Home / Others / Dash Coin News: Dash's new service to help victims of hyperinflation

Dash Coin News: Dash's new service to help victims of hyperinflation

READ LATER – DOWNLOAD THIS POST AS PDF

According to recent reports on Dash coins, this well-known altcoin is preparing to launch a new cryptocurrency payment service in Venezuela. The new service will be based on SMS messages and will allow Venezuelan users to make transactions even without a smartphone.

Dash coin news announces a text cryptographic service in Venezuela

Considering how much Venezuela has grown to rely on cryptocurrencies, this will be a major turning point for some of their citizens. Not having a smartphone, or not being able to use it, was a big problem for the people of Venezuela. Experts believe that this may have been one of the biggest obstacles that prevented the country from properly adopting cryptocurrencies.

Venezuela is a country that has suffered from hyperinflation for some time. Their native currency, the bolivar, became almost completely useless. As a result, Venezuela had to implement a new monetary solution in the form of digital coins.

Now, Dash is trying to speed up the cryptographic adoption process by providing an alternative trading method for those who do not own smartphones or who do not have access to the Internet. To do so, Dash has started a partnership with a company called BlockCypher. It is a company that specializes in providing blockchain-based solutions and products that allow users to operate with different currencies through a single platform.

The result of the partnership has already been mentioned in the Dash Text project, which is currently in the beta phase of the test. In collaboration with major telecommunications providers in Venezuela, Digitel and Movistar, Dash will allow users of these services to access their platform via a five-digit code.

Dotted text to reduce the effects of hyperinflation

The head of Dash Core business development, Bradley Zastrow, commented on the move saying that Dash Text will provide solutions to all those struggling to survive in Venezuela because of hyperinflation. So far, Venezuelan citizens who have left the country have sent over $ 2 billion remittances. While this seems very at first glance, it has not been of great help since the method of sending this money is complex and expensive. With Dash Text, Venezuelan families will be able to obtain this money easily and economically, while the Dash ecosystem will grow without the need for a smartphone.

Registering on Dash Text will also be very easy to do, according to Dash coin news. Users can easily complete the process by sending a text with the word "DASH" to 22625, then send the word "CREATE" to create a Dash wallet. After that, sending and receiving Dash via SMS will be easy.

Dash has had a strong presence in Venezuela since August of this year, when the currency was successfully adopted, which has triggered a surge in prices. Since then, Dash has partnered with various retailers across the country and has even signed an agreement with a mobile phone manufacturer, Kripto Mobile.

For real-time business alerts and a daily distribution of encrypted markets, subscribe to Elite membership!

Disclaimer: this article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and / or its affiliates, employees, writers and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own in-depth research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Rufino via Flickr

Source link