CoinText has closed a round of $600,000 in Bitcoin Cash seed funding led by Yeoman’s Capital.
The venture enables people with text-enabled phones to send Bitcoin Cash. It launched its English language beta in March 2018 and is active in eight countries: the US, Canada, United Kingdom, Australia, South Africa, Netherlands, Sweden and Switzerland.
“We have a high bar for projects that we invest in; the technology must have the potential to impact over a billion people,” says David Johnston, Managing Director of Yeoman’s Capital. “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. It has the potential to drive the next wave of mass crypto adoption because onboarding new users is as simple and seamless as sending a text message. At Yeoman’s Capital, it’s our mission to advance the decentralised economy. As investors and advisors, we are excited to help CoinText scale globally.”
CoinText is aiming to deploy its service in at least 54 countries over the next 12 months. “By the end of this year, nearly 70% of the world’s population will have permissionless access to cryptocurrency over SMS,” says CoinText President and CTO Vin Armani.