China-based online marketplace Bibo Market has recently added Dash to the supported list of cryptocurrencies.
Started in early 2017, Bibo Market is an online marketplace based in China which exclusively accepts cryptocurrencies for payments. Currently only servicing China, the platform plans to expand to support other countries in the region this year. According to CEO of Bibo Market Rafael Raj, Dash was added due to its global community and usefulness for payments:
“Bibo Market is a marketplace where only cryptocurrencies are accepted as payment methods. As a global community e-commerce platform, we wish to see more widespread use case of virtual currencies across borders. Dash is the leading digital cash of virtual currencies, with advanced features that allow instant payments and has a large community we would like to see using our platform. Moreover, our goals are aligned in driving world-wide adoption of cryptocurrency and opening up more potential markets such as in South America where Dash is very strong.”
The site currently allows users to deposit funds via the Bibo Exchange, which are then available for purchasing items on the market, but with plans to soon allow direct cryptocurrency payments to the sellers. Dash is one of seven cryptocurrencies accepted on the platform.
China’s tricky position for “official” cryptocurrency adoption
According to Raj, while China has been at the forefront of cryptocurrency over the years, particularly in the mining scene, adoption of the technology as a form of payment in the country does tend to lag in official channels:
“Due to the restrictive policy of the Chinese government, there is basically no official adoption, however, there is a big community of crypto retail investors and traders who take advantage of the inherent properties of cryptocurrency such as anonymity, borderless payments and transaction speed. I’d say in terms of official adoption and regulation probably Japan and Korea, even Thailand are way ahead of China, however the past has shown that China can be very quick to release and implement regulation as soon as the government is sure that risks can be controlled. Also official regulations in China are largely circumvented so there is still a myriad of projects related to cryptocurrency.”
China, traditionally a giant in the world of cryptocurrency mining, has been the scene of regulation-based drama for years, from trading crackdown and rumored mining ban in 2017 to another possible mining ban rumored last month.
The increasingly global nature of commerce thanks to cryptocurrency
Raj sees cryptocurrencies as perfect for global commerce, particularly for unbanked users who do not have access to traditional online payment methods:
“The very nature of cryptocurrencies is ideal for usage on global marketplaces, in fact it makes much more sense there than in “national” marketplaces limited to a single jurisdiction (e.g. Taobao or JD in China). Moreover, convenient international payments are enabling new unbanked users to purchase online, and allow easy access for diverse communities which can also be bootstrapped easier through their community-specific coin/token. It can be a gateway to buy into crypto for merchants who want to diversify their assets. Also, for crypto-holders it can be a convenient and interesting way to cash out some crypto instead of selling on exchanges.”
Dash is supported by a wide range of nearly 5,000 merchants listed on Discover Dash, which includes a mix of online retailers such as Overstock and CheapAir as well as thousands of physical merchants, particularly in places such as New Hampshire, Colombia, and Venezuela. Dash recently enabled InstantSend instant confirmations by default, significantly reducing friction in time-sensitive physical merchant situations, as well as improving online shopping experiences.