Following the closing of a round of funding that raised $600,000, CoinText.io are developing a service to conduct offline cash transactions by way of a Bitcoin Cash mobile wallet using any mobile phone over text message.
Providing access to 4.5 billion people
Funding was led by Yeoman’s Capital, with Managing Direct David Johnston commenting –
“We have a high bar for projects that we invest in. The technology must have the potential to impact over a billion people,”
“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.”
Texas-based Yeoman’s Capital has previously invested in startups such as OpenGarden, tZero, and Fantom.
“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.
Accessibility on a global scale
Vin Armani, CTO of CoinText has suggested that Yeoman’s Capital will provide more than just financial backing, with other forms of support such as advice and guidance also being part of the deal between the companies –
“We are dedicated to making cryptocurrency easy to use for the maximum number of people. Yeoman’s team brings valuable experience to our mission to deliver useful tools that spread bitcoin adoption far and wide.”
The plan is for CoinText to expand its Bitcoin Cash mobile wallet service to a minimum of 54 countries, with Armani concluding that “by the end of this year, nearly seventy percent of the world’s population will have permissionless access to cryptocurrency over SMS.”
At the time of writing CoinText provides services in eight countries following its beta launch in late March, which includes the United States, UK, Canada and Australia.
Early reports suggest that most of the investment capital raised has been earmarked for expanding the software wallet’s accessibility on a global scale.
The startup is one of a rising number of companies who are focusing their energies on developing ways to conduct transactions in areas where internet access isn’t always available.
Lover of all things crypto, blockchain and AI, professional tech scribe & part of the editorial team at Crypto Disrupt.