Crypto Adoption on the March, Dash (DASH) Android Wallet Usage Surges 627% in Venezuela

News
Tue, 02/04/2020 - 19:10
Vladislav Sopov
Building reliable financial ecosystems in failed states is a great cryptocurrency use-case. Dash (DASH) reports a rapid surge in native Android wallet usage in Venezuela.
Cover image via 123rf.com
Contents

During the Q3-Q4 of 2019, the exchange rate of Bolivar Soberano (VES, also Bs) declined by almost 900% against the U.S. Dollar. This hyperinflation finishes off the national remittance system. Cryptocurrencies have become the one and only tool of exchange here.

DASH: Ultimo refugio

It has become common for citizens of Venezuela to utilize Dash (DASH) cryptocurrency for everyday payments, both domestic and cross-border. Low-cost, Android-based smartphones act as a hardware basis for the system. Thus, the statistics for Dash wallet app usage are a reliable indicator of crypto adoption.

Mark Mason, director of media and PR in Dash, reported that 

There has been a 627.47% increase in active android devices using Dash wallet app in Venezuela between May 2019 to January 2020.

He outlined that this statistic doesn't count application installations which is typical for such type of calculations. Acording to him, by 'active', he means only devices that have been online at least once in the past 30 days.  

Image by Twitter

Blockchain fixes this

Venezuela is not the only country where cryptocurency has replaced a national financial system. During his November African trip, Twitter CEO Jack Dorsey emphasized that cross-border crypto remittance is the last hope for sub-Saharan Africa. 

Related
Twitter's CEO to Support Bitcoin in Africa

Also, EOS-like blockchain Telos has already launched its token pegged to the South African Rand called the eZAR. Numerous African nations are in the process of deploying stablecoins.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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