The blockchain-based financial services company said in a Tuesday (Oct. 14) press release that the funding will help it meet the capital requirements for its conditionally approved Nebraska Digital Asset Depository Institution charter.
The company plans to open Telcoin Digital Asset Bank later this year, according to the release.
Telcoin also plans to launch a bank-issued stablecoin called eUSD “Digital Cash,” which it said will be designed for everyday use in payments and banking.
The company currently partners with mobile network operators and mobile money platforms around the world to help them offer decentralized finance products to their subscribers, per the company’s website.
“With our first-of-its-kind bank and stablecoin, we’re providing real access to bridge the gaps between traditional banking and decentralized finance,” Telcoin CEO and Founder Paul Neuner said in the release. “Unlike the offshore or non-bank alternatives in the market today, eUSD will give people a regulated, trustworthy way to use digital dollars at scale.”
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Telcoin is also growing the list of jurisdictions globally in which it is licensed, as cross-border remittances are the company’s initial use case for its stablecoin, per the release.
The company said in a February press release that its operating entity is licensed as a Major Payment Institution in Singapore and that its subsidiaries are registered as a European virtual asset service provider in Lithuania and as a money service business in the U.S., Canada and Australia.
Tom Kaiman, founding principal of Otter & Co. Capital Holdings, one of the investors in the round, said in the release that Telcoin is “redefining what’s possible in banking.”
“This isn’t just about digital money — it’s about reimagining how people everywhere connect to their finances,” Kaiman said. “Telcoin is leading a movement toward a faster, safer and truly global financial system, and we’re proud to be part of that shift.”
Telcoin announced in a February press release that its application to become Nebraska’s first Digital Asset Depository Institution was conditionally approved by the state’s Department of Banking and Finance.
Neuner said at the time that the approval “marks a major milestone for Telcoin and the entire U.S. crypto industry.”
“I’ve always believed that the key to making crypto usable in payments and mainstream finance is a digital asset bank with native connections to the existing financial system,” Neuner said.
