture fees usually awarded to legacy institutions.
Because champions are made in tough times.
On July 29, 2021, Telcoin announced Ryan Tully as their new Head of Product. Tully, who previously worked at Kraken and has extensive experience in cryptocurrency and traditional finance, aimed to make digital asset-powered remittances more accessible globally through Telcoin's product suite. His background in high-frequency trading and product management was expected to contribute significantly to Telcoin's growth.
Because champions are made in tough times.
On November 4, 2021, Telcoin announced the release of the application layer of its V3 platform, aimed at merging traditional fintech with blockchain. The upgrade included a move to the Polygon Network for faster, lower-fee transactions. The company focused on revenue generation and global scalability, starting in 2022. Various features like fiat remittance for U.S. customers and asset swapping were introduced. Telcoin also expanded its team and shifted its community platform to Discord for better engagement and support. The update was part of the company's broader strategy for global financial services.
Because champions are made in tough times.
On November 12, 2021, Telcoin reported that Telcoin's V3 upgrade marks a significant shift, enabling users to migrate their funds from the Ethereum mainnet to Polygon, reducing costs and enhancing speed. The migration process is designed to be seamless and includes a pilot program for a future paid feature for bridging between Ethereum and Polygon. They outline future functionality, including direct bank-to-stablecoin transactions and TELxchange swaps, geared towards achieving Telcoin's mission of delivering fast, affordable, and decentralized financial products to mobile phone users globally.
Because champions are made in tough times.
On December 9, 2021, Telcoin announced the appointments of Rajesh Sabari as Chief Commercial Officer and Tim Mahota as Chief Compliance Officer. Sabari, previously a Telcoin advisor with over 20 years of fintech experience, assumed responsibility for global sales, business development, and partnerships. Mahota, who has a strong background in securities law and compliance, joined Telcoin to integrate legal and compliance aspects into the company's governance and product development.
Because champions are made in tough times.
In 2021, Telcoin evolved from a decentralized money transfer system into a comprehensive platform featuring an application layer, liquidity engine, and settlement network. Guided by goals of global financial inclusion, the platform integrated with TELx, a decentralized liquidity engine aiming to replace centralized financial solutions. The company focused on progressive decentralization, working with legal experts in Washington, DC, to distribute governance and control within the ecosystem. Telcoin also addressed major bugs in its new app and expanded its global remittance services to various countries.
Because champions are made in tough times.
On February 17, 2022, Telcoin announced the release of its V3.1 app, introducing DeFi crypto trading for a select asset range. The upgrade aimed to simplify multi-key security, offering a decentralized alternative to centralized financial systems. The update followed the V3.0 move to Polygon and set the stage for quicker, smaller releases and new market expansions. The company highlighted progress in its Nebraska banking efforts and Rivendell blockchain transaction platforms. Telcoin emphasized its commitment to transparency, security, and community engagement.
Because champions are made in tough times.
In 2022, Telcoin outlined its resilience amidst a volatile cryptocurrency market, emphasizing its focus on user-owned, mobile financial products. The company implemented multi-key security and is committed to compliance with regulatory bodies. The company also underwent infrastructural changes to improve scalability and participated in the GSMA event, hinting at expanding global opportunities and partnerships.
Because champions are made in tough times.
On December 19, 2022, Telcoin introduced a staking and referral program for its app users. The new features allowed users to stake Telcoin (TEL) tokens and earn up to 42% of trading fees from referred users. This marked a significant step in Telcoin's transition towards becoming a decentralized, self-sustainable platform. The program was designed to reward users based on their ability to attract active users to the app, aligning with Telcoin's commitment to self-custodial decentralized finance (DeFi).
Because champions are made in tough times.
On May 25, 2023, Telcoin highlighted its "bare metal" approach to intersect digital and traditional finance, aiming to mitigate risks associated with on-balance sheet reserves in banking. The company revealed its focus on becoming a bank, issuing regulated stablecoins, and facilitating DeFi transactions.
At the 2023 Mobile World Congress in Barcelona, Telcoin announced significant strides in expanding its network and offerings. The company engaged in private meetings with telecom, fintech, government, and investment contacts to broaden its utility and geographical reach. Telcoin was notably the most-mentioned startup on Twitter during the event, confirming strong market validation for its mission. They revealed ongoing plans for payment rail expansions, stablecoin integrations, and fully licensed commercial applications in Singapore and Europe. These efforts are anticipated to propel Telcoin's growth and expand its financial services globally.
Because champions are made in tough times.
