Integration provides safe financial alternative for residents in economically challenged countries like Venezuela
Dash, the top digital currency for payments, has been integrated into rising US-based cryptocurrency exchange, Mercury Cash, whose mission is to create a regulated bank for the new digital generation. The integration means Dash will join Ethereum as the two cryptocurrencies available to buy and sell online via debit and credit card. Over 50% of Mercury Cash’s current user base is located in South America, making it an ideal broker and trading platform for developing countries like Venezuela where the demand for digital currencies is soaring. Mercury Cash holds a Money Transmission Licence (MTL) in Florida, and allows access to US digital currency users, as well as international users. CEO of Dash Core Ryan Taylor said, “Mercury Cash broadens options for Dash’s access to licensed brokerage services, especially in relation to the payment corridors between the U.S. and South America, where we’ve seen a rapidly growing demand for Dash. The integration with Mercury Cash will expand the geographic availability of broker services to allow us to better serve those markets. Mercury Cash launched recently, and it is already growing at a rapid pace.
We see a lot of value in partnering with them early.” Founder and CEO of Mercury Cash, Victor Romero, said, “We decided to integrate Dash onto the Mercury Cash exchange because we know Dash has a vast amount of potential for scalability and an already functioning instant payment network. For example, if you’re going to McDonalds and order a burger you’re not going to wait over ten minutes for a block confirmation before you’re allowed to consume the burger. One of the reasons I like Dash is that it works as a real payment method. It is ideal because it has InstantSend transactions, and it allows many more transactions per second over Bitcoin.” Dash has experienced widespread and adoption in the US and South American markets, with significant room to grow.
After its latest network upgrade, 12.2, the digital currency is about 200 x cheaper than bitcoin, with eight times the capacity to verify transactions every second. Taylor said, “Digital currency is increasingly viewed as a superior store of value, and Dash has the added benefit of being able to facilitate trade instantly at the point of sale through its InstantSend transactions. Customers throughout the region will appreciate Mercury Cash as an option and increase the viability of using Dash for commerce knowing that conversion to fiat is easy to access.” Mercury Cash’s roadmap includes convenient features, such as support for NFC on mobile devices, and direct bank account linking. Romero said, “Because we come from Venezuela we think people in our country are more likely to have their money in other assets rather than in Venezuelan Fