Coin Ninja Launches “Venmo for Bitcoin”, Aims for Mass Adoption of Crypto
Of all the complex ways blockchain and fintech companies are trying to spark mass adoption, Ohio-based startup Coin Ninja believes it’s very simple. The team of early Bitcoin enthusiasts has just launched a new mobile wallet called DropBit. Dubbed the ‘Venmo for Bitcoin’, the app was designed for simplicity.
— Coin Ninja ⚡ (@ninja_coin) December 19, 2018
The company says crypto will reach mass adoption once it’s super easy to use and when Bitcoin is easy to obtain. In order to get there “sending and receiving Bitcoin should be as easy as exchanging money using apps like Square Cash or PayPal.”
I think there's too much emphasis on BTC/ETH/whatever ETFs, and not enough emphasis on making it easier for people to buy $5 to $100 in cryptocurrency via cards at corner stores. The former is better for pumping price, but the latter is much better for actual adoption.
— Vitalik Non-giver of Ether (@VitalikButerin) July 29, 2018
Coin Ninja refers to Coinbase as the most accessible access point for many first-time crypto users, but just signing up requires an involved 6-step process that may scare away the crypto curious.
DropBit allows users to essentially “text” people BTC. The 3-step process requires a user to select the amount of BTC they want to send, select a contact or the recipient’s phone number, and then send the transaction.
The recipient does not need to have an account or a wallet. They simply receive a message that says the BTC is waiting for them. To retrieve it, they download the DropBit app, write down 12 recovery words, and verify their phone number by entering an SMS code.
The sender is then notified and confirms the transaction when they reopen the app. The entire process takes about two minutes. If the receiver doesn’t claim their BTC by installing the app within 24 hours, the currency is returned to the sender.
There are no additional fees from DropBit, just the standard BTC mining fees.
The app is available on iOS and Android. Within the next six months, Coin Ninja plans to harness the Lightning Network and also build partnerships to sell BTC directly to customers.