Hyperinflation sees Venezuela become second biggest market for Dash

22 Aug, 2018
by David Robb
Hyperinflation sees Venezuela become second biggest market for Dash

Venezuela is now the second biggest market for the Dash (DASH) cryptocurrency, according to Dash Core Group CEO Ryan Taylor. This is in the wake of the hyperinflation that is affecting the nation's currency, the Bolivar.

"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 No. 2 market, even ahead of China and Russia...We’ve seen 94 new Venezuelan merchants added to DiscoverDash.com since last week, which is about double the normal rate of about 50 merchants per week [over] the last couple of months".

Venezuelans are turning to the low-fee Dash token as a relatively stable store of value, as the Bolivar has seen inflation of up to 1 million percent this year. Recent measures carried out by the government saw the currency devalued by around 95 percent, as they attempted to peg it to their controversial new national crypto, the petro.

Read more: Venezuela currency devalues by 95%, Forex rate tied to cryptocurrencySubway acceps Dash in Venezuela

Explaining the appeal of the Dash crypto, which was launched in 2014, Taylor claimed that a typical credit card payment that takes three days to process is "worth significantly less in Venezuela than when the authorization went through...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."

The Dash Core Group has also invested around $1 million into various small businesses and projects around Venezuela, which has further encouraged adoption of the crypto.

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