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.

Crypto Mining Hardware Manufacturer Canaan Downgrades IPO Target to $100 Million

Michael LaVere
  • Crypto mining manufacturer Canaan Creative has downgraded its IPO target price to $100 million.
  • The previous initial public offering filing had a target price of $400 million. 

Crypto mining machine manufacturer Canaan Creative has updated the terms of its initial public offering (IPO) filing to list shares on a U.S. stock exchange, which includes downgrading its target raise to $100 million. 

According to the updated filing with the U.S. Securities and Exchange Commission (SEC), Canaan has downgraded its IPO from an original target of $400 million to $100 million. The IPO was first announced at the end of October, with Canaan looking to succeed in the launch of a public offering where it’s crypto mining rig competitor Bitmain had previously failed. 

The new filing states that Canaan is aiming to offer 10 million American depositary shares at a price of between $9 and $11 per share. The updated IPO price also pegs Canaan’s diluted market value at around $1.5 billion. Last week it was reported that Canaan had generated a Q3 profit of $13 million, compared to a total net profit of $8.3 million for all of 2018.

Assuming the IPO is a success, Canaan would become the first major bitcoin mining rig manufacturer to go public in the traditional stock market. 

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