Cryptocurrency Dash claimed in a press release that its merchant adoption in Venezuela surpasses that of all other virtual coins combined, although, in an email correspondence with company official Alejandro Echeverria, Cryptovest was not able to confirm the claims and is awaiting further details.
At present, over 500 Venezuelan retailers offer Dash (DASH) as a method of payment, including fast-food chain Subway, real estate firm Remax, and franchises Susy’s Cookies and Juanchis Burger. A complete list of merchants can be found on the Discover Dash website.
The widespread of the 14th-largest cryptocurrency by market cap is a result of extensive marketing work (through billboards, radio commercials, etc.), conferences and meetups, Echeverria, head of business development at Dash Merchant Venezuela, told Cryptovest.
With its broad merchant network, Dash is seeing “real transactions happening [in Venezuela]”, the director commented. Currently, 10,000 people use Dash in the country, not only as an investment, but also as a way to purchase goods and services – a level no other virtual coin has achieved in Venezuela, according to the company statement published on Tuesday.
The South American country has proved to be fruitful ground for the spread of the Dash coin due to a collapsed point-of-sale (POS) network and the depreciation of the bolivar, explained Echeverria. In a similar vein, he noted in an interview at the Cripto Latin Fest in Bogota that the state of hyperinflation in Venezuela has created the need for a solid currency, which is a growth opportunity for Dash.
Likewise, the oil-backed national cryptocurrency Petro went public at the beginning of the year, aiming to be a potential remedy for the ailing Venezuelan economy.