Cryptocurrency wallet CoinText.io has raised $600,000 in Bitcoin Cash for its seed round of funding.
The investment was made by Yeoman’s Capital, a Texas-based venture firm focused on backing decentralised, open-source, tokenised companies.
CoinText supports P2P Bitcoin Cash transactions through text messages, without the need of an account, app or internet. The crypto payment solution enables anyone to receive tokens through their mobiles.
A user can check their balance by texting BALANCE to the region-specific number, which will then inform the user of the amount of Bitcoin Cash they own and its worth in the local currency. Through text messages, users can send money to others, and receive their wallet address to enable a transfer from someone else.
The company launched its English beta in March and is currently in operation in the US, Canada, United Kingdom, Australia, South Africa, Netherlands, Sweden and Switzerland.
Yeoman’s Capital managing director David Johnston said, “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.”
Over the course of the next twelve months, the company will deploy its services in at least fifty-four countries.
CoinText President and CTO Vin Armani said, “By the end of this year, nearly seventy percent of the world’s population will have permission less access to cryptocurrency over SMS.”
Last week, Yeoman’s Capital participated in the $2m funding round of business and real estate investment marketplace Newchip. The company provides and online marketplace for new and experienced investors, supporting investments from as little as $100.
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