Bitcoin Cash SMS Wallet CoinText Expands To The Philippines

Announcements, News | January 4, 2019 By:

Crypto wallet CoinText has launched its SMS Bitcoin Cash wallet service in the Philippines.

CoinText is a service to send and receive cryptocurrency using text messages. The CoinText cryptocurrency wallet doesn’t require apps, accounts, passwords, or Internet, and offers frictionless onboarding to the crypto ecosystem for anyone with a text-enabled phone. Cointext allows users to communicate with their wallet using basic SMS commands like BALANCE to check the balance, RECEIVE to display their cryptocurrency address, and HELP to view the instructions to use the wallet.

The company said that it decided to expand its SMS Bitcoin Cash wallet service in the Philippines because remittances account for around 10% of the country’s GDP ($30B), and smartphone penetration is about 40%.

“The ability to send value over SMS is tailor-made for the Philippines,” said CoinText founder and CTO Vin Armani. “Remittances are a big part of the economy and Filipinos are already big adopters of cryptocurrency, especially Bitcoin Cash.”

The service will allow Filipinos to send money to mobile phone numbers or any BCH address. Users can get a CoinText wallet by texting START or SIMULAN to 639221101037. Recipients don’t need to download a wallet or take any action to receive transfers, and funds are immediately available to be re-spent.

“The Philippines has many cryptocurrency exchanges,” said Armani. “That makes using cryptocurrency for remittances a no-brainer. With CoinText, Filipinos can make borderless payments and withdraw pesos at an exchange for a fraction of the cost of traditional money transfer services.”

In addition to the Philippines, CoinTex’s SMS Bitcoin Cash wallet service is also available in Ukraine, Italy, Turkey, Argentina, Hong Kong, Israel and Palestine.