Venezuela has become the second largest market for Dash (DASH) as nearly a hundred retailers in the Latin American country adopted this cryptocurrency last week, according to the Dash Core CEO’s statement on Wednesday, August 22nd. Talking on this topic for the Business Insider, Ryan Taylor, the CEO of Dash Core Group, said that the interest of businesses and consumers in DASH is growing week by week.
“We record tens of thousands of wallet downloads from the country [Venezuela] every month,” stated Ryan Taylor. “Since the beginning of the year, Venezuela became our second largest market, even ahead of China and Russia, who are of course very interested in cryptocurrencies at the moment,” Dash Core Group CEO added.
Venezuela devalued its Bolivar fiat currency by about 96 percent on August 20th and tied the replacement to its controversial Petro cryptocurrency. That triggered the renewed desire to avoid financial instability using cryptos.
Dash (DASH) adopted by about 100 retailers from Venezuela last week
However, the Bitcoin (BTC) trading volume on the P2P stock exchange platform LocalBitcoins continues to set new records every week. Eduardo Gomez, head of support at Purse.io, described this as “pure hyperinflationary despair” on the day of the changeover to the new sovereign Bolivar.
Dash (DASH) aims to facilitate this continued evasion, as Taylor implied. He also explained that big names like Subway had also signed up to accept DASH.
“We added 94 new Venezuelan merchants to DiscoverDash.com last week. That is about double the normal rate of about 50 retailers per week in recent months,” Ryan Taylor added.
Dash (DASH) had already made the headlines when its value skyrocketed, and celebrities like Max Keiser began to promote its use in the US publicly. Since the DASH reached its maximum highs of about $1,500 in December 2017, however, it has lost most of its value and currently stands at around $150.