Telcoin in Norfolk, Neb., which is looking to open a blockchain-focused digital bank, raised $25 million in a pre-series A funding round.
The company said in a press release that the funds would capitalize Telcoin Digital Asset Bank, which has received conditional approval for a Nebraska Digital Asset Depository Institution charter. The plan is to open later this year. Otter & Co. Capital Holdings was among the investors.
“Telcoin is betting that consumers really just want usable digital dollars, not a bunch of different branded USD stablecoins,” founder and CEO Paul Neuner, said in the release.
The Nebraska charter was created in 2021 with the passage of the Nebraska Financial Innovation Act.