Dash Leads as Venezuela's Widest Spread Cryptocurrency

Venezuelan retailers have reportedly adopted Dash on a scale that has made it the most widely used cryptocurrency in the country.

Cryptocurrency Dashclaimedin 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.

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 aninterviewat theCripto Latin Festin 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.