Against a grim cryptocurrency market, the number of merchants accepting Dash has soared for the past six months, boosted by a solid Venezuelan adoption.
The retail use of the crypto-coin Dash (DASH) has increased more than three-fold since February in spite of the bear market. Use has been pushed by strong figures in Venezuela, the firm said in a press release on Monday.
A total of 639 merchants offered Dash as a method of payment in February, but their number has grown to 2,288 at present, as per data by user directory DiscoverDash. Though bull markets are typically related to higher usage rates, public interest and media interest, it is notable that the drop in Dash valuation during the past months has not affected the coin’s use for everyday buys, the press release highlighted.
Among the reasons merchants favor the digital coin, the US-based start-up cited its instant settlement capabilities and low transaction fees.
“Cash is King. People love Dash because it is cash on their mobile. Customers love that it is fast and private,” said US Dash retailer Derrick J. Freeman, as quoted in a statement Dash emailed to Cryptovest.
Meanwhile, Venezuela has made a large contribution to the Dash commercial network with 866 businesses currently accepting the coin. This has to do with the economic crisis and the state of hyperinflation in the country that have made Venezuelans increasingly use Dash to buy everyday goods, head of business development at Dash Merchant Venezuela Alejandro Echeverria explained. On a similar note, Dash Core Group Ryan Taylor said:
“Venezuelans are facing inflation rates so high, that legacy electronic transfers are worth considerably less by the time they confirm to a recipient’s bank account. Shortages of cash can make those infeasible as well for all but the smallest transactions.”
“Cryptocurrency” has indeed turned into a buzzword in the South American country, especially after President Nicolas Maduro introduced the state-backed digital asset Petro. In a recent move seeking to battle skyrocketing inflation levels, Maduro proposed to peg the value of the new Sovereign Bolivar currency to the Petro.