With TeleX AI, an artificial intelligence (AI) chatbot that operates natively on Telegram, the widely utilized messaging application, Telegram users will be able to send, receive, and exchange cryptocurrencies including bitcoin and Ethereum.
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For the vast majority of new comers, beginner traders, and casual investors in the cryptocurrency market, it has become increasingly difficult to send, receive, and trade cryptocurrencies like bitcoin and Ethereum, primarily due to the imposition of strict Know Your Customer (KYC) and Anti-Money Laundering (AML) systems.
In South Korea for instance, the third largest bitcoin market led by Bithumb, the world’s largest cryptocurrency exchange by volume, new users are required to submit government-issued IDs, carry out face-to-face interviews, and provide proof of income through bank documents and sensitive financial information.
To move funds out of exchanges to wallet platforms to begin sending and receiving cryptocurrencies, additional steps are required. Users need to create secondary wallet accounts elsewhere, to ensure that their funds remain secure.
However, for newcomers, this process of trading, sending, and receiving cryptocurrencies can be challenging, especially for newly introduced investors that struggle to understand the concepts, structures, and mechanisms of cryptocurrencies. This boundary limits the potential consumer base of the cryptocurrency market.
TeleX AI and the TeleX Virtual Assistant solves the abovementinoed issue, by providing a significantly more efficient platform for newcomers and casual investors. On Telegram, a messaging app which most users already utilize to communicate, with simple commands, users can begin trading and storing cryptocurrencies with zero fees on a peer-to-peer basis.
“Users of TeleX AI are able to store multiple cryptocurrencies in their Telegram account, and send coins among themselves instantly with no fee by simply messaging with TeleX AI,” explained the TeleX AI development team. “It is also possible to buy and sell cryptocurrencies directly through TeleX AI. Apart from these basic wallet and exchange functionalities, we envision endless possibilities that can be accomplished with the TeleX AI infrastructure, such as providing market data, selling mining contracts, giving trading signals, etc.”
According to an official document released by Telegram in 2016, the messaging app had 100 million active monthly users in February of last year, processing more than 15 billion messages per day. The company has openly stated that the platform grows by around 50 percent on a yearly basis.
TeleX AI immediately opens a market of several hundred million users to bitcoin, Ethereum and other cryptocurrencies, which have become a major asset class in the global finance sector. Its simplicity and efficiency will allow consumers in an engaging market to initiate bitcoin, Ethereum, and cryptocurrency trading.
The initial coin offering (ICO) or crowdsale of TeleX AI has begun on November 21 and is expected to last until December 21. Given that the native token of TeleX (TLX) has a fixed total supply of 72 million, the ICO of TLX could close before the December 21 deadline.