KFC in Venezuela will this week be joining a host of other global companies including Subway and Papa John’s pizza chain that are accepting payments in cryptocurrency. Venezuela is one of the countries that is paying extra attention to the crypto industry and are looking to it to redeem themselves from the prevailing economic crises. The move by KFC Venezuela to begin accepting payments in Dash cryptocurrency is, therefore, a welcome development that may, in fact, help the country drive the crypto agenda. It is even better for the crypto community that has been championing mainstream global adoption of cryptocurrencies.
KFC, one of the world’s most recognized fast food chains, plans to initially roll out the operations at its establishment in Chacao Municipality in Caracas, the country’s capital. This will then be followed by expansions to 24 other locations in the South American country all the while with the assistance and support of Alejandro Echeverría, the co-founder of Dash Help, Dash Merchant Venezuela and Dash Text.
Echeverría and his team have been working closely with KFC for the past three months as they try to see the project through. He believes that KFC, being the globally recognized brand that it is, will help the entire cryptocurrency community grow to greater heights in terms of mainstream validation.
What It Means for Dash
Already there is a significant continuing trend of dash adoption by both individual but merchants as well. According to Echeverría, more and more people are adopting dash for their daily transactions because it is a working payment solution that is very easy to use. In fact, figures from DiscoverDash, a website that lists dash merchants, shows that in a little less than a year, there are 2,427 merchants that are accepting payments in dash and the number is expected to grow even further as we approach a new year.
Venezuela is also a great place for the project since the dash movement has been growing very fast in the country. It began with food trucks and small family business taking payments in dash (as well as other cryptocurrencies) and now the more established businesses have gotten the bug and are moving quickly to get a piece of the crypto pie.
There is even an organization referred to as the Dash Movement Venezuela that is helping to push dash adoption further. The group whose initial focus was the Venezuelan capital of Caracas has since expanded its activities that mostly involve educating merchants on how they can effectively accept dash as a payment method for their goods and services. There is huge success in this case primarily because the country’s currency suffers from hyperinflation and dash is likely to be considered by many people as a more viable means of payment and store of value.