Dash Nigeria recently got two new merchants to accept Dash and simultaneously offer a discount for paying in Dash, while also announcing a coming exchange integration.
The first store, Qualymart, is a Nigerian-based e-commerce platform that offers watches and other fashion accessories. The second store, Cryptostorez, is also Nigerian-based, according to Nathaniel Luz of Dash Nigeria, and sells an assortment of cryptocurrency related products. Additionally, Qualymart will be offering a 20% discount with the code ‘Dash2112’ and Cryptostorez will be offering a 5% discount to Dash users. Nathaniel said that “knowing that Dash is one of the top cryptocurrencies listed on ample exchanges in Nigeria” and a growing userbase made convincing the merchants to accept Dash relatively easy.
Nathaniel also pointed out that a fiat-cryptocurrency exchange, Tehlex, which is based out of Nigeria will also soon be incorporating Dash into their platform. The announcement highlighted how Dash offers faster and cheaper transactions than the Bitcoin network and provides a better service to the customers of Tehlex.
"Dash Is Coming To Tehlex Soon" Founder Says. https://t.co/YKxLvnJG1m— Tehlex (@Tehlex1) December 24, 2018
Growing importance of cryptocurrency in Nigeria
Cryptocurrency is gaining attention in Nigeria, as the recent Luno meeting titled “Building Trust in the Nigerian Cryptocurrency Market” conference discussed. Some cited the rising adoption of cryptocurrency around the world and the need for Nigeria to keep pace with evolving technology. Others cited the inevitability of regulations and even praised it as a source of trust in the sector. Regardless, the opposition presidential candidate has previosuly promised to introduce cryptocurrency regulations if elected.
Overall, Nigeria’s economy is relatively good for the region with an annual inflation that is steady around 11% and annual GDP growth of 1.8%. Thus, cryptocurrency adoption in the country helps illustrate its usefulness other than escaping crippling hyperinflation, as is the case in Venezuela. One of those solutions is being a bank for the unbanked since studies estimate that the unbanked population of Nigeria is around 60%. Dash Nigeria’s integration with Kurecoinhub was even cited as a partial reason for Palm Beach Group’s latest recommendation of Dash since it is “a potential pool of millions of people who could adopt Dash for banking transactions”. Cryptocurrency provides a potential solution by enabling individuals to not only make inexpensive and secure digital transactions, but also secure their wealth easily and inexpensively.
Dash builds confidence with increased liquidity
While cryptocurrency provides potential solutions, the first few steps remain difficult since individuals require easy on-boarding and off-boarding ramps between fiat and cryptocurrency. Dash has recognized this and has thus dedicated significant resources to increasing exchange integrations. This not only provides consumers with easier access to Dash, but also more confidence that they can easily exit if they so wish. This reinforces adoption since consumers will feel less of a need to exit as they become more confident in Dash.
Additionally, the growing merchant adoption of Dash around the world, now over 4,600 merchants, fosters greater confidence within consumers since they can more easily spend their Dash on goods and service when compared to some other cryptocurrencies. This becomes especially necessary in countries like Nigeria where the majority of the population does not have bank accounts and Dash is trying to be the personal digital payment method for consumers.