Venezuela’s DASH Use Leads to Surge in Price
The Dash coin has seen quite a rise in recent times, part of it being attributed to the growing support and adoption from Venezuelans.
The CEO of Dash, Ryan Taylor stated that “Our partnership with Kripto will put all the components needed to use Dash preloaded into the phones of 10,000 new Venezuelan consumers every month.”
The ‘KRIP phones’ features “a Dash wallet to store Dash, services to obtain Dash, and the Bitrefill app to enable spending on various services. This complements the over 1,000 merchants already accepting Dash in Venezuela, and really addresses the chicken and egg problem of attracting both consumers and merchants to our growing ecosystem,” Taylor told Business Insider.
The DASH CEO expects that his company will gain another 10,000 users from the region each month after it partnered up with Kripto Mobile Corporation (KRIP). KRIP is a smartphone specifically built for dealing with cryptocurrency, and it has a high degree of popularity in South America.
In 2017 Dash reached a value of $1,400 and constantly ranked in the top ten cryptos according to market cap before going down like the rest of the market. However, in the past week, the coin saw a noticeable rise of over 30%, its price hovering a little under $200 per DASH token according to current market data.
As the disastrous economic situation in Venezuelan continues, many of its residents have turned to Dash as a solution, using it as a substitute to its constantly devalued bolivar. Even though the government has issued a state-baked currency called the Petro, it still hasn’t performed as expected.
Dash has been able to attract vendors in the country, around 200 a month, among them being from the clothing (Calvin Klein) and the fast food industry (Subway).
Kripto Mobile’s Luis Sosa emphasized their importance, stating that they are “seeing an incredible transition period in Latin America with those who are unbanked, underbanked, or simply do not want to use the traditional banking system.
Combining our accessible, affordable phones with Dash’s Instant Send transaction capabilities and low fees will provide a myriad of benefits to these communities. And with the addition of Bitrefill and other Dash apps, such as the Dash wallet, to our phones right out of the box, there’s simply no easier way to start using cryptocurrencies like Dash in everyday life.”
Senior Market Analyst for Etoro, Mati Greenspan, stated that while he knows why Dash experienced this growth, he has no idea why NEO (the Chinese Ethereum) is also on the rise. “This could just be the general excitement in the crypto market – there doesn’t always need to be a news story tied to a movement.”