DASH, the 14th largest cryptocurrency by its total market cap, has just announced that it is focusing a lot of its efforts on one country currently.
DASH in Venezuela
Ryan Taylor, CEO of Dash Core Group, told Business Insider that his team has seen a rise in Dash Wallet downloads in Venezuela within the last couple of months due to rising inflation.
“We are seeing tens of thousands of wallet downloads from the country each month,” Ryan Taylor, the CEO of the Dash Core Group, told Business Insider. “Earlier this year, Venezuela became our number two market even ahead of China and Russia, which are of course huge into cryptocurrency right now.”
Venezuela is supposed to see a 1,000,000% rise in inflation this year, with locals needing stacks of cash just to buy groceries. Venezuela’s government led by their president, Nicolas Maduro, introduced an oil-backed cryptocurrency named the Petro. It has been highly criticized by many global leaders and even those within the country itself.
Many believe the President wants to use the cryptocurrency as a way for countries to save Venezuela from its own demise.
With rising prices of just about everything in the country, residents are beginning to become desperate. Cash withdrawals are being restricted at banks and there are no clear rules when it comes to the new system that is in place.
Venezuelans are now turning to cryptocurrencies as a way to store value, as the Venezuelan bolivar’s exchange rate continues to spiral. Based out of Arizona, Taylor states that DASH is currently rising with merchant adoption too.
Currently, DASH is working with over 800 retailers and Taylor told Business Insider that they are signing up over 200 retailers a month and Subway and Calvin Klein have all signed up to accept Dash in Venezuela recently.
“Effectively, even if I accept a credit card, three days later when the funds hit my account, it’s worth significantly less in Venezuela than when the authorization went through,” Taylor told the publication. “This is a problem that cryptocurrency can solve. Our instant transactions can solve it and the relative stability of our cryptocurrency is better than their fiat currency.”
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