Crypto job Dash has announced the launching of Dash Text, a SMS-based cryptocurrency trade service for Venezuelan users, as it builds on its already strong presence in the crypto dependent country.
In a statement released this week, the business stated that Dash Text eliminates the requirement for Venezuelan consumers to possess smartphones and internet access to carry out crypto trades, which has been a significant barrier to adoption from the impoverished nation suffering from hyperinflation.
The issue facing Venezuelans in everyday life is the hyperinflation. As per a recent analysis from the opposition-controlled National Assembly, the yearly inflation rate attained 83,000 percent.
This has resulted in many Venezuelans struggling to afford basic items such as food, clothing, and toiletries.
Huge numbers of people have fled the country in the last couple of years seeking a long-term remedy to a man-made crisis.
Additionally, the crypto marketplace in the country is also on the rise. Venezuelans are turning to cryptocurrencies since the way from this swamp.
Dash is seeking to build on the success it has listed in cashing in on the trend by targeting millions of Venezuelans that are not able to partake in the crypto market because they do not possess smartphones or they cannot access the internet.
Currently, in beta testing, Dash Text will enable users of Movistar and Digitel — Venezuela’s largest telecom providers — to get Dash services via an easy five-digit shortcode.
Speaking about the Exceptional requirement that gave rise to Dash Text, Bradley Zastrow, Global Head of Business Development in Dash Core, stated:
“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.”
According to the statement, to get registered on Dash Text, users must send an SMS with the word “DASH” to 22625, followed by another SMS using the phrase “CREAR,” which will create their Dash wallet.
After this is done, users will be able to send and receive Dash easily via SMS, which may possibly be huge to the sizable population of Venezuelans who use feature telephones or lack reliable online access.
It’ll be remembered that in August, CCN noted that Dash recorded a sharp price and quantity increase as a result of its successful adoption drive in Venezuela which saw it signal up several notable retailers across the country.
Though the item remains in beta testing, the new service provides users of the favorite telecom suppliers — Digitel and Movistar — the capability to deliver and receive Dash through cell phones.