Dash has now reached 10,000 active Android wallets in Venezuela, which comprises 30% of the nearly 35,000 active Android wallets globally thanks to.
— DASH (@Dashpay) July 22, 2019
Ernesto Contreras, Dash Core Group’s Business Development Manager for Latin America, explained in his blog post how the growth in Dash active wallets in Latin America has been a sign of Dash’s success in its core strategy – to become digital cash in everyday payments by everyday individuals.
“So despite the overall slowdown to speculative usage of cryptocurrencies during most of the past 18 months, recent data clearly shows growing trends for Dash. Micro-transactions and active Dash addresses have shown an upward tick in growth. You can evidence growth on the average transaction count and active addresses from Bitinfocharts website” … Even though the value of Dash, measured by US Dollar, experienced a loss during much of 2018, Dash’s transaction count grew 86%, reaching 20,291 transactions over the past 18 months. Meanwhile, median transaction value dropped over 99% to 5.16 USD over the same period, which points to a decrease from larger, speculative trading movements into lower value, more repetitive transactions, reminiscent of transactions that are used for everyday purchases.”
Reasons for success and how to replicate and continue growth
Ernesto attribute this success to the many local teams working hard in the region to ensure Dash sees adoption and usage.
“The relentless work of the larger teams in Venezuela (Dash Venezuela, Dash Connects, Dash Text, Dash Help, and Dash Latam), which have made Dash the standard for cryptocurrency usage, as we can see by third-party video reports. All this, enhanced with adoption activities happening simultaneously in the more than 27 Dash communities spread all over the country.”
Ernesto also attributes success to the overall growth of the Venezuelan cryptocurrency market, such as Dash’s inclusion in the in the TRAKI supermarkets, organic growth and new partnerships, including the Kripto mobile phones.
Dash then plans to continue this growth by laying out a strategy that includes continuing work with Kripto mobile.
- “We are considering enabling a DashText option for easier onboarding of first-time users and improved user experience with Kripto Mobile.
- We will deploy specific marketing activities to convert Kripto Mobile users into Dash users”
Dash Core Group also plans to “continue to onboard large and medium-sized impactful retailers” and “continue growing the Dash ecosystem in Venezuela by connecting communities and businesses with technology providers that have the solutions for specific needs that enhance usability and increase Dash adoption”. Additionally, Ernesto talked about the emphasis on remittance solutions by “continu[ing] to onboard exchanges and platforms to Dash where Venezuelans have migrated, so those who have fled the country can get acquainted with Dash, understand how to use it, and evidence how Dash is a better option for sending money to the people they love”.
Dash supporting consumers with core features necessary for wide adoption
Dash has been able to gain such wide consumer acceptance by focusing on improving the purchasing and spending experience by making Dash fast, inexpensive, and easy to use. Dash’s most recent release of New InstantSend enables transaction to be locked-in within seconds for less than one cent and instantly respendable. Then ChainLocks provides consumers and merchants the confidence that their transactions are secure. This has lead to around 1,800 merchants in Venezuela and over 600 merchants in Colombia accepting Dash. These features have also lead to many vendors integrating Dash into their remittance services like Bitnovo and CoinLogiq. As Ryan Taylor, CEO of Dash Core Group has previously detailed, Dash is committed to solving payment problems of consumers better than what other cryptocurrencies have so far done and has been able to accomplish this via it unique DAO structure and active and committed community.