CoinText is a for-purpose project to deliver global finance to anyone with a mobile phone. Feature-phone users will be able to use Bitcoin Cash.
The UK based startup is also developing a full suite of tools where transacting over SMS is necessary or beneficial like merchant and charity solutions, gaming and sports betting, ATMs and vending machines, smart locks and much more.
CoinText has closed a round of $600,000 in Bitcoin Cash (BCH) seed funding led by Yeoman’s Capital Funding was led by Yeoman’s Capital, with Managing Direct David Johnston commenting –
“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.
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. Currently, CoinText provides services in eight countries following its beta launch in late March, which includes the United States, UK, Canada and Australia.