CoinText.io, a cryptocurrency wallet provider that enables users to conduct bitcoin cash transfers without internet through text message has launched its Bitcoin Cash (BCH) wallet in Bangladesh.
“Bangladesh is the ideal country for CoinText,” explains CoinText founder and CTO Vin Armani.
“Very few people have smartphones or cellular data in Bangladesh. CoinText enables basic feature phones to access international currencies like bitcoin using SMS,” he added according to a press release from the organization.
At the end of 2017, Bangladesh only had 21% mobile phone penetration, according to a recent GSMA report. And another industry survey published on Wikipedia, revealed only 5.4% smartphone penetration in Bangladesh. Yet mobile adoption is expanding rapidly there. GSMA estimates that Bangladesh will reach 40% mobile phone penetration by 2025.
“CoinText allows anyone with a mobile phone and cell signal to transact cryptocurrency,” says Armani. “They now have the ability to move value from one phone to another without Internet or the friction of opening bank accounts.”
The service works on old feature phones with limited functionality because CoinText users manage their wallets solely via short message service (SMS). Therefore, there is no need to install apps, go through a registration process, and spend money on an internet connection.
Bangladesh residents can get their new CoinText wallet by sending a message with the word TEXT to a dedicated phone number and start sending and receiving money from any BCH address and mobile phone numbers in 38 countries, including newly added Ukraine, Italy, Colombia, and the Dominican Republic.
People instantly get a wallet by texting a valid command to a CoinText access number or when another user sends funds to their phone number.
New users get a CoinText wallet in Bangladesh by texting START to 8804445650050. This release also includes support for the Bengali language across the entire CoinText platform, the company said.
Users communicate with their wallet using basic SMS commands like BALANCE to check the balance, RECEIVE to display their cyrptocurrency address, and HELP to view the instructions to use the wallet.
In order to send funds to domestic or foreign phone numbers, users simply need to text SEND $1 PhoneNumber. And they can send funds to BCH wallets by using the command SEND $1 BCHaddress.
Since reports emerged in 2014 asserting that Bangladesh had prohibited the use of bitcoin, Bangladesh have softened its stance regarding cryptocurrency, with the country’s central bank issuing a “Cautionary Notice” during December 2017.
Recently the United Nations International Children’s Emergency Fund (UNICEF) announced that Bangladeshi start-up W3 Engineers will be among the first distributed ledger technology (DLT) companies based in emerging markets to receive investment from its Innovation Fund.