Venezuela Becomes the Second Biggest Market for Dash
With almost one hundred merchants accepting the crypto every week, Venezuela has now become the second biggest market for Dash (DASH), reports Business Insider Netherlands on Wednesday, August 22.
Speaking to Business Insider, the CEO of Dash Core Group, Ryan Taylor, said interest in the cryptocurrency has been rising week by week from both consumers and businesses.
He told Business Insider that the group is seeing tens of thousands of wallet downloads from Venezuela every single week. He added:
“Earlier this year, Venezuela became our number two market even ahead of China and Russia, which are of course huge into cryptocurrency right now.”
The country further devalued its old Bolivar by the equivalent of 96% on August 20, pegging the Bolivar’s replacement to the much controversial Petro cryptocurrency, sparking a desire to deal with financial instability with the help of cryptocurrency.
Meanwhile, Bitcoin (BTC) trading volume on LocalBitcoins continues to set new records almost every week, which Eduardo Gomez, Purse.io head of support, describes as “pure hyperinflationary pressure” on the day of the switch to the newly created sovereign Bolivar.
Dash Core Group, the legal entity behind the cryptocurrency’s core development team, “aims to facilitate that continued circumvention”. Taylor noted that even merchants like Subway had signed up to accept the crypto. He added:
“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,”
The cryptocurrency made headlines when its value increased exponentially and famous figures like Max Keiser promoted its usage in the U.S.
The altcoin hit highs around $1500 in December last year but has since lost most of its value, currently trading around $150.