Dash CEO, Ryan Taylor, says a few factors saw them enter the Venezuelan market three years ago, but the political situation has made their cryptocurrency a critical survival tool for many in the beleaguered country.
Dash, a portmanteau of Digital Cash, has in many instances for the public in Venezuela become a way in which to negotiate their economic standings in the South American country, which is under tremendous civil unrest, because of its cash-like nature.
It is not only the fact that the native fiat currency, the Bolivar, has hyperinflated to a point where it is virtually useless, but it is also the financial limitations imposed by the government and its central bank which has seen a migration towards the cryptocurrencies such as Dash and Bitcoin.
It is Dash's adoption and quick, cheap transactions that are making it an important financial tool in Venezuela.
"There was a bit of recognition from locals in Venezuela for Dash," Taylor said.
Things have moved rather rapidly in Venezuela for Dash's adoption as Taylor explains: "In February of last year, there were about 600 merchants that accepted Dash. Today they are about 2,700, and this growth was in a bear market."
Part of the growth is owed to Dash actively approaching merchants and educating them about using Dash as a payment option.
"I've had people tell me that Dash has saved their lives," said Taylor.
"This isn't about a need to hedge their way out of the currency, for that there is Bitcoin if you are trying to store wealth. But when it comes to transacting with it, using it like cash, we are the ones out there educating the merchants, getting them signed up, educating the consumers on how they can use it as part of their lives and that what makes it far more relevant than other cryptocurrencies out there."
Venezuela seems to be the first proving ground for cryptocurrency replacing a local currency.
CEO of Dash: Cryptocurrency More Than a Bolivar Hedge, It's a Way to Survive in Venezuela [Interview]
Published on Feb 9, 2019
by Cryptoslate | Published on Coinage
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