KFC now accepts crypto in Venezuela

The Venezuelan branch of fast-food chain KFC is now accepting the cryptocurrency Dash as a payment option. According to Forbes this will initially only be done in the capital, Caracas, followed by a roll out in the rest of the nation.

KFC is not the first fast-food chain to accept cryptocurrencies. There's a group lobbying for the implementation of cryptocurrencies. KFC is following in the footsteps of companies like Subway and pizza franchise Papa John's. According to Alejandro Echeverría, co-founder of Dash Merchant Venezuela, there are 2445 merchants in Venezuela that accept Dash.

Last month Echeverría launched Dash Text. This is an SMS service that allows people to send Dash. This is an useful tool, because the majority of the Venezuelan population (60%) doesn't have a smartphone.

Dash uses a masternode network to verify transactions. Where a transaction on the Bitcoin network can take up to 10 minutes, or an hour during peak periods, Dash only takes 2,5 minutes.

Dash is currently the sixteenth biggest coin on the market. It's valued $71,14 and has a market cap of $133.4 million. To help establish the Dash masternode network, you'd need 1000 Dash. That means one masternode is worth 71 thousand dollars, and it gives owner 6.91% revenue on a yearly basis.