Today, a cryptocurrency wallet to transact without Internet using text messages, launched its Bitcoin Cash (BCH) wallet in Bangladesh (167M population).
“Bangladesh is the ideal country for CoinText,” explains CoinText founder and CTO Vin Armani. “Very few people have smartphones or cellular data in Bangladesh. CoinText enables basic feature phones to access international currencies like bitcoin using SMS.”
At the end of 2017, Bangladesh only had 21% mobile phone penetration, according to a recent GSMA report (1). And another industry survey published on Wikipedia (2), revealed only 5.4% smartphone penetration in Bangladesh. Yet mobile adoption is expanding rapidly there. GSMA estimates that Bangladesh will reach 40% mobile phone penetration by 2025.
“CoinText allows anyone with a mobile phone and cell signal to transact cryptocurrency,” says Armani. “They now have the ability to move value from one phone to another without Internet or the friction of opening bank accounts.”
Because the wallet is managed over SMS (short message service), CoinText doesn’t require apps, registration, or Internet. Therefore it works on every brand and model of smartphone including iPhone, Samsung and Androids as well as with old feature phones like the Nokia 3310.
CoinText enables users to send money to mobile phone numbers in 38 countries or any BCH address. Transactions are nearly instant and only cost pennies. Recipients don’t need to download a wallet or take any action to receive transfers, and funds are immediately available to be re-spent.
Users communicate with their wallet using basic SMS commands like BALANCE to check the balance, RECEIVE to display their cyrptocurrency address, and HELP to view the instructions to use the wallet.
To send funds to domestic or foreign phone numbers, users simply text SEND $1 PhoneNumber. And they can send funds to BCH wallets by using the command SEND $1 BCHaddress.
People instantly get a wallet by texting a valid command to a CoinText access number or when another user sends funds to their phone number.
New users get a CoinText wallet in Bangladesh by texting START to 8804445650050
This release also includes support for the Bengali language across the entire CoinText platform, 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).