Dash Text, pay with crypto via SMS in Venezuela
Dash Text, pay with crypto via SMS in Venezuela
Crypto

Dash Text, pay with crypto via SMS in Venezuela

By Amelia Tomasicchio - 20 Sep 2018

Chevron down
Listen this article
download

Dash Text is a new Venezuelan company that has decided to take advantage of the problems of the country and the success of Dash to build a mobile app that allows you to make crypto payments via SMS.

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.

Amelia Tomasicchio

As expert in digital marketing, Amelia began working in the fintech sector in 2014 after writing her thesis on Bitcoin technology. Previously author for Cointelegraph and CMO at Eidoo. She is now the co-founder and editor-in-chief of The Cryptonomist. She is also a marketing teacher at Digital Coach in Milan and Business Developer at Huobi for the Italian market.

We use cookies to make sure you can have the best experience on our site. If you continue to use this site we will assume that you are happy with it.