CoinText.io, service for transactions Bitcoin Cash (BCH) via text messages (SMS) became available in the Philippines.
As noted by the company in a press release, in a country with a population of 105 million people, remittances from abroad account for 10% of GDP ($30 billion), smartphones account for around 40%, and the credit card has 5% of Filipinos. These conditions make the Philippines an ideal country for cryptopedia via SMS because CoinText works on regular cell phones, emphasized in a statement.
“The ability to send cost SMS as if specially designed for the Philippines. Remittances are an important part of the economy of the country, and Filipinos are big supporters of cryptocurrencies, especially Bitcoin Cash,” — said the founder of the CoinText and technical Director VIN Armani (Armani Vin).
The proliferation of cryptocurrency payments should contribute to a large number of kryptomere operating in the country, says Armani.
Beta-testing platform CoinText was launched in March last year in the United States, Canada, South Africa, Sweden, the Netherlands and the UK. Announced plans to expand its activities in the 54 countries of the world. Recently, the platform CoinText.io became available in Colombia and the Dominican Republic, after connecting the Philippines service has covered 39 countries.
The market of remittances of overseas Filipino workers (OFW) attracts other players using new technologies. Previously, Ant Financial, a subsidiary of Alibaba Group, have tested the transfer of funds between Hong Kong and the Philippines on blockchain technology, on a solution for OFW in Japan announced one of the largest Philippine banks. Cryptomeria Huaren the Chinese Capital is planning to transfer money between China and the Philippines to produce a “digital chart”.