UK-based company Internet Mobile Communications Ltd (IMC) today announced the commercial introduction of BoTCoin® Market, the world’s first regulated international settlements service using Blockchain technology, under its wholly owned Internet Mobile Communications Malta Ltd (IMC Malta).
Its BoTCoin® token, which has actively been in circulation for a few weeks, is used to trade within the BoTCoin Market. Regulated by the Maltese Financial Services Authority (MFSA), the BoTCoin Market observes European Union Know Your Customer (KYC) and Anti-Money Laundering (AML) rules for the opening and compliance monitoring of customer accounts. BoTCoins are pegged to the US$ and are therefore stable and not volatile.
BoTCoins can only be used by and between BoTCoin Market account holders or for converting to or from US$. Accounts are currently available to all trusted telecom trade members of IMC/Bank of Telecom, which has over 1000 carriers from over 125 countries, trading voice, SMS and data services in the international telecoms market with over 30 carriers joining every month.
The BoTCoin Market is integrated at an API level to Western Union Business Services, its partner Bank. As a result, it offers instantaneous settlements in BoTCoins or same day settlements in US$, virtually eliminating cash flow issues and trade risk. Members can pay money in and out in every single FIAT, with BoTCoins being redeemable in 170+ countries in 162 currencies.
Mark Stewart, CEO & Founder, IMC said, “We’re seriously bucking the trend and expect the BoTCoin Market to be a major disruptor to not just the telecommunications industry, but all industries, especially the banking world. By partnering with FX companies, BoTCoin Market is cutting out the use of banks, which have inherent inefficiencies and high costs, most of which are not transparent. This means significant financial and operational benefits for Telcos when dealing with international settlements.”
Any transfer within the BoTCoin Market between Members is only $10, or 10 BoTCoins, which saves an average not less than 87% when compared to Bank wire fees. Members can also save on withdrawals, as that comes with a fixed fee of $20, giving an average saving of 75% when compared to like-for-like Bank services.
From a security standpoint, BoTCoin® uses its certificated Ethereum Fork Blockchain system, which has allowed an extension to be added creating a Closed User Group (CUG), of trusted trade partners as mentioned above. It also means that every single ledger action is an immutable record that is permanent and cannot be altered. In addition to the CUG, the key sits outside the network, which means it cannot be hacked. The protection of that key sits within the responsibility of the client, much
like a PIN for a bank card. There are also many layers of security embedded, with multiple, globally dispersed back-up sites.
BoTCoin Market also rewards loyalty, and offers a percentage monthly bonus, unlike business bank accounts which do not offer any interest, as well as a 1% welcome bonus up to $50,000 of the initial deposit.
It is only a matter of time before the Telco community can leverage the benefits of Blockchain, and now they can with the world’s first regulated, Blockchain-powered instantaneous settlements service for use amongst their industry peers.
About IMC; Established in the UK in 2012, Internet Mobile Communications Ltd (‘IMC’) is a FinTech and international telecommunications business. www.im-comms.com IMC has three divisions comprising International Carrier Services, Retail and Mobile Marketing, with presence in Moldova, Chile, India and Malta. Trading under the Bank of Telecom ® brand, IMC provides a rich portfolio of voice, SMS and data services to the global carrier community. IMC developed, owns and operates the Bank of Telecom® with 1000+ carrier interconnects across over 120 markets, carrying over 150 million international minutes per month. Bank of Telecom ® Members include many major PTT, MNO, MVNO and Tier1 carriers as well as hundreds of small niche telecom suppliers. www.bankoftelecom.com IMC also runs IMC Xpress, a prepaid service that provides Premium and Standard A to Z termination from its online portal. www.imcxpress.com To learn more about or to open a BoTCoin account please see www.botcoinmarket.com
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