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Mexican exchange Cubobit has added Dash/peso trading pairs, facilitating using Dash for remittances in one of the world’s largest corridors.
¡Estamos de fiesta! A partir de ahora @Dashpay se enlista en Cubobit. 🥳
— cubobit (@cubobit) August 6, 2019
Launched in early 2018, Cubobit is a Mexico-based cryptocurrency exchange serving Latin America with trading pairs between both cryptocurrencies and fiat currency. Today the exchange announced that it had added Dash support to the platform. According to CEO Amir Manzur, Dash’s growth as a payments method, as well as its usefulness due to instant transactions and extremely low fees, made it a prime candidate for inclusion:
“Dash in a project that has focused on growing real cryptocurrency usage. With instant transactions and a negligible transaction cost we foresee the ability to grow remittance projects in Latin America, most specifically in Mexico. Besides, traders will be able to leverage price differences and take advantage of arbitrage opportunities. We are really happy to welcome Dash into Cubobit.”
Notably, Dash is able to be traded for Mexican pesos, creating a direct fiat trading pair. This is a welcome addition in an industry where much trading moves through Bitcoin first, and establishes Dash’s independence in the region.
The missing link in the US-Mexico remittance corridor
According to Dash Core CEO Ryan Taylor, the addition to a fiat/Dash trading pair in Mexico is an essential part of Dash’s growth as a remittance option in the region:
“Having a Mexican to Dash fiat pair is fundamental to our growth strategy in Latin America, as this will enable a cash-out option for remittances sent from the US, and a cash-in option for remittances sent to other destinations such as Venezuela, so we are really happy to enable that option through our Cubobit partnership.”
Due to its borderless nature and low transaction fees, Dash represents a prime tool for remittances, enabling users to save money and time by transferring funds cheaply and instantly, regardless of geography. This is particularly solidified by the Uphold platform recently removing the Dash withdrawal fee, meaning that Dash can be purchased in any amount for a 1.25% conversion fee and sent to a recipient in Mexico for no extra cost. With the addition of Cubobit’s support, the recipient can then easily exchange the Dash for local currency. Additionally, an extra conversion source may facilitate additional integrations in the country such as merchants, further breaking down cost barriers to remittances.
After Venezuela and Colombia, Brazil and Mexico joining Dash’s Latin American expansion
With the Cubobit integration, Mexico joins a growing list of Latin American countries with high potential for remittance use cases. Recently, the Kamoney platform integrated Dash, enabling Brazilian users to both use it to pay bills and expenses, and providing a powerful merchant solution with cost-saving fees over traditional options. Hundreds of merchants in Colombia and thousands in Venezuela accept Dash, including the Traki department store chain in the latter,
meaning remittances sent to those countries can be spent immediately without first converting to another currency.
A key target region for Dash, usage is growing significantly in Latin America. According to the CEO of local exchange Cryptobuyer, Dash recently outpaced Bitcoin in volume on the exchange. Monthly purchases at local merchants using the Paga Con Dash point-of-sale software recently passed 1,000, and over 10,000 active wallets were recently reported in Venezuela alone.