Dash CEO, Ryan Taylor, says a few factors saw them enter the Venezuelan market three years ago, but the political situation has made their cryptocurrency a critical survival tool for many in the beleaguered country.
Dash, a portmanteau of Digital Cash, has in many instances for the public in Venezuela become a way in which to negotiate their economic standings in the South American country, which is under tremendous civil unrest, because of its cash-like nature.
It is not only the fact that the native fiat currency, the Bolivar, has hyperinflated to a point where it is virtually useless, but it is also the financial limitations imposed by the government and its central bank which has seen a migration towards the cryptocurrencies such as Dash and Bitcoin.
Taylor admits that there are use cases where people have invested in Bitcoin to try and preserve the value of their money, utilizing the major cryptocurrency as a store of value. But it is Dash’s adoption and quick, cheap transactions that are making it an important financial tool in Venezuela.
Taylor spoke to Cryptoslate about how they noticed a potential gap in the market in Venezuela:“There was a bit of recognition from locals in Venezuela for Dash,” Taylor said. “That started the initial community that has been built. But it was also a recognition that it could be a great market for us.”
He went on to elaborate on how Dash laid the infrastructure for transactions in cryptocurrency, leveraging an existing crypto service:“Back in early 2016 we approached a company based out of Panama that was providing services in Venezuela called Cryptobuyer, and we felt like we needed to set ourselves up to have a marketplace there that people could easily get the coin in and out of. We recognized that there would be demand there, and there would be an opportunity for us, so we laid the infrastructure to allow that to happen.”
Things have moved rather rapidly in Venezuela for Da...