Dash [DASH] adoption rises as over 2,300 merchants accept coin as payment
Dash [DASH] is increasingly being used for everyday purchases, going by recent data from online business directory Discover Dash. According to the website, more than 2,300 merchants currently accept the virtual currency as payment for various services.
For those who may not know, the directory is a project of Dash Force – a news service which covers developments related to the digital asset and is funded directly from the coin’s DAO. It offers the community a one stop resource to find businesses that accept the crypto as payment.
The data from the website was last updated on August 15, and is continuously updated every month.
A sudden rise in merchants native to Venezuela accepting the crypto as payment is the major reason behind the widespread adoption.
Venezuela has seen its residents increasingly move to digital assets, which are viewed as safer investments, owing to U.S. and EU sanctions imposed on the country.
The nation has its very own, government-approved crypto called Petro. The virtual currency is backed by oil – Venezuela’s top export.
Why are more merchants accepting Dash?
The digital asset touts itself to be a faster and cheaper way of accepting payments, online or in physical stores.
These payments are irreversible once confirmed on the blockchain, thereby reducing merchant risk of fraud or failed payments. Customers can keep their information safe as these transactions do not require their private data to accept payments.
Moreover, transactions on the network charge a fee of less than a penny, according to the company’s website, much lower than traditional credit card companies.
“There are a lot of merchant categories that accept credit cards, but the chargeback rates can be so high that the fees they incur are incredibly high,” Dash CEO Ryan Taylor said in a recent interview.
By accepting payments done using this coin, the costs incurred by merchants to process these payments are much lower .
Image via Shutterstock
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