CoinText.io, a cryptocurrency wallet service that allows users to transact Bitcoin Cash (BCH) via text message, has expanded to new countries – Colombia and the Dominican Republic.
CoinText enables users to send Bitcoin Cash directly to phone numbers or BCH addresses without internet access by providing a dedicated SMS communication gateway powered by blockchain. For instance, new users in Colombia can get a CoinText wallet by texting BCH INICIAR to 85668, while Dominicans can transact BCH through texting to the number 7400.
The startup also supports users without smartphones and even for those using old flip phones. Unlike conventional crypto wallets, CoinText’s service doesn’t require users to register at an exchange, store passphrases, or private keys.
CoinText has been making inroads into Latin America, most recently making the service available to Brazilians who have not missed the cryptocurrency trend. Within the continent, Brazil was the cryptocurrency ringleader both on the regulatory side and on the development side. As it now stands, the country’s financial watchdog, the CVM, bans regulated investment funds from trading in the virtual asset class.
However, recent surveys show more people are opening cryptocurrency trading accounts than traditional brokerage accounts. Also in September, the parent company of Brazil’s largest independent broker, Grupo XP, announced that it is setting up a cryptocurrency exchange.
7 Habits of a Highly Effective DeFi TraderGo to article >>
Adoption in Other Regions
CoinText’s service is also seeing strong adoption in other countries. Earlier this month, its launched its platform in Ukraine, Italy, Turkey, Argentina, Hong Kong, Israel, and the Palestinian territories.
Overall, many investors are turning to cryptocurrency as a way to store value, as the exchange rate of fiat currencies in many countries spirals out of control.
CoinText’s wallet runs with basic and simple commands like balance, deposit, send, and withdraw. The wallet doesn’t store any transaction data in the system as the server only processes operations through an algorithm which settles transactions directly on-chain.
The service is designed to enable customers to send, receive and store money via a basic mobile phone, which caters to billions of underbanked people around the world.
With the latest additions, the service is now available in 37 countries.
Commenting on the news, CoinText founder and CTO Vin Armani said: “Economic refugees from Venezuela are flooding over the border into Colombia. CoinText provides them with an easy way to use cryptocurrency to combat hyperinflation and trade with each other.”