NASHUA, N.H., Dec. 10, 2018 /PRNewswire-PRWeb/ — Today, CoinText.io, a service to transact cryptocurrency without Internet using SMS, launched its Bitcoin Cash (BCH) wallet in Colombia (population 49 million) and Dominican Republic (population 11 million).
“Economic refugees from Venezuela are flooding over the border into Colombia,” says CoinText founder and CTO Vin Armani. “CoinText provides them with an easy way to use cryptocurrency to combat hyperinflation and trade with each other.”
CoinText enables users to send money to anyone with a mobile phone number or a BCH address. Recipients don’t need to download a wallet or take any action to receive funds.
Because users control their wallet using text messages, apps, registration and Internet are not required. This also means CoinText works on basic feature phones in addition to smartphones.
Users in these countries can communicate with their wallet in Spanish or 20 other languages. To check their CoinText balance they use the SMS command BCH SALDO, and to display their wallet address they text BCH RECIBIR. The command BCH AYUDA gives them instructions to user the wallet.
In 2017, remittance inflows to the Dominican Republic reached nearly $6 billion which is about 8.1% of its gross domestic product (GDP) according to the St. Louis Federal Reserve Bank. Most of these remittances originated from the United States. CoinText offers a cheaper and more direct solution for remittances than traditional financial services.
To send funds to domestic or foreign phone numbers, users text BCH ENVIAR $1 PhoneNumber. And they can send funds to BCH wallets by using the command BCH ENVIAR $1 BCHaddress.
People get a wallet by texting a valid command to a CoinText access number or when another user texts funds to their phone.
New users get a CoinText wallet in Colombia by texting BCH INICIAR to 85668
New users in Dominican Republic get a CoinText wallet by texting BCH INICIAR to 7400
“With CoinText you can send any amount of money to almost any mobile phone in the world for pennies,” Armani said. “No permission or account needed. Just a cell signal and a basic mobile phone.”
This release brings the total number of countries available for instant transactions over SMS to 37, the company said.
CoinText is a for-purpose FinTech company making cryptocurrency easy to use as money. CoinText is the first full-featured cryptocurrency wallet that doesn’t require apps, accounts, passwords, or Internet. The service offers frictionless onboarding to the cryptocurrency ecosystem for anyone with a text-enabled phone. CoinText is built on a foundation designed for a full suite of cryptocurrency solutions including touchless payments, streaming money, and for the Internet of Things (IoT).