Telcoin, a new cryptocurrency promoting financial inclusion through telecommunications industry partnerships, has secured an investment from East Ventures Managing Partner and Mixi co-founder Batara Eto.
Eto served as co-founder and CTO of Mixi from 2004 to 2007. Mixi began as Japan’s first social network, a predecessor to Facebook likened to a localised version of MySpace, before pivoting to mobile gaming. The company went public on the Tokyo Stock Exchange in 2006.
In 2009, Eto co-founded East Ventures, an early-stage venture capital firm jointly based in Singapore, Jakarta, and Tokyo. The firm has invested in more than 150 seed and early-stage startups across Asia, including Mercari, Tokopedia, and Traveloka.
Eto will invest in Telcoin’s initial coin offering (ICO), slated for October 30, 2017. East Ventures will also directly invest in Telcoin Pte Ltd.
“There are a lot of ICOs getting funded these days, but Telcoin strikes us as being one of the few to provide a realistic business case,” says Batara. “They have a solid team working on something that can transform people’s lives.”
Telcoin co-founder and CEO Claude Eguienta, adds: “We have the wild ambition to bring financial inclusion to billions of people, and with the unique experience of a successful founder and investor, Batara will clearly add value to Telcoin.”
