Venezuelan Cryptocurrency Exchange Adds Dash to Roster

Journalist:
August 29, 2016

Cryptobuyer, a Venezuelan cryptocurrency brokerage has announced support for Dash, which sees the digital currency joining bitcoin on Cryptobuyer’s platform.

Caracas-based cryptocurrency brokerage and firm Cryptobuyer has added Dash to its platform, citing “soaring demand” of the cryptocurrency. Dash, currently the 8th largest cryptocurrency in the world by market capitalization, joins bitcoin as digital currencies that Venezuelans can now use for remittance, cell phone top-ups, recharging debit cards and more, through a compliant exchange.

Venezuela is in the throes of hyper-inflation at a triple digit rate and dire shortages of essential commodities, products, food and more. A devaluating local currency has seen Venezuelans turn to cryptocurrencies in a time of uncertainties. The Boliviar, the national currency of Venezuela is performing direly, dropping by nearly 40% against the U.S. dollar.

Furthermore, traditional remittance operators such as Western Union and Moneygram were forced to shut down operations in Venezuela over 10 years ago. As a result, a vacuum and a need for services exist in the remittance industry due to crippling measures enforced by the regime, enacted in 2005.

In an announcement, Cryptobuyer CEO Jorge Farias stated:

Our partnership with Dash is valuable, especially for customers with unstable fiat currencies, and the perfect example can be found in Venezuela right now. Alternatives for accessing money without traditional banks are gaining traction fast, and we are incredible confident that Dash will flourish in this economy.

The cryptocurrency is gaining users in Latin America in recent times. A recent partnership with Panama-based crypto-ATM network TigoCTM meant that Dash, along with bitcoin, is now available to adopters and new users of digital currencies in the region.  The ATM integration offers an easier method of adoption to Latin American users without access to a phone, computer or the internet.

A self-funded and self-governed organization, Dash currently has a market cap of over $80 million, with over $1.1 million in trading volume over the past 24 hours. In January 2016, the cryptocurrency  turned two and the occasion also saw the cryptocurrency doubling its blocksize from 1 MB to 2 MB after an instant vote among stakeholders running nodes of 1,000 dash and above.

CCN interviewed Dash founder Evan Duffield earlier this year, following the block size increase. The entire interview can be found here,.

Featured image from Shutterstock.

Tags: dash
Samburaj Das @sambdas

Samburaj is the Editor for CCN, among the earliest and foremost publications covering financial and blockchain news. He has authored over 2,000 articles for CCN. Email him samburaj(@)ccn.com or find him barely tweeting @sambdas