Dash Text Launches In Troubled Venezuela
Locals now view cryptos as the only possible avenue to escape out of the situation. Dash is seeking to maximize the situation by launching different products.
Residents To Conduct Crypto Transactions Via SMS
Dash users based in Venezuela are the new beneficiaries of Dash Text. The platform is a cryptocurrency transition service based on SMS. The launch is part of Dash’s aim to penetrate the economically troubled country that largely depends on cryptocurrencies.
According to a statement, users of the service will no longer need smartphones or internet access to transact in cryptocurrencies. The use of the internet and phones has been a major barrier behind the slowed adoption of cryptocurrencies in Venezuela. The country is currently faced with inflation that has skyrocketed.
The inflation has led to the local currency, the bolivar losing most of its value. Residents are now turning to cryptos as the only remaining option for survival.
During the period, Dash managed to record many successes and it is seeking to build on those gains by providing easy access to cryptos for residents who do not own phones alongside computers. In rolling out the platform, Dash partnered with BlockCypher, a blockchain solution company. The firm enables users to use only one platform and engage with various cryptocurrencies.
At the moment, the platform is still in its trial phase where only Movistar and Digitel users will be able to access it. The two firms are leading in telecommunications.
According to Bradley Zastrow from Dash, the product was developed to assist Venezuelans in conducting remittances in a smooth manner. He pointed out that the platform offers solutions to daily problems. Bradley added that the platform will offer residents cheap and easy ways to send money back home without complicated technology. He noted that Dash Text will bring any individual on board.
In using the platform, residents will be required to send two texts, the first one is DASH followed by CREAR to 22625. The second message will create a wallet with Dash. Once the process is complete, users can start sending and receiving Dash. Such a development is huge for the South American country.
Three months ago, Dash witnessed a sharp increase in price following adoption in Venezuela, something termed as a success. The platform managed to get into partnership with top retail outlets.
Additionally, it reached a deal with mobile phone manufacturer Kripto to have an built-in Dash wallet.