Chatex, a social media bot enabling peer-to-peer cryptocurrency exchanges, will be adding Dash support, including recognizing InstantSend deposits.
Chatex, the simplest p2p neobank on Telegram, now supports Dash 💙
— Chatex (@Chatex_bot) October 29, 2019
Announced last week, Dash will be added to the Chatex platform, which enables peer-to-peer purchases of cryptocurrency from within the app, with Chatex acting as an escrow service until the trade was resolved. This enables users to buy and sell cryptocurrencies with each other through their main messaging app, without having to use other services, breaking down a potential friction point in using digital cash as money. According to the service’s website, operating through chat services both provides easier access to users not necessarily seeking to download a completely separate app, and additionally offers fewer security vulnerability angles:
“One of our competitive advantages we see in the focus of work through messengers. It gives an additional level of security (it is hard to attack through the infrastructure of instant messengers). We have created the maximum possible user-friendly interface. And being on hand in all popular messengers gives to all our users the opportunity to choose familiar functionality and interface.”
Chatex currently supports Telegram, with implications of other integrations on the way.
InstantSend integration reportedly planned for Chatex
According to an announcement made by Dash Thailand, a Dash-funded business development group which partnered with Chatex, the service will include InstantSend support soon, facilitating faster transactions.
Great new #Dash #NEXT partnership. Starting this week, #Telegram users can obtain Dash on #Chatex, sell, buy, and transfer it to people in other continents with multiple fiat & crypto currency pairs with only 1 & soon 0 block confirmations (Instant Send). @DashpayNews @Dashpay pic.twitter.com/EQgGUYS33r
— Dash Thailand (@DashinThailand) November 4, 2019
At present, Chatex reportedly accepts Dash deposits as final after a single on-blockchain confirmation. Similar to Coinbase, which recognizes Dash deposits after two confirmations, the expedited recognition of transactions indicates knowledge of the advanced security provided by ChainLocks, which locks Dash blocks permanently after a single confirmation. Chatex reportedly accepting Dash instantly in the near future would indicate a recognition of InstantSend, which locks all Dash transactions instantly.
While every single Dash transaction is permanently locked within seconds thanks to InstantSend, and all blocks are permanent after a single confirmation thanks to ChainLocks, services and businesses must still recognize these security benefits in order for their customers to benefit from the resulting improved user experience. The list of supporting services is ever-growing, with the main Dash website’s full list of exchanges showing 20 exchanges and brokers recognizing InstantSend at time of writing, not including services such as Coinbase which accept Dash transactions as final faster than for other competing cryptocurrencies.