The Canadian cryptocurrency exchange has recently integrated Dash, which increases purchasing abilities with the Canadian dollar.
[tweet https://twitter.com/coinsave_2018/status/1082342592921112577 align=’right’] The service currently allow users to buy and sell with Canadian dollars and plans to allow users to send Dash to external wallets as early as Q1 2019. Coinsave is ensuring that development is done properly since “securing the platform beyond measure always comes first before rapidly releasing features” and they “don’t want wallets to be implemented loosely”. Their decision to integrate Dash arose from high user demand.
“We chose to integrate Dash mostly out of demand, existing users kept messaging us about adding new coins and Dash was the most requested, with ETC at a close second.“
The platform sports a very simple and sleek user interface to make cryptocurrency purchases as easy as possible for all ranges of consumers. Canadians are able to get started with instant verification and a deposit of as little as $20 CAD through a standard Canadian bank account, which makes the platform very accessible. Their funding and withdraw options from traditional bank accounts have a $3,000 CAD limit and charge no fees. They then charge a 1.75% fee for buying and selling coins individually. Consumers can also choose to invest in Coinsave Basket, a weighted top 10 cryptocurrency portfolio, for a 2% management fee plus the 1.75% trade fee, which has a minimum/maximum deposit of $50/$1,000 CAD.
Exchange competition provides more consumer options
Coinsave brings additional competition to the cryptocurrency exchange sector, which is lacking mainstream players. Within the US, most consumers entering cryptocurrency are funneled through Coinbase since it is the most well-known and easiest to learn for novice adopters. However, Coinbase has had its listing practices called into question after a few questionable coin listings and this does not even mention the fact that some Canadians simply have difficulty accessing Coinbase.
“We do see Coinbase as competition but we have a long way to go. Coinbase has had trouble servicing Canadians because banking is incredibly difficult here so that gives us plenty of time to catch up.”
Coinsave sees the organization expanding outside of Canada, but first wants to make sure that their service is high-quality and are fully servicing Canadians.
“That’s always been the plan, before we branch out to the US we plan to take advantage of the Canadian market, we think an expansion of that size would be in 2020 as licensing would be the greatest hurdle.”
Coinsave offers a wider selection of cryptocurrencies, many of which can be considered more popular and more commonly used than what Coinbase currently offers. The increased competition will put pressure on Coinbase and other exchanges to provide better services to all consumers.
Expanding the Dash ecosystem
This new integration is another significant step towards wider Dash adoption and usage since it allows consumers to easily enter and exit Dash. Coinsave joins a growing list of recent exchange integrations of Dash as more consumers discover Dash’s advantages in speed, cost, security, development, and usage and seek it out. Last year, Coincards.ca emerged and started to accept Dash to allow Canadian consumers to easily purchase gift cards with their Dash. Once Coinsave enables users to send Dash to an outside wallet, Canadian consumers will have an even easier full ecosystem trip from buying Dash to using Dash in order to make meaningful purchases in their lives.
A quick visit to DiscoverDash.com/stats shows that Canadian Dash acceptance is #5 in the world. This gives a decent and growing selection of merchants where consumers can spend their Dash. The ability to buy gift cards with Dash from Coincards.ca and Bitrefill significantly expands these options even further. As the Dash acquisition and purchasing circle is further completed, more merchant and consumer adoption will follow.