Telcoin is a new cryptocurrency based on the Ethereum blockchain that will be distributed by your national telecom operator and made available to everyone, anytime, anywhere. This is the core of our business, and mobile network operators will be at the center of our strategy.
Telcoin is the first cryptocurrency to tap into synergies between the reach of mobile telecoms and the fast, borderless nature of blockchain technology. According to the World Bank, there are nearly five times as many mobile phones in the world (5 billion), as there are active bank accounts (1.2 billion).1 It's a lot easier to access mobile phone services than banking services, and we aim to capitalize on that disparity.
We will initially offer Telcoin to our mobile network partners, providing their customers with seamless access to the digital economy: online remittances, transfers, payments, and e-commerce. We will also provide the necessary marketing and product development resources to nurture the Telcoin ecosystem, in a joint effort with our telecom partners.
Our objective is not to compete with telecom mobile money, but to cooperatively participate in the overall mobile money ecosystem. We see ourselves as a complementary solution; a tool that will increasingly bring users to mobile money, cryptocurrency-backed solutions, and mobile wallets. Our goal is to become one of the cornerstone financial inclusion efforts of the 21st century and we want to cooperate with actors who we believe can play a critical role in this process, namely mobile network operators.