Erik Gibbs

CoinText crypto wallet for BCH raises $600,000 in seed money

In February, CoinText announced the launch of its Bitcoin Cash (BCH) wallet that will provide a vehicle for making BCH transactions without the need to be connected to an Internet device. It allows any device—even a simple cell phone or an active SIM card in an SMS-capable device—to send or receive the popular cryptocurrency, providing greater access to continue pushing BCH forward into the retail space. Now, CoinText said it has received over $600,000 in seed funding to help in the platform’s advancement.

Funding was led by Texas-based Yeomans Capital, which has also invested in OpenGarden, tZero and Factom. The company’s managing director, David Johnston, has maintained strict requirements for projects and said that Yeomans won’t invest in any project that can’t impact at least a billion people. That speaks volumes for the power of CoinText and the BCH network.

CoinText will use the money to help in the creation of its mobile wallet and to continue the company’s plan to make cryptocurrency transactions easier for all users. CoinText CTO Vin Armani indicated that Yeoman will supply “valuable experience” to the firm’s mission of delivering tools that can help spread cryptocurrency adoption around the globe.

The platform has been designed to allow for a simple and secure method of conducting transactions to and from anywhere in the world. According to Johnston, CoinText could potentially lead the next round of major cryptocurrency adoption due to the ease with which new users can start to use the platform—it’s as easy as sending a text message.

The wallet works through simple commands like SEND, WITHDRAW, DEPOSIT and BALANCE. There is also a HELP command available that will send reminders to the user of the different commands.

When CoinText first launched in February, it began looking for donations from the BCH community, as it didn’t have the necessary funds to develop the platform. Many users pitched in from Canada, the UK, the U.S. and Australia and each was given $1 in BCH to test the wallet’s capabilities. Now that Yeomans is onboard, CoinText will be able to quickly introduce the platform and help provide a much-requested service to thousands of cryptocurrency users.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as SegWitCoin BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins. Altcoins, which value privacy, anonymity, and distance from government intervention, are referenced as dark coins.

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