Crypto project Dash has announced the launch of Dash Text, an SMS-based cryptocurrency transaction service for Venezuelan users, as it builds on its already strong presence in the crypto dependent country. In an announcement released this week, the company said that Dash Text eliminates the need for Venezuelan users to possess smartphones and internet access to carry out crypto transactions, which has historically been a significant barrier to adoption in the impoverished country suffering from hyperinflation.
Driven by several months of hyperinflation which have rendered the bolivar practically worthless, Venezuelans have increasingly turned to cryptocurrencies as a solution, as has been illustrated by a series of well-publicised incidents.
Dash is looking to build on the success it has recorded in cashing in on the trend by targeting millions of Venezuelans who are not able to partake in the crypto economy because they do not own smartphones or they cannot access the internet. The solution to this problem was built in partnership with BlockCypher, which specializes in blockchain solutions and blockchain agnostic products that enable users to engage with multiple cryptocurrencies through one platform.
Currently in beta testing, Dash Text will enable users of Movistar and Digitel — Venezuela’s largest telecom providers — to access Dash services via a simple five-digit shortcode.
Speaking about the unique demand that gave rise to Dash Text, Bradley Zastrow, Global Head of Business Development at Dash Core, said:
“Venezuelans living abroad send an estimated $2 billion USD back home in remittances. This process often takes too long and costs too much, making it a huge pain point for many users. With Dash Text, we are providing real solutions that address real problems. People need easy and cheap ways to send money home, and we’ve done it in a way that expands the Dash ecosystem to those without smartphones! Dash Text offers the perfect solution to ensure that everyone can become part of the Dash family, regardless of what phone people own.”
According to the announcement, to get registered on Dash Text, users should send an SMS with the word “DASH” to 22625, followed by another SMS with the word “CREAR,” which will create their Dash wallet. Once this is done, users will be able to send and receive Dash seamlessly via SMS, which could potentially be huge for the sizable population of Venezuelans who use feature phones or lack reliable internet access.
It will be recalled that in August, CCN reported that Dash recorded a sharp price and volume increase as a result of its successful adoption push in Venezuela which saw it sign up several prominent retailers across the country. It also penned a deal with Kripto Mobile, a maker of mobile phones that are pre-equipped with Dash wallets in a deal that was predicted to make the cryptocurrency’s monthly user growth rise to 10,000.
Featured Image from Shutterstock. Charts from TradingView.
Last modified (UTC): November 4, 2018 20:24