Dash Text makes it possible to a create crypto wallet via SMS. Dash is trying to tap into a market that has been separated from cryptocurrencies: the unbanked.
“Banking the unbanked” is one of the bitcoin community’s frequently cited objectives. In the implementation, however, it often lacks the technical infrastructure to achieve this. Without the internet, smartphone and/or laptop, and a suitable wallet, it is not easy to reach the large part of the world’s population that does not have access to a bank. In short: no electricity, no internet equals no bitcoin.
DASH Text Wallet
Until now, Dash Text, which is a wallet service that supports transactions in the Dash cryptocurrency via SMS message, has been unveiled in beta format in Venezuela. It gives Venezuelans who are disconnected from the internet a way to send digital money.
Users simply send an SMS message to Dash Text requesting a wallet, all of which is completed via a mobile phone.
Dash Text: Just the Beginning
Dash Text is especially interesting for countries like Venezuela, where demand for crypto is sky high amid hyperinflation in the economy.
For Dash Text, users will not need special access or authentication. To send digital money, enter the phone number or dash address. One thing for users to keep in mind on the security front is that if the cell phone is lost, the money is gone.
So far, Dash Text is only available in Venezuela. In the future, the Dash team is targeting the rollout of the product in other structurally weak regions, especially across South America and Africa.