This emerging markets focused cryptocurrency has raised seed funding to help bring cryptocurrency transactions to millions of users in Africa and in other emerging markets with the need for an account, an app or an internet connection.
At the moment, it’s the the only cryptocurrency wallet that works with an old flip phone users with any type of mobile phone to transact without the need for Internet in a move that will bring international finance to developing countries.
“We are dedicated to making cryptocurrency easy to use for the maximum number of people,” says CoinText President and CTO Vin Armani. “Yeoman’s team brings valuable experience to our mission to deliver useful tools that spread bitcoin adoption far and wide.”
No accounts, passwords, apps, or complicated cryptocurrency addresses are needed to use CoinText. Anyone can get a CoinText wallet by texting the word RECEIVE to the access number for their region, or when another user texts funds to their phone.
CoinText enables users to send Bitcoin Cash (BCH) to phone numbers or BCH addresses without Internet by providing an SMS gateway to communicate with the blockchain. Users may also retrieve their CoinText private key as a backup to access their wallet using other platforms.
CoinText launched its English-language beta in March 2018 and is currently active in eight countries; United States, Canada, United Kingdom, Australia, South Africa, Netherlands, Sweden and Switzerland.
“We have a high bar for projects that we invest in — the technology must have the potential to impact over a billion people,” stated David Johnston, Managing Director of Yeoman’s Capital.
“CoinText is one of the few projects that far exceeds that bar by providing easy access to crypto to the 4.5 billion people with text-enabled phones worldwide,” Johnston remarked. “CoinText has the potential to drive the next wave of mass crypto adoption because onboarding new users is as simple and seamless as sending a text message.”
“At Yeoman’s Capital, it’s our mission to advance the decentralized economy. As investors and advisors, we are excited to help CoinText scale globally,” Johnston added.
Over the next twelve months CoinText will be deploying its service in at least fifty-four countries.
“By the end of this year, nearly seventy percent of the world’s population will have permissionless access to cryptocurrency over SMS,” Armani declared.