CoinBene, the Brazilian cryptocurrency exchange, has announced that they will be integrating Dash into their platform, which will greatly expand consumer and merchant access to Dash.
[tweet https://twitter.com/CoinbeneBrasil/status/1101195447278931968 align=’left’] In their tweet, CoinBene said that Dash is “a coin that’s revolutionizing a whole country” and is “a currency that, even in the low market, can be consistently valued” referring to Dash’s focus on real world usability. Currently, CoinBene has “3 million active users worldwide, and offers over 100 cryptocurrency pairings” and only charges a 0.10% fee for purchasing and selling cryptocurrencies, which is the lowest rate in Brazil.
“The CoinBene Brazil platform is stable and secure, offers excellent customer support, and has banking partnerships with four of the biggest banks in the country, making it a reliable choice for Brazilian cryptocurrency users.”
The exchange was founded in November 2017, and has since expanded to serve customers in more than 150 countries and offices in more than 5 countries.
Liquidity remains an issue to be solved
Two of the chief complaints about cryptocurrency is its volatility and where to use it as money. Greater liquidity helps solve both of these issues since more exchange integrations and trading aid price discovery, which then helps to lower volatility, and thus, reduces hesitation to adopt cryptocurrency. However, even if volatility is lowered, some merchants still prefer to hold some portion of their revenue in fiat, which more exchange integrations help facilitate.
Even after getting exchange integrations, there are a few additional barriers to entry such as fees and registration. CoinBene has extremely competitive trading fees, but still charge 1.25% to withdraw fiat to a partner bank (Bradesco, Itaú and Santander) and 1.25% + R $ 9 for all other banks. However, they do not charge for deposits, which further helps consumers and merchants save money. Additionally, CoinBene does require traders to register to become a “Special” account if they wish to trade in reals (BRL), which consists of email, full name, CPF, mobile number, and photo identification. They also offer the “Individual” and “Corporate” accounts to trade above “Special” account limits of R $ 10 thousand, daily, and R $ 50 thousand, monthly.
These barriers highlight the necessity of getting as many exchanges as possible to integrate Dash and other cryptocurrency options, such as the Uphold exchange built directly into the Dash wallet, to provide consumers and merchants with more options of which exchange systems will work best for them.
Dash expands market reach in Latin America
Dash has had a relatively long presence in Brazil via Rodrigo Ambrissi’s Dash Dinheiro Digital and more recently through Dash São Paulo and their Invites program. Dash has seen rapid growth in Venezuela and Colombia, but is only starting to see growth in Brazil, but the trend still illustrates Dash’s growing influence throughout Latin America. As Dash continues to expand, it will give consumers and merchants more purchasing, selling, and spending options that will make them less hesitant about using and holding Dash.