CoinText has received $600,000 through seed funding which it intends to use for creating Bitcoin Cash (BCH) mobile wallet. Yeoman’s Capital Funding led the seed funding round. The company is known for offering BCH trading offline through smartphone text messages. It is a for-purpose project that facilitates access to global finance to anyone and everyone having a mobile phone.
CoinText setup to make BCH transaction for Smartphone users easier
People with feature phone can use BCH with the help of the UK-based CoinText setup. Now the company is planning to develop a complete suite of tools where carrying out transactions via SMS will be beneficial or necessary similar to charity and merchant solutions, sports and game betting, smart locks, vending machines, and ATMs. In this process, users will have to text a particular word to the key or access number for their regions and the wallet will open. In this way, the users will be able to receive money sent by another user.
According to the Managing Director of Yeoman’s Capital, David Johnston, “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.” Based in Texas, the Yeoman’s Capital has also invested in other major startups including tZero, Fantom, and OpenGarden.
Yeoman’s Capital to provide support other than finances
The CTO of CoinText, Vin Armani has said that Yeoman’s Capital will provide his company with other forms of support as well such as guidance and advice apart from just financial support. Armani stated that CoinText is dedicated to making virtual currency easy to access and use for maximum people and Yeoman will add its valuable experience to this mission of CoinText. It will help the company to develop tools that will spread the Bitcoin (BTC)’s popularity far and wide.
CoinText is planning to expand its service of BCH mobile wallet to around 54 countries for the start. At present, the services of the company are available in eight countries. CoinText made a beta debut in March this year in UK, Canada, the United States and Australia.