Though the financial sector is increasingly embracing cryptocurrency and its supporting technologies, users are still facing several bottlenecks in using cryptocurrency, particularly the difficulty in using digital wallets. As a result, some companies are focusing their energies on offering solutions to the problems being experienced in this area.
Among the companies seeking solutions is a blockchain startup firm known as Coin Text. The startup has created a platform that enables users to send Bitcoin Cash (BCH) to one another without the need for an internet connection.
The blockchain firm has since managed to get a $600,000 seed capital to fund its project. The funding was led by Yeomans Capital which is based in Texas and has invested in tZero, OpenGarden, and Factom. Yeoman’s Capital Managing Director, David Johnston stated that his company has a high bar for projects that they invest in. he said that the technology must have the potential to impact over a billion people.
Coin Text announced that the seed fund will be used to create a mobile wallet which is capable of allowing BCH transactions through text messages, therefore, the transactions will neither require an internet connection nor a wallet address. The transactions are possible through any type of mobile phone.
Vin Armani who is the President of Coin Text confirmed that his firm will not stop with this strategy which is focused on making crypto transactions easy for its users. He stated that his company is dedicated to making cryptocurrency easy to use for the maximum number of people. He also said that Yeoman’s team brings valuable experience to the company’s mission to deliver useful tools that spread Bitcoin adoption far and wide.
Simple and secure
According to the announcement, users will only need to send the word RECEIVE to the access number of the applicable region upon getting the wallet. This is possible since Coin Text wallet does not need any accounts, passwords, apps, or even the common complex crypto addresses.
The platform is created in such a way that it offers a simple and secure way of transacting for everyone across the world. Johnston confirmed that Coin Text 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.