The exchange features over-the-counter trades (OTC) and coin-to-coin trades and now Dash trades, but their Dash services will be limited to Venezuelans. The press release cited how Venezuelan hyperinflation is creating a shortage of basic food and amenities, which has created a demand for cryptocurrencies as a more stable option and as a way to get around capital controls. The press release also cited how Dash has surged recently in Venezuela making it one of the top cryptocurrency choices in the country.
To help their local adoption, CoinCola has hired many local Venezuelans to help build out their local team. They will also be offering promotional deals to generate new interest, including a 0.5% fee for OTC trades, and even free OTC Dash trades. Venezuelans can also earn 50% commission for each trade they send through the referral program. They also just relaunched their website and now support English and Spanish, according to their tweet.
Venezuelans are trying to find solutions
Venezuelans are suffering horribly each and every day due to the failed economic policies of their government, which has left them with crippling hyperinflation and unable to buy the goods and services they need. However, Venezuela has not only attracted humanitarian concerns, but also foreign businesses that realize the potential of a once modern economy being set back on track and allowed to prosper through financial and monetary independence with cryptocurrencies.
Cryptocurrencies provide an opportunity for mutual benefit as businesses want to help individuals in need, while Venezuelans are desperately looking for solutions to buy basic necessities and secure their wealth. Their replacement of the bolivar has to take on the attributes of cash by being both fast and cheap to transact with, but also secure and stable, which the bolivar has failed to do recently. Their government recently attempted to find a solution to the crippling hyperinflation by eliminating zeros from their currency. However, even a basic understanding of economics would reveal that this will be a futile attempt without further and more serious reforms. The Venezuelan government has also attempted to find solutions by implementing their own cryptocurrency, the Petro, but many have called into question its legitimacy and wealth distribution. Instead, Dash as an independent and decentralized cryptocurrency is able to give Venezuelans the solutions that they need.
Dash provides solutions to Venezuelans
Dash has thrived in Venezuela, recently being accepted by over 1,600 merchants, thanks to the community outreach organizations in the country supported by the Dash network. These organizations have been able to host conferences, get individuals to download and use Dash wallets, get merchant adoption, host Dash City fairs, develop POS systems, develop SMS-based payment methods, and more to spread the use of Dash. Supported in the backend by record low transaction fees and rapid confirmation times, these developments have further enabled Dash to be used in the everyday transactions of Venezuelans.
These community outreach groups are not unique to Venezuela, as there is Dash Colombia, Dash Brazil, Dash Embassy D-A-CH in German-speaking Europe, Dash Hub Africa and Dash Africa throughout countries in Africa, and many others around the world. These organization can get funded not only by the Dash DAO Treasury, but also by DashBoost, DashDonates, and soon Mega Dash Raffle and Dash Ventures. The multiple opportunities of funding through the Dash network and Dash community allows for these organizations to have a responsibility to the network and incentive to act in the best interests of the network in order to continue receiving funds. Thus, Dash is able to develop and help individuals in need, such as individuals in Venezuela, rather than beholden to perverse incentives of third party funding.