In a recent video interview with BloxLive.tv, Ernesto Contreras of Dash Core Group outlined Dash’s strategy to mass adoption.
What will it take for mass adoption of cryptocurrencies?
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Dash Core Group’s Business Development Manager for the Latin America region, Contreras detailed the adoption strategy for growth for Dash as identified last year, with a focus on several key industries and avenues for which Dash is the best fit, areas where current financial solutions have significant drawbacks:
“Dash Core Group set out a growth strategy plan at the middle of 2018. We identified four key areas where cryptocurrency, and Dash in specific, can achieve massive growth. These four areas are: places where there is hyperinflation such as Venezuela, industries where there is a lot of chargebacks such as e-gaming, industries which are cash-only such as the legal cannabis industry in the US, and remittance corridors where people pay a lot of money to move their remittance from one place to another.”
Underlying this, Contreras outlined the key strategy of targeting cryptocurrency exchanges for integration with Dash’s InstantSend technology, which allows deposits and withdrawals to be confirmed instantly, rather than having to wait for multiple on-blockchain confirmations before being able to purchase or offload Dash, which for other currencies can take several hours or more:
“All these four strategies are backed up by trading and cryptocurrency trading strategy. This means that we’re getting more fiat pairs in places that we don’t have it, and we’re getting the cryptocurrency exchanges to start using InstantSend, which as technology that Dash has that allows for 1-2 second confirmations in the safest way of moving cryptocurrencies. This allows for traders and people who want to move money faster to move their funds from their Core wallet to the exchange in one second. These allow us to grow in the other four columns of the strategy that I mentioned.”
Responding to recent comments by cryptocurrency pundit Anthony Pompliano that the technology would see widespread use after a failure of present systems, Contreras explained that he believes that, while massive crises can certainly highlight problems with the old financial system, such circumstances are not necessary for adoption, which can be achieved in the present day through targeting specific use cases:
“I think that cryptocurrency, just like any other technology, will grow massively when you find use cases, when you’re solving a problem that already exists. Many of the pretended growth we’ve seen in crypto is that people find a solution and then the go try and find the problem for that solution, but what we’ve seen that when you identify the problem, and then you go and you offer to the people that are having the problem a better way of doing it, growth starts to happen, which is what we saw in Venezuela.”
Famously the site of economic and financial crises, Venezuela received widespread use and recognition of Dash in 2018, with thousands of merchants accepting it as payment, including major franchises such as Papa John’s, Subway, and Church’s Chicken, as well as Traki, the country’s largest department store chain.
The full video interview can be viewed here.