On April 12, 2023, Telcoin launched digital asset rails in the European Union, starting with Lithuania. The initiative enables easy fiat-to-USDC transactions via the Telcoin App's self-custody wallet, facilitating quick and affordable trades across DeFi platforms. The platform expects to expand throughout the EU and add EUR stablecoin options. Telcoin aims to bridge traditional fintech and DeFi while adhering to regulatory norms.
Because champions are made in tough times.
On September 14, 2023, Telcoin announced several key developments. A new app version was launched, expanding supported digital assets and improving the user interface. Telcoin is also upgrading its banking infrastructure in the U.S., EU, and select remittance markets. Importantly, the company overhauled its compliance systems to meet stringent central bank requirements globally. The expansion aims to make Telcoin a viable DeFi alternative to centralized exchanges while enhancing its fiat remittance product. They also initiated digital assets on/off ramps in various EU countries and announced the GSMA MWC Kigali conference sponsorship.
Telcoin also announced key additions to its team. Patrick Gerhart joined as President of Nebraska Banking Operations, focusing on Telcoin's Digital Asset Depository Institution. Sagar Malhotra became Head of Compliance in the Singapore office, bringing expertise in regulatory compliance from prior roles at Chainalysis and Liquid. Both hires aim to bolster Telcoin's regulatory and banking capabilities.
Because champions are made in tough times.
On October 18, 2023, Telcoin announced foundational milestones aimed at decentralizing and expanding its blockchain-based mobile financial services. The company launched the Telcoin Association, a non-profit representing GSMA Mobile Network Operators and other stakeholders. Concurrently, the Telcoin Network testnet was introduced, making it the first blockchain exclusively validated by telecoms. The developments were geared toward offering affordable and secure mobile financial services, also termed "MFS 2.0." The announcement was made during Telcoin's participation as an event sponsor at Mobile World Congress Africa 2023.
What does it all mean?
Telcoin's development trajectory amidst market volatility underscores the efficacy of its long-term strategy for exponential growth. With its sights set on global financial inclusion, Telcoin has leveraged technological innovation and tactical human capital investments to prepare itself for major gains in the upcoming bull market. Its adaptability is most evident in the V3 upgrade, which introduced a decentralized financial platform operating on Polygon's Proof of Stake chain, mitigating cost and enhancing transaction speeds. This is a critical pivot away from the limitations of the Ethereum mainnet and exhibits Telcoin's commitment to scalable, user-friendly services.
Strategic personnel appointments, including Ryan Tully, Rajesh Sabari, Patrick Gerhart, and Sagar Malhotra, are significant to Telcoin's global strategy. Whether technology and product development, banking and regulatory compliance, or commercial growth and partnerships, Telcoin is focused on global scalability by navigating complex international financial regulations. Collectively, these appointments synergize multidisciplinary skills that are crucial for Telcoin's aggressive global expansion.
Telcoin's progressive decentralization and regulatory compliance, notably in collaboration with experts in Washington DC, indicate a mature approach to governance, reducing potential legal roadblocks to scaling. The staking and referral programs, as well as the launch of digital asset rails in the European Union, serve not only to diversify revenue streams but also to fortify a community-based ecosystem.
Recent milestones, such as establishing the Telcoin Association and the Telcoin Network testnet, demonstrate an innovative approach to decentralization and reveal synergies with mobile network operators. This "MFS 2.0" is anticipated to position Telcoin as a forerunner in blockchain-based mobile financial services.
The bottom line
Here’s the bottom line: Telcoin's strategic decisions during bearish market conditions have laid a robust foundation for scalability, regulatory compliance, and technological adaptability. These accomplishments position the firm exceedingly well for capitalizing on the impending bull market, potentially eclipsing its previous all-time high.
It has been 892 days. Two years, five months, nine days. Twenty-nine months, nine days. Well, mate, see you soon, back at $0.0644.
Key links
To download the Telcoin app for Android and iOS: https://r.telco.in/ZNGYjN1i4HgVoiXv8
Telcoin’s homepage: https://www.telco.in
Telcoin on Twitter/X: https://twitter.com/telcoin
Telcoin on LinkedIn: https://www.linkedin.com/company/telcoin
Telcoin’s Facebook page: https://www.facebook.com/telcoin
Telcoin’s Instagram: https://www.instagram.com/telco.in/
Telcoin’s TikTok: https://www.tiktok.com/@telcoin
Telcoin’s Discord server: https://discord.gg/qzMUw57UJa
Disclaimer
The information and content (collectively 'information') provided herein are general information. The authors do not guarantee the suitability or potential value of any information or particular investment source. Any information herein is not intended, nor does it constitute financial, tax, legal, investment, or other advice. The authors have no affiliation with Telcoin or other persons or companies referred to in this article. The information in this article is based on the sources used.