The Philippines is the next country to officially be connected by CoinText.io, a cryptocurrency wallet service that allows users to transact Bitcoin Cash (BCH) via text message, without internet, apps, or accounts.
With their high remittance inflows, which are a major component of the Philippine economy, high smartphone usage, and weak banking infrastructure, the archipelago is a hotbed of cryptocurrency activity.
Cryptocurrency service providers in the Philippines could soon operate as regulated firms as authorities are targeting draft rules for domestic cryptocurrency exchanges within weeks ahead of finalizing regulations later this year.
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 the Philippines can get a CoinText wallet by texting START or SIMULAN to 639221101037.
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.
Royal C Bank on Why Crypto is Still the Name of the GameGo to article >>
Adoption in Other Regions
CoinText’s service is also seeing strong adoption in other countries. Earlier last year, it 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 39 countries.
Commenting on the news, CoinText founder and CTO Vin Armani said: “The ability to send value over SMS is tailor-made for The Philippines. Remittances are a big part of the economy and Filipinos are already big adopters of cryptocurrency, especially Bitcoin Cash.”