One area that has caught the attention of cryptocurrencies as of late is cross-border transactions. Ripple aimed to solve the problem of high transaction fees and slow transactions of cross-border transactions since day one. And with its xRapid, it has become a reason for crypto observers to become excited about the future of Ripple as it partnered with different banks.
Now, Ripple’s close competitor, Dash announced that they are going to have a crypto-SMS service called Dash Text. It is specifically made for Venezuela wherein users can pay for both goods and services via SMS. Currently, this service is in beta testing phase.
Adoption of Dash in Venezuela
Post Hugo Chavez Venezuela has been suffering from hyperinflation. It is expected by experts that Venezuela’s inflation rate will go more than one million percent. And for this reason, the Maduro administration created their own cryptocurrency called the Petro. The Petro is an oil-backed cryptocurrency that hopes to circumvent on sanctions that have been imposed by the US.
However, Petro isn’t exactly the type of cryptocurrency that gets adopted easily. Critics are even trying to find where the barrels of oil are located. As for the Maduro regime, it even made use of the cryptocurrency in order to back a new currency.
It has been reported months ago that Dash is getting adopted in Venezuela amid their economic disaster. Global brands such as Subway and Calvin Klein has now been using Dash payments in the country.
In August, CEO of Dash Core Group, Ryan Taylor, commented that “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. We have seen the number of Dash accepting merchant sign ups accelerate throughout the crisis. I believe that trend will continue”.
Dash Text Going Live
True enough, Dash Text is yet another adoption that is going to enter the country. Dash Text is a partnership with BlockCypher. This will enable customers of the Moviestar and Digitel networks to send and receive Dash in the country. It can be advantageous for people considering the hyperinflation that has plagued the economy of Venezuela. However, there is a catch. Only 40% of Venezuelans have access to a smartphone. And also, the country has been experiencing internet and power outages.
What exactly is the advantage of having Dash Text? Users can text “DASH” to 22625 and “CREAR” in order to have a new Dash Wallet in their phone. This can help simplify everything when it comes to adoption of the cryptocurrency.
According to the founder of Dash Text Lorenzo Ray, “I saw how many people wanted to use Dash but couldn’t due to poor signal or bad cellphones, but the idea came from a similar service in Venezuela that uses SMS for payments in bolivars. I started to look if there was something similar already and found Cointext. I tried to contact them but got no response, and decided to develop it on my own”.
This is good news for Dash as it spiked up the value of Dash by 10% going all the way to $173. Will dash be able to rise?