Dash has officially announced the launch of its text-based altcoin payment services in Venezuela. Dash Text will enable Venezuelans without smartphones or internet connection to use SMS-based virtual currency transaction service. The new product is expected to enhance the adoption of Cryptocurrency in a country where hyperinflation has made bolivar, the local currency almost worthless.
Venezuelans To Us Text-Based Crypto Payment Service
It will now be possible for the Venezuelans to use Cryptocurrencies even without smartphones. Dash has launched a service called Dash Text that will enable the local population to perform transactions in virtual currencies using feature phones. The new product is expected to make it easy for people to use altcoins in the country.
Dash Text has been developed through a partnership between Dash and BlockCypher. BlockCypher is mainly involved in the development of blockchain agnostic products that make it possible for the users to deal the various virtual currencies on one platform. Dash said that Digitel and Movistar users, the two largest telecom providers in the country will now use a five-digit short code to access these services.
Those wishing to use Dash Text can register using their phones by sending the word “Dash” to 22625. To create the Dash wallet, they will send a second SMS with the word “CREAR” to the same number. After this process, the users will now be able to use SMS to send and receive Dash.
Dash Text To Boost Cryptocurrency Adoption In Venezuela
Although Venezuelans have been shunning their local currency and turning to Cryptocurrencies recently, the lack of smartphones and poor internet coverage in some places has been keeping many away from the technology. The introduction of Dash Text is expected to enable the local population to perform virtual currency transactions by sending SMS.
To those living abroad, it will now be easy to send funds to their family and close friends using Cryptocurrencies. Previously, even when there was will to send virtual currencies home, the coverage of Crypto services was poor in the country forcing many to turn to the existing methods. Dash text will enhance Cryptocurrency access in the country and encourage those living abroad to use the technology.
Cryptocurrency Use In Venezuela
Recently, Venezuela has been facing hard economic times after the U.S. and its close allies imposed economic sanction on the government of President Maduro. Since then, hyperinflation has rocked the country making the local currency bolivar almost worthless. The country has now turned to Cryptocurrency with the government launching the world’s first state-backed altcoin at the beginning of this year.
Currently, the country receives about $2 billion USD from Venezuelans living abroad. However, the method that they use costs too much and takes a lot of time. The process is painful to both the senders and receivers as it inconveniences them.
However, the adoption of Cryptocurrencies in the country is expected to make it easy for those working abroad to send money to their loved ones back. Apart from reducing the transaction costs, it takes less time to send altcoins than fiat currencies using the existing methods.
Dash is a popular Cryptocurrency in Venezuela as various prominent retailers in the oil-rich country accept as a payment method. The company also recently entered into an agreement with mobile phone manufacturer in the country called Kripto Mobile to make phones equipped with the company’s wallet. These developments have boosted the popularity of Dash in the country.