Earlier on in September, the team at DASH launched Dash Text: a Venezuela-based company providing SMS-based transactions using the digital asset. Back then it was in beta testing and users could easily access it using a five-digit shortcode on Movistar, one of Venezuela’s largest Telecom company.
The team at DASH launched the service in order to combat hyperinflation and the breakdown of local payment processing services. Since cryptocurrencies are legal in Venezuela, DASH fully launched the service at an opportune time just yesterday, November 5th. Rather than spending hours at local ATMs to withdraw cash, DASH provides a perfect alternative for Venezuelans seeking liquidity and instant payment services.
Making Cross Border Remittances Easier
Cross border payments to Venezuela and other Latin American countries have been known to traditionally take days. With DASH, and with an 80% mobile phone penetration ratein the country, residents with family members working in neighboring countries, can send funds home quicker using Dash Text.
Bradley Zastrow, Global Head of Business Development at Dash Core, explained this further as follows:
Venezuelans living abroad send an estimated $2 billion USD back home in remittances. This process often takes too long and costs too much, making it a huge pain point for many users.
With Dash Text, we are providing real solutions that address real problems. People need easy and cheap ways to send money home, and we’ve done it in a way that expands the Dash ecosystem to those without smartphones!
Dash Text offers the perfect solution to ensure that everyone can become part of the Dash family, regardless of what phone people own.
Current Market Performance of DASH
Looking at the current value of DASH, the digital asset is up 5.46% in the last 24 hours and trading at $166.85 at the moment of writing this. Further analyzing the charts, we find that DASH was valued at $152 early Sunday morning. News of the Dash Text service has resulted in a percentage increment of 9.76% since early Sunday Morning.
What are your thoughts on the new DASH text service in Venezuela? Please let us know in the comment section below.
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.