Wallets play an integral role in the world of cryptocurrency primarily because most consumers and corporations rely on them to store their digital assets. For Bitcoin Cash, a fair few wallets have been developed and another few will be coming to the market soon. In this regard, CoinText has raised $600,000 worth of BCH in seed funding to develop its very own mobile wallet solution.

CoinText Secures Sufficient Funding

People who have kept a close eye on the Bitcoin Cash ecosystem will know that there are many different wallet solutions to choose from. CoinText aims to tackle the mobile side of the Bitcoin Cash wallet industry by developing a completely new product in the coming future.

However, building a completely new cryptocurrency wallet from scratch is not easy. It requires a lot of time, effort, and money to do so. Thus in order to fulfil their vision, the CoinText team has secured $600,000 worth of funding to build their mobile application. Interestingly enough, the funding itself has been paid for in Bitcoin Cash cryptocurrency and the seed-funding round has been led by Yeoman’s Capital.

What’s On Offer Here?

When looking at the specifications of this new wallet, one can see that it will not require any account signups, passwords, or complicated addresses. Instead, everything will be conducted through text messaging. This will also allow anyone across the globe to send Bitcoin Cash to their family, friends regardless of whether the recipient has access to an internet connection at that time.

At press time, CoinText is already being beta tested in various parts of the world including the US, UK, South Africa, and Switzerland. With this new funding, the platform’s core functionality will be expanded upon and the service will make its way to an additional 46 countries over the next twelve months. 

Final Thoughts

More competition among cryptocurrency wallets is always a good thing especially when it comes to mobile accessibility. However, there is still a long way to go prior to making this new form of money more accessible. Whether or not CoiNText will succeed in that mission, remains to be seen.

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