Cointext is a cryptocurrency wallet that aims to utilize SMS messaging in order to send and receive cryptocurrency payments. The company has been focused on the ability to send Bitcoin Cash without internet access for some time now, and utilizes three basic commands: “balance”, “receive”, and “send”. The service is currently most active in the U.S., Europe, and South America.
— CoinText (@CoinText) March 26, 2018
The company seeks to provide the service around the world, and is now available in 35 countries. Several days ago, it added Ukraine and Italy to the list. One of the unique ways that Cointext has established itself is the fact that cryptocurrency can be sent without requiring a smartphone. In fact, any phone that is able to send and receive texts can utilize the service, which is obviously advantageous to countries where internet access is not universal.
The Cointext founder and CEO, Vin Armani, stated: “Cointext allows anyone with a cellular signal to access cryptocurrency. This includes all brands of smartphones and about two billion people with basic feature phones.”
He elaborated on how this is particularly useful in the two countries most recently added: “Ukraine is experiencing political instability and Italy is facing a sovereign debt crisis. Cryptocurrency provides residents with a way to opt out, and Cointext provides them with the easiest tool to begin using cryptocurrency.”
Blockchain technology has been praised as an option for those without access to traditional financial services, such as banks. There is still an estimated two billion people without access to banks, and blockchain would allow them to send and receive payments without exorbitant transaction fees. Many have pointed out that this is an untapped market that could prove to be a demographic that truly help propels blockchain technology towards mass adoption, as well as economically empowering communities in less developed countries.