SMS Cryptocurrency Wallet CoinText Adds Support for Dash and Litecoin

  • CoinText has recently added support for LTC and Dash.
  • The service launched supporting only BCH with the goal of making sending and receiving cryptocurrencies easier.

CoinText, a popular SMS cryptocurrency wallet service that started off supporting only bitcoin cash (BCH), has recently added support for two new cryptocurrencies in Canada and the United States: litecoin (LTC) and dash.

According to a press release, CoinText lets users instantly send cryptocurrency to anyone through a mobile phone number or a crypto address. Its goal is to help onboard new users by making it simpler to send and receive cryptocurrency, as there’s no need to download an app or register an account.

The company’s founder and lead developer, Vin Armani, was quoted as saying:

CoinText makes sending cryptocurrency as easy as sending a text message. It's a powerful tool for communities to spread adoption of their cryptocurrency.

Although the service launched exclusively on BCH in March of this year, it’s now expanding to add other cryptocurrencies as it is “coin agnostic,” according to Armani. Despite the move, the service’s founder claimed he still sees BCH as the “leading contender to become money for the world.”

Armani added that CoinText’s ultimate goal is to “empower people to use cryptocurrency as cash.” He justified adding LTC and dash instead of other cryptocurrencies as the communities of these cryptos were “asking for this service for a while.”

To start using it, users in the US and Canada will have to text a specific number “START.” CoinText’s service on BCH is already available in 20 countries, including Spain, the UK, South Africa, Chile, and Australia.

Per the press release the company may soon add other cryptocurrencies, including bitcoin (BTC). The development comes at a time in which BCH is surging over Bitmain, a major bitcoin cash proponent, filing for an initial public offering (IPO).

Although bitcoin cash is surging, most other cryptocurrencies have been struggling. As CryptoGlobe covered an analyst has claimed that it’s a “matter of time” before bitcoin drops below the $6,000 support that some claim is its bottom.

This, as the flagship cryptocurrency has been failing to make higher highs every time it bounces off the $6,000 mark. This is seen by analysts as a bearish sign. On the other hand some, like Binance CEO Changpeng Zhao, believe the “bull market will return” any minute.

Wells Fargo Launches Its Own 'Digital Cash', Claims It's Not a Cryptocurrency

Financial services giant Wells Fargo has announced the launch of a settlement service called “Wells Fargo Digital Cash,” which will run on its distributed ledger technology platform.

According to the company’s announcement, Wells Fargo Digital Cash is a service that’ll bring in operational efficiencies as it’ll remove “barriers to real-time financial interactions” across its own network. The Digital Cash will “complete internal book transfer of cross-border payments” and its concept has already successfully been proven.

Lisa Frazier, head of the Innovation Group at Wells Fargo, was quoted as saying:

  • We believe DLT holds promise for a variety of use cases (…) Wells Fargo Digital Cash has the potential to enable Wells Fargo to remove barriers to real-time financial interactions across multiple accounts in multiple marketplaces around the world.

Speaking to The Block a Wells Fargo representative reportedly clartified that Wells Fargo Digital Cash is “not a cryptocurrency” before adding it is “1:1 against a tokenized USD/fiat currency that runs on a distributed ledger rail.”

When asked whether the Digital Cash could be considered a stablecoin, the representative reportedly stressed it’s an “internal settlement service” running on a “distributed ledger rail that supports tokenized fiat currency.”

Wells Fargo’s project is planned for next year and will initially completed transfers n U.S. dollars, although in the future it’s expected to add support for multiple currencies. The settlement service has been compared to JP Morgan Chase’s JPM Coin, a cryptocurrency developed for “instantaneous” transfer of payments between the financial giant’s institutional clients.

JPM Coin is a cryptocurrency pegged to the U.S. dollar at a 1:1 ratio, and is built on JPMorgan’s Quorum blockchain. Jamie Dimon, JP Morgan Chase’s CEO, has hinted the cryptocurrency could one day be used for retail payments.


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