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Hong-Kong based exchange CoinCola is expanding into their first Latin American market — Venezuela — with assistance from private-centric cryptocurrency DASH.
Partnership Details
Best known for their OTC platform, CoinCola will kick off this announcement with a 0% transaction fee for all DASH transactions conducted through the exchange until October 31st, 2018. Traders will also receive a 50% commission on trades made through the CoinCola Refer a Friend program.
CoinCola’s program allows users to purchase and sell cryptocurrency with fiat, allowing new users or even the unbanked to participate in the new money revolution.
On the partnership with Dash, CoinCola Founder and CEO Allan Zhang, said:
“CoinCola is averaging 100,000 transactions every month on our platform. We are the second largest public OTC platform in the world by transaction volume and at this time 95% of total transactions are from Asia. With our partnership with Dash, we will be truly global. We decided to partner with Dash because it is the most efficient digital currency for payments, offers the lowest fees, and provides ‘InstantSend’ technology. Dash represents a strong presence in Venezuela, Latin America, and the rest of the world. We are very selective in with which coins we list to our platform and we are proud to now offer Dash to Venezuelan users.”
Venezuela’s Use Case For Cryptocurrency
Venezuela is a county currently clamoring for cryptocurrency liquidity due to the hyperinflation that has made government fiat virtually worthless. With shortages of food and medicine, citizens within the country are looking for an alternative storage of value to not only accumulate savings but also exchange for necessary goods.
While Bitcoin is the first users think of, DASH may quickly be a favorite with Venezuelan traders.
Currently, over 1,450 merchants accept the cryptocurrency within Venezuela. DASH’s low fees, transaction privacy, and InstantSend technology ensure that citizens can quickly and cheaply transfer funds between one another.
Continued efforts through this new partnership as well as DASH’s Treasury DAO established in 2015 that has already granted over $33,000,000 worth of DASH will see further adoption of the cryptocurrency within this Latin American market.
Moreover, if in the future Venezuela implements capital controls or some other measure to try and restrict cryptocurrency, DASH’s anonymizing features should still allow citizens to trade with one another without restrictions.
Besides DASH, CoinCola’s offerings also allow users to exchange Bitcoin, Ethereum, Litecoin, Tether, as well as Bitcoin Cash. While trading is done on an individual basis, citizens can take comfort in knowing transactions are secured by an online escrow as well.
For more information about CoinCola, check out their website here. To talk with the community as well as team members, chat over on Telegram. For social media updates, make sure to follow their Twitter and Facebook, so you don’t miss a beat.
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