Cryptocurrency-focused fintech company CoinText.io has brought its Bitcoin Cash (BCH) wallet to Bangladesh citizens, according to an official announcement on Monday.
The service makes it possible for people to send and receive cryptocurrency by using a phone with no internet connection. The transactions are carried out via text messages, which is an advantage in developing countries, where smartphone penetration is low.
Bangladesh has a fast-growing economy and is considered one of the greatest economic success stories of recent times. However, only 5.4 out of its 167 million people use smartphones with an internet connection. While mobile phone penetration has reached only 21%, the figure is expected to jump to 40% by 2025 due to robust economic development, CoinText noted, citing data from mobile industry association GSMA.
According to founder and CTO Vin Armani, these pre-conditions make Bangladesh a highly attractive destination for expansion.
“CoinText allows anyone with a mobile phone and cell signal to transact cryptocurrency. They now can move value from one phone to another without Internet or the friction of opening bank accounts,” he explained.
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.
Earlier this year, the company added Litecoin (LTC) and Dash (DASH) support for US and Canadian users.