Telegraf Money allows members to send money to one another over a familiar messenger-based environment. Find out how it works today in our Telegraf Money review.
What Is Telegraf Money?
Telegraf Money, found online at Telegraf.money, is a messenger platform that lets you stay in touch with contacts through video and audio calls. The app is available for iOS and Android as well as desktop operating systems like Mac OS and Windows.
The main difference between Telegraf Money and a standard messenger app is that it allows users to transfer money to each other in a number of unique ways – including using traditional payment cards or cryptocurrencies.
Telegraf Money even has a P2P lending system built-in, where you can deposit money to earn a positive ROI, or borrow money through the platform yourself.
How Does Telegraf Money Work?
Telegraf Money allows users to communicate and transfer money to each other from card to card, or using cryptocurrency. Users can also receive income in the form of interest on P2P loans and deposits using built-in messenger cards.
Telegraf Money cards include any VISA or MasterCard cards. You can add your traditional payment card to the platform, then use that card in peer-to-peer currency exchanges.
One of the long-term goals of Telegraf Money is to allow users to make financial transactions with people who use other messengers, including Skype, Facebook Messenger, and Telegram.
The Telegraf Money ecosystem revolves around the use of an ERC20-compatible currency called DEBIT Coins. DEBIT Coins were released during a token sale in July 2017.
How Do DEBIT Coins Work?
DEBIT Coins (DBC) are an in-platform currency used by Telegraf Money. There’s a total supply of 1 billion DEBIT Coins. It’s described as a “credit currency” that provides earnings in the form of interest on decentralized loans.
DEBIT Coin can also be used to calculate and withdraw cash from VISA/MasterCard cards tied to the Telegraf Money messenger. The conversion rate is tied to the weighted average rate on the stock exchanges that trade the token, which means owners of the tokens will be able to use them for purchases without cashing cryptocurrencies through the exchange.
The DEBIT Coin Token Sale
The distribution of DEBIT Coin tokens started in July with a first batch of 10 million units, or 1% of the total supply, during a pre-ICO phase. If you purchased $500 of DEBIT tokens during the sale, you received a free DEBIT Coin Gold card, a multi-currency wallet that can be used to store 5 keys for bitcoin, Ethereum, Litecoin, Namecoin, and Dash.
A general ICO started on October 24. A total of 65% of the total supply (650 million tokens) will be distributed during the ICO.
30% of tokens are reserved for team members, partners, and advisors, while 3% be used for marketing and bounties. Unless I’m missing something, the whitepaper doesn’t explain where the last 2% of coins is going.
Telegraf Money Features
Telegraf Money’s features can be separated into features for the app and for DEBIT Coin. Most of these features have not yet been integrated into the platform, but are scheduled to be integrated before February 2018.
- A multi-currency wallet where users can store bitcoin, altcoins, and ERC20 tokens
- Issued DEBIT Coin tokens are tied to the VISA/MasterCard cards integrated with Telegraf Money
- Holders of issued DEBIT Coin tokens can use them for any purchases and cash withdrawals in ATMs, using their cryptocurrency as leverage in exchange for accessing real cash
- Messenger-based exchange where participants can exchange cryptocurrencies among themselves
- Communicate with contacts through video, audio, and text
- Make financial transactions with Skype, Facebook Messenger, and Telegram users
DEBIT Coin Features
- Decentralized cryptocurrency used to pay for services on the Telegraf Money platform
- Cryptocurrency that can be used for card purchases, with all transactions carried out on the Ethereum blockchain
- DEBIT Coins are not subject to inflation because they’re burned after any credit card transaction over the platform, which means the total supply of tokens is constantly decreasing
Who’s Behind Telegraf Money?
Telegraf Money is made by Blockchain Messenger Ltd, a London-based company incorporated in October 2015. The company number is 09808907.
The company is led by Kent Kristensen, a Danish entrepreneur who’s listed as the CEO. Kristensen’s work began 12 years ago with the launch of Clubworldconnect, described as “one of the most advanced money transfer systems in the marketplace,” at the time. We can’t find much information about Clubworldconnect online: Google searches only turn up information from 2017.
Other key members of the team include William Bastos (Executive Director and Co-Founder), Azamat Kurbanov (Marketing Director and Co-Founder), Mogens Garbenfeldt (CFO and Co-Founder), and Alya Maximova (Business Analyst and Co-Founder).
The company aims to release its full-featured messenger exchange platform between November 2017 and February 2018, with enhanced KYC and bank transfer support developed between March 2018 and August 2018.
Telegraf Money Conclusion
Telegraf Money is a P2P messenger that lets users add cards to the system, then send payments to other contacts.
Telegraf Money went through a pre-ICO in July 2017, with a general ICO taking place throughout October and November.
One of the unusual things about Telegraf Money is that the company’s app store listings are flooded with vague 5 star reviews. The company has 400+ positive reviews (4 or 5 stars) on the Google Play Store despite the fact that it has only been downloaded about 1,000 times – and despite the fact that it has limited money transfer capabilities at this time. Most of the reviews say things like “Awesome”, “It’s a good application”, or “Very good app”, among other weirdly vague things.
Regardless, you can learn more about Telegraf Money at Telegraf.money, where you’ll find download links for desktop operating systems, iOS, and Android.