Blockchain Makes Banking Via SMS a Reality

Today’s announcement of CoinText’s Bitcoin Cash (BCH) wallet launch in Colombia and the Dominican Republic marks a pivotal point for both the cryptocurrency wallet and the financial health of countless people in underdeveloped nations.

Today @CoinText launched in Colombia and Dominican Republic.

These are two incredibly important countries when it comes to returning financial sovereignty to the people and enabling free flow of value across borders.https://t.co/4Ar1ITJTMu

— Ⓥin Ⓐrmani (@vinarmani) December 10, 2018

The company is an SMS-based crypto management and storage solution hoping to enable ease of use for cryptocurrency and to expand global economic freedom. It opens up functionality for underbanked and unbanked people worldwide — those who don’t have access to banking features that westerners take for granted. In addition, through CoinText, people who lack reliable internet access or even a computer or mobile device to access the internet still have the opportunity to access state of the art banking services. Through a simple SMS text from a text-enabled device such as a flip phone, users can set up an account, send and receive payments, check account balances, and enjoy other advantages of mobile banking — with neither a bank nor internet capability. It is important to note that these services are regional in nature. They are not tied specifically to the citizenship of any one country; rather, people whose current geographic location is within a CoinText region, including now Colombia and the Dominican Republic.

Providing Financial Stability

Why is this an important point for cryptophiles? The geographically-based nature of the company’s user base means that refugees, migrants, evacuees, and other itinerant people groups have access to money management services at the same level as residents in established communities with stable government structure and solid banking systems. People for whom a Venmo or Paypal transaction, or even a simple bank transfer, has possibly never been an option, now have access to advanced financial services through an SMS. This is yet another example of blockchain technology’s power to transform the quality of life, starting with basic financial access services. Columbia and the Dominican Republic have added to the list of other historically financially limited nations in embracing the CoinText platform, including Italy and Ukraine this month. Currently the only cryptocurrency CoinText currently handles is Bitcoin Cash. Its roadmap includes advancement into money streaming, touchless payments, and the Internet of Things (IoT). Think this sort of banking opportunity will mean increased growth in the crypto sphere? Let us know in the comments below!  Editor’s Note: This article is for informational purposes only. BeInCrypto is independent and has no relationship with CoinText.]