Dash CEO: high-inflation markets like Venezuela only one of many growth prospects
Dash is rapidly making a name for itself in terms of widespread cryptocurrency adoption. In an interview with BCFocus, Dash Core Group CEO Ryan Taylor spoke about the coin’s progress in Latin America, Dash Evolution, the recent partnership with Kripto Mobile Corp (KRIP) and the broader cryptocurrency market.
Dash adoption in Latin America
The coin has been increasingly adopted throughout Latin America, especially in Venezuela. Late last month, Dash announced an exclusive partnership with KRIP, which makes cryptocurrency-enabled phones, to provide Latin Americans with an affordable way of using digital coins for daily transactions.
As of late August, over 1,000 businesses were accepting the coin, including locally run and mainstream chains, such as Subway and Calvin Klein, Taylor said.
“There is no way to measure the number of users, but we processed nearly 1 million transactions last quarter through a network stress test, which represented a new record,” Taylor pointed out.
Dash partnerships going ahead
While the token is increasingly being used in Venezuela, which is currently plagued with hyperinflation and dire economic conditions, the team is exploring more ways to hike adoption.
“We have other initiatives to pursue use cases in energy markets, medical cannabis, high-chargeback industries, international remittances, and traditional cryptocurrency services. So high-inflation markets like Venezuela is only one of the many opportunities we have to grow,” he said.
Dash is also seeking more partnerships to provide unbanked and underbanked people with more financial options and better economic solutions.
Taylor said that his team plans to develop channel partners that can provide scale integrations into grocery, retail, transportation, and hospitality point of sales systems. “These integrations can provide hundreds of new locations with a single integration.”
Speaking about the recent KRIP partnership, Taylor mentioned that he had first met the KRIP team earlier this year, in January.
“Since then, the business development team has worked closely with Kriptomobile to bring in the right additional partners and collaborate closely with the Dash community on the ground in Caracas,” he added.
For now, Dash is focusing on Latin America to provide solutions to the current economic crisis plaguing the region. However, the company does aim to see mainstream adoption across the world in turbulent and established economies.
All eyes on Dash Evolution
Dash is currently working on Dash Evolution – a decentralized payment platform built on its blockchain. According to Taylor, the Dash team has likened the new platform to PayPal or Venmo, but for cryptocurrency payments.
The main hurdle to mainstream adoption is the inaccessibility of this technology to everyday consumers. Evolution aims to eliminate all user-facing complexity of cryptocurrency networks, “delivering a clean PayPal-like experience to users,” Taylor highlighted.
Currently, the team is working on longer-term plans beyond the initial release of Evolution, which will include new features such as joint accounts, enhanced security features, and increased transaction capacity.
Ryan Taylor on bear market
When asked about the current bearish trends seen in the cryptocurrency market, Taylor attributed the downward spiral to regulatory uncertainty surrounding the global market. He believes that once there is a more consistent regulatory framework in place, crypto prices will likely pick up due to the reduced risk for investors.
According to him, cryptocurrencies have the potential to fill a vital need in places where fiat currencies can no longer be relied upon, or where people simply need a more effective method of quickly and securely sending money across the globe.
“While government regulation can certainly make life more difficult for the average cryptocurrency user, we hope that this technology will viewed by any regulatory body as a way to improve and enhance the economy,” he concluded.
Image via Dash.org
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