CoinText.io, a service to transact cryptocurrency with any type of mobile phone over text messages without the need for internet, has closed a round of $600,000 in Bitcoin Cash (BCH) seed funding led by Yeoman’s Capital.
The service enables users to send Bitcoin Cash (BCH) to phone numbers or BCH addresses without internet by providing an SMS gateway to communicate with the blockchain. Users may also retrieve their CoinText private key as a backup to access their wallet using other platforms.
CoinText launched its English-language beta in March 2018 and is currently active in eight countries; United States, Canada, United Kingdom, Australia, South Africa, Netherlands, Sweden, and Switzerland.
“We are dedicated to making cryptocurrency easy to use for the maximum number of people. By the end of this year, nearly seventy percent of the world’s population will have permissionless access to cryptocurrency over SMS. Yeoman’s team brings valuable experience to our mission to deliver useful tools that spread bitcoin adoption far and wide.”
Yeoman’s Capital is a family office and venture capital firm based in Austin, Texas. They are early investors in projects like Factom, Polymath, Multicoin Capital, Open Garden, Patrick Byrne’s distributed ledger platform for capital markets tZero, and more.
No accounts, passwords, apps, or complicated cryptocurrency addresses are needed to use CoinText. Anyone can get a CoinText wallet by texting the word RECEIVE to the access number for their region, or when another user texts funds to their phone.
“We have a high bar for projects that we invest in — the technology must have the potential to impact over a billion people. 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. 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. At Yeoman’s Capital, it’s our mission to advance the decentralized economy. As investors and advisors, we are excited to help CoinText scale globally.”