Vaultoro, a gold trading platform, which previously only used Bitcoin for consumers to purchase and trade gold will now integrate Dash into their platform.
The new Dash/gold bullion trading pair was made possible via a successful Dash Treasury proposal of 276 Dash (69 Dash per month for 4 months). On their blog, they said that they will use the funds for “technical expansion of [their] trading platform” and to “establish a development and marketing team to introduce the newly created trading pair”. They added that they will “work the hardest to meet the budget and ensure legal compliance, as well as technical security for the new pair”. In the press release, Vaultoro co-founder, Joshua Scigala, commented on the advantages of Dash.
“The opportunity to receive a financial endorsement directly from a software-protocol, voted upon by several thousand users, is a first-timer I am happy to experience. The DAO-structure of Dash and its features as digital cash have always been on the edge of innovation with its combination of instant and private transactions for instance. This all comes with an ease-of-use that will even be improved once Dash releases its new “evolution”. We are happy and really appreciate the support by the DASH community. We aim to include the DASH/gold pair within the next 4 months.”
Vaultoro allows consumers to trade gold, store gold in Vaultoro’s Swiss safes, or request physical delivery of their gold. The platform has currently traded more than 1.5 tons of gold (a current value of $75 million) and has 14,000 customers from 94 countries. Their top markets this year have been the US, EU (UK, Germany, and Netherlands mainly), India, Nigeria, Canada and South Africa according to Gabriel Escalona, CMO at Vaultoro, whom spoke with Dash Force News. They intend on expanded even further with the recent Dash funding.
Expanding Dash to a wider, marginal audience
A common goal of cryptocurrency is mass adoption, but large adoption can only be achieve by one individual at a time, which requires acquiring users at the margins rather than all at once. Within the cryptocurrency world, users at the margin tend to have certain demographic traits such as computer science skills, math skills, economic knowledge, libertarian ideologies, lousy economic situations and/or fondness of precious metals. Hence, a gold exchange is a advantageous market expansion area for Dash.
Gabriel Escalona also highlighted that they “like to be early adopters of new technologies and methods that help enhance [their] product and the industry overall.” This is important since part of acquiring marginal users is reaching early adopters that are more inclined to try revolutionary technology. Gabriel added that they “are looking forward to offer the Dash/Gold pair as the first one after three years of having a Bitcoin/Gold only pair.”
Vaultoro is also pursuing outreach with its Ambassador program to strategically place local experts around the world to educate them about Vaultoro, Bitcoin, Dash, and personal financial freedom in general. They will start off by operating in Mexico City, Mexico and Abuja, Nigeria and then expand into other developing countries. They emphasized how Vaultoro and Dash have the ability to help individuals suffering from hyperinflation in countries such as Venezuela and Turkey, and also discussed how the Dash DAO has already facilitated numerous activities in Venezuela.
Dash growing through partnerships and use cases
The Vaultoro integration will allow consumers to seamlessly move between Dash and one of the longest used currency and store of value in the world – gold. As Vaultoro mentioned, they are targeting countries with deficient economic situations, which will allow exposure to new potential Dash users on the margin and convince anyone hesitant about using Dash because of the easy ability to diversify their wealth into a historically stable asset.
Dash has been steadily growing around the world for the past couple years by utilizing its governance and treasury system. This allows Dash to have the proposal system, which facilitates competition between individuals and companies vying for project funding. These competing entrepreneurs have to demonstrate to the incentivized masternodes that they either have a really good use cases for Dash to onboard new consumers and/or make the user experience even better for current users. This ecosystem has led to numerous partnerships and integrations for consumers around the world giving them real life use cases for Dash, which is what partially gives cryptocurrency its value; the knowledge that a user can accept Dash and then proceed to buy something they want from someone else with Dash.