Currently, the app is available to the public in a beta version and it can make transactions through a shortcode of 5 characters that are sent via text message by Movistar, one of the three largest phone companies in the country.
According to the co-founder of Dash Text, Alejandro Echeverría, the aim of his company is to solve the problem of hyperinflation in the country by allowing immediate payments with crypto.
“The Bolivar loses around 3-4% of its value per day, so Dash is the perfect alternative for Venezuelans to save their money against hyperinflation,” Echeverría said. “And since cryptos are legal, there is a huge opportunity for Dash here. Currently, there is a shortage of cash in Venezuela, and this has caused the point-of-sale network to collapse and people spend hours in order to pay a simple purchase. People also spend hours in line for withdrawing cash from an ATM. Dash can solve this perfectly“.
Venezuelans living abroad send about $1 billion home each year, but recently this procedure has become a problem.
According to recent studies, Dash is the most widely used crypto in Venezuela: over 500 merchants allow this type of payment.