CoinText, a cryptocurrency wallet platform that allows BitCoin Cash transactions to be carried out via text message has been launched in the Philippines
The Philippines is next in line to be officially affiliated with CoinText. CoinText is a crypto wallet platform that allows users to make Bitcoin Cash (BCH) transactions through SMS, without internet connections, applications or accounts.
The Philippines is bubbling with a lot of cryptocurrency activities. This is as a result of their high remittance inflows and smartphone users. The country as a whole has a weak banking structure and so the introduction of cryptocurrency is a welcome improvement.
Service providers for Cryptocurrency network in the Philippines will soon be able to operate as regulated firms. Authorities are paying attention to domestic rules that will regulate cryptocurrency usage in a bid to put finishing touches to regulations later in the year.
CoinText SMS Service
CoinText will enable customer to make Bitcoin Cash transaction directly to their phone numbers or BCH addresses without internet connections. This will be done by providing a secured text message communication gateway powered by blockchain. This CoinText startup can also be used by people without smartphones.
Investors all over the world are looking towards cryptocurrency as a way to store and invest their funds. Exchange rates of fiat currencies in many countries have lost their value, this has really helped to boost the cryptocurrency industry.
CoinText’s wallet is very easy to operate. It works with basic commands like balance, deposit, send, and withdraw. The wallet in itself doesn’t store any transaction data. The server works by processing commands through an algorithm. This algorithm settles transactions directly on-chain.
For instance, new crypto user can simply get a CoinText wallet in the Philippines by texting START or SIMULAN to 639221101037. Users can receive, send and store their cryptocurrencies via mobile phones. This will help cater for the billions of unbanked people worldwide.
The service is designed to enable customers to send, receive and store money via a basic mobile phone. This helps to provide banking service to billions of underbanked people around the world..
Other Countries Are Looking To Adopt The Service
Countries all over the world are looking to adopt CoinText’s SMS service. Early last year, CoinText launched platforms in countries like Ukraine, Italy, Turkey, Argentina, Hong Kong, Israel, and the Palestinian territories. This service is now available in 39 countries.
In response to the news, CoinText founder Vin Armani said,
“The ability to send value over SMS is tailor-made for The Philippines. Remittances are a big part of the economy and Filipinos are already big adopters of cryptocurrency, especially Bitcoin Cash.”