Hong Kong based cryptocurrency exchange, CoinCola, announced that it had chosen Venezuela as their first new market. CoinCola is best known for its over-the-counter (OTC) cryptocurrency platform. It also allows traders to buy and sell Bitcoin using their local fiat currency. Dash keeps getting great news – we had just reported how Dash is leading the way towards cryptocurrency merchant adoption just a few days ago!
The exchange will also enter a strategic partnership with Dash in order to increase liquidity of digital currencies in Venezuela. One of the finer points of this partnership has CoinCola adding Dash coin to their OTC platform, and as a promotional benefit, offers 0% trading for all Dash transactions until October 31st, 2018. Venezuelan traders can also earn up to 50% in commissions for trades completed through the CoinCola Refer a Friend program.
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.”
Dash, through its anonymous digital cash payment mechanism, has quickly grown in Venezuela with over 1,450 merchants including Subway, grocers, restaurants, and retail outlets accepting Dash. The organization’s “Dash Treasury DAO”, a decentralized investment fund, has authorized over $33 million dollars’ worth of Dash since 2015. The efforts to push Dash in Venezuela have been critical in its success towards mass adoption. Together with Dash, CoinCola is aiming to increase that mass adoption by offering a safe and secure method of trading Dash at a low cost.
Venezuela’s rapid inflation is part of the reason why Dash is so successful. Citizens are facing severe shortages of amenities such as food and medicine. Dash offers Venezuela a method for a more transparent and stable means of storing and exchanging capital. With CoinCola offering OTC and coin-to-coin trading, competitive fees, and additional promotional incentives for local users, CoinCola aims to bring much-needed accessibility and diversity to the Venezuelan cryptocurrency market, which is currently dominated by Dash.
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