CoinText, a company that enables people to make and receive cryptocurrency payments over SMS, announced on Monday that it has expanded to Ukraine and Italy.
Launched in March of this year with $600,000 of funding, the company has expanded massively over the past nine months.
At the time, the company’s President, a former gigolo named Vin Armani, said that 70 percent of the world would have access to cryptocurrency SMS solutions by the end of the year.
Determining whether or not that prediction came true is difficult.
What is certain is that CoinText has managed to expand exponentially in that period.
The company now operates in nearly all of western and northern Europe, North America as well as Australia and a number of countries in Asia and South America.
Paradoxically, this growth has happened in developed countries that least require a service such as CoinText’s.
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After all, most people in London, New York, and Hong Kong have 24/7 access to the internet and an array of devices that allow them to surf the web and browse through apps.
Though it may be a very quick way of opening up a cryptocurrency wallet, CoinText’s service is less likely to be appealing to a person with a new iPhone and unlimited internet access than it would be for some guy in Addis Ababa who still has a Nokia 3310.
It is probably for this reason that Armani played up the economic problems Ukraine and Italy are facing.
“Ukraine is experiencing political instability and Italy is facing a sovereign debt crisis,” said the former gigolo. “Cryptocurrency provides residents a way to opt out. And CoinText provides them [with] the easiest tool to begin using cryptocurrency.”
There is some precedent to justify Armani’s logic. Venezuela, a hellhole that was once praised by many lefties in Europe and US as a paradise, has seen widespread adoption of the cryptocurrency Dash as a form of payment.
The reason for that is not because the arepa-loving locals are particularly tech-savvy, but because the moronic communists that run the country successfully destroyed the Venezuelan Bolivar through policies that caused hyper-inflation.
Thus, Venezuelans have had to look for a means of exchange that isn’t devoid of value.
Despite the latter country being at war, Italy and Ukraine are yet to reach the dog-eating depths of Venezuela. Nonetheless, you get the point Armani is trying to make – when governments mess up an economy, cryptocurrency offers a way out of the mess.