Offline crypto transactions are now available in the Philippines as well after recording considerable success in Latin America and other parts of the world. One of the more successful offline crypto transaction companies, CoinText, has expanded to the Asian country and it enables its customers to send and receive cryptocurrency offline, through text messages. Right now, only Bitcoin Cash ABC (BCH) is available on this service.
It has been reported that the Philippines-based crypto companies are working to have legal backup. In the next few weeks, the authorities would be focusing on the legalization of the cryptocurrency exchanges. This move would allow the service providers to operate more smoothly.
The new wallet company claims to operate offline, allowing the users to send BCH to the phone numbers directly. On the other hand, the BCH addresses can also be exchanged offline. This provides a blockchain-based dedicated SMS communication gateway.
The CoinText service does not require the users to sign up for an exchange, save passwords or private keys. Furthermore, the user may not even have to own a smartphone and can even utilize their old mobile phones as well.
CTO and founder Vin Armani stated in an interview that the service was custom designed for the people of the Philippines. He added that remittances are a huge chunk of the economy and that the Philippines.
CoinText has already been adopted in many other countries as well, including, Ukraine, Italy, Turkey, Argentina, Hong Kong, Israel, and the Palestinian territories. Moreover, it recently announced its launch in Brazil. Other competitors of CoinText include Dash Text, a Dash-based service that is also becoming popular around the world especially in Latin America and Africa.
The SMS based crypto technology is particularly useful in remote areas where the internet facilities are limited or too expensive. A recent example is that of Venezuela, where the unfortunate circumstances have pushed the public to adapt to the cryptocurrency. Ultimately, leading to the birth of Dash Text, which is an offline payment method using Dash, one of the most accepted payment methods in Venezuela.
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