CoinText.io, a cryptocurrency wallet service that allows users to transact Bitcoin Cash (BCH) via text messages, has expanded into four new countries including Brazil and three European markets – Poland, Croatia and Romania.
CoinText enables users to send Bitcoin Cash directly to phone numbers or BCH addresses without internet by providing a dedicated SMS communication gateway powered by the blockchain. 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.
The service is now available to Brazilians who have not missed the cryptocurrency trend. Within Latin America, Brazil was the cryptocurrency ringleader both on the regulatory side and on the development side. As it now stands, the country’s financial watchdog, 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 last month, the parent company of Brazil’s largest independent broker, Grupo XP, announced it is setting up a cryptocurrency exchange.
“Brazilians have been suffering from corruption and bad monetary policy. Cryptocurrency offers a way for them to peacefully opt out of a corrupt system,” says CoinText founder and CTO Vin Armani.
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Adoption in other regions
CoinText’s service was also seeing strong adoption in other countries. Earlier this month, its has launched its platform in Turkey and Argentina, Hong Kong, Israel, and the Palestinian territories.
Overall, many investors are turning to cryptocurrencies as a way to store value, as the exchange rate of fiat currencies in many countries is spiraling out of control.
CoinText’s wallet runs with basic and simple commands like Balance, Deposit, Send, and Withdraw. The wallet doesn’t store any data about transactions 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 31 countries.
Commenting on the news, Armani also notes: “Adding Poland, Croatia and Romania brings us closer to connecting the entire continent of Europe. CoinText’s end-of-year goal is to enable all 740 million European residents to text money to each other’s phones for pennies.”