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- Telcoin aims to become the first regulated crypto bank and issuer of stablecoins.
- Telcoin’s Digital Asset Depository Charter hearing is set for December 5, 2024.
- Approval of Telcoin Bank’s charter is expected in early 2025 following the hearing.
Telcoin, Inc. is set to hold a pivotal hearing for its application to become the first regulated digital asset bank in the United States.
The hearing, scheduled for December 5, 2024, will be a critical step in the company’s effort to secure a Digital Asset Depository Charter under the Nebraska Financial Innovation Act (LB 1074, 2024). The public hearing will take place at 9:00 AM CST at the First Nebraska Administrative Building, located at 1526 K Street, Lincoln, Nebraska.
Telcoin’s application to become a FED-regulated bank
The Digital Asset Depository Charter application, filed with the Nebraska Department of Banking and Finance, has already made significant progress.
In September 2024, Telcoin received confirmation that its application to establish Telcoin Bank, a Digital Asset Bank, had been deemed complete. This marked a major milestone for the company, which has been working closely with key figures such as Congressman Mike Flood, who helped draft the Nebraska Financial Innovation Act back in 2021. Mike Flood, with Trump’s endorsement, won the US House seat representing Nebraska’s capital city and surrounding areas in the just concluded US elections.
The Nebraska Financial Innovation Act, part of the broader Nebraska Innovation Act, has been crucial in facilitating the state’s efforts to position itself as a leader in digital asset regulation.
If the Digital Asset Depository Charter application is approved, Telcoin Bank will become the first US-based digital asset bank and a global pioneer as the first regulated issuer of stablecoins, which the company refers to as “Digital Cash.”
Telcoin’s stablecoins will form the backbone for Telcoin’s remittance services and are designed to disrupt the $160 billion stablecoin market by offering a more usable and integrated form of cryptocurrency. The company is also positioning Digital Cash as a solution for mainstream global payments, making it easier to conduct direct merchant payments and enabling a seamless connection to decentralized finance (DeFi).
CEO Paul Neuner emphasized the importance of this development in Telcoin’s latest community update. He noted that the public hearing on December 5th is a major step toward Telcoin Bank’s official charter approval, which is expected in early 2025.
Telcoin aims to offer blockchain-based banking products
Telcoin’s goal is to offer blockchain-based banking products and services, including crypto staking, and to integrate digital assets into the global banking system.
Telcoin’s ambitions have attracted attention from mobile network operators (MNOs) and global fintech communities.
Recent events like Flyover Fintech, hosted by Congressman Mike Flood, highlighted Telcoin’s vision to become a cornerstone in the future of payments and mobile finance. Additionally, the company has successfully raised funds to support the development of Telcoin Bank, including a pre-series A fundraise that attracted significant investor interest.
The company’s global outreach and innovation in blockchain banking promise to reshape the financial services landscape in the coming years.