The popular peer-to-peer cryptocurrency website that connects buyers and sellers has recently expanded their service into seven new countries to better reach consumers.
[tweet https://twitter.com/WallofCoins/status/1090849083697364992 align=’right’] Citizens in the newly serviced countries will greatly benefit from the increase in liquidity and accessibility of all the cryptocurrencies that Wall of Coins will bring, according to Robert Genito, President of Wall of Coins.
“Wall of Coins’ core mission is to get crypto in the hands of the masses by making crypto more accessible and liquid. Crypto payment and storage options are sorely needed and ready to serve these populations, and Genitrust’s (Wall of Coins parent company) partners asked us to support these countries. People asked — we listened. Additionally, we wish to help drive adoption — in alignment with the morals of Satoshi Nakamoto and Roger Ver — to develop to the point where businesses and governing bodies are incentivized to begin encouraging adoption, rather than competing with crypto.”
The expansion will be particularly helpful in Venezuela and Colombia, which has seen significant Dash adoption, over 2,600 and 300 merchants, respectively. The ability to purchase with cash will make a huge impact in expanding purchasing opportunities to the many individuals without traditional bank accounts.
Wall of Coins differentiates itself from other exchanges by connecting buyers and sellers online, but having the actual money delivered or transferred at a local bank. This helps mitigate a lot of difficulties, barriers to entry, and attack surfaces that exist with strictly online exchanges. They currently support over 170,000 payment destinations in the US alone, so they are not short of consumer options.
“Sellers love us because we get them $$ for their coins faster than any traditional exchanges get them $$ — and often we get them coins above market value. So if you ever want to convert a crypto to cash (to your bank, or to pick up cash at a destination), just sell at market price and you’ll get cash often in less than an hour”
Providing easy liquidity with decentralization
One of the major barriers to cryptocurrency adoption is how easy it is for users to buy or sell. Currently, it is a bit counterproductive that cryptocurrencies were created to help those that are financial disenfranchised, but many exchanges still rely on linking to a bank account. As more merchants start accepting cryptocurrencies and paying out expenses in cryptocurrencies then this issue will start find a permanent solution as money velocity strengthens. However, in the meantime, the ability to purchase with cash and without onerous registration requirements is a key attribute for adoption.
Peer-to-peer exchanges are one solution to help consumers bypass many of the complications associated with buying and selling cryptocurrencies. However, many of these P2P exchanges also suffer from UI/UX issues that creates a new barrier to adoption for many casual users. Wall of Coins aims to fix both problems so it is easier for everyday individuals to gain monetary and financial freedom. Wall of Coins endeavors to make this process as easy as possible by allowing exchange rates to be set by the user, which allows them to be “like LBC except majorly automated so that buyers and sellers don’t have to interact with each other — which buyers and sellers love because it gives them a very consistent user experience”.
Dash focused on helping increase liquidity
Dash has focused significant time on getting integrated into numerous exchanges of all kinds to increase overall access into and out of Dash. The ability to freely exit cryptocurrency helps reassure individuals that it is okay to not convert to fiat right away and encourages them to keep Dash they receive and spend it at other merchant locations. This is already starting to be seen in Colombia where many merchants used to convert right away, but now convert less or more slowly. Additionally, another initiative was recently funded by the Dash DAO Treasury to help Colombians easily purchase and sell Dash at every merchant. These efforts are helping to complete the full merchant and consumer loop by ensuring that money can easily flow through the system and individuals can utilize the competitive attributes of Dash to make super fast, everyday purchases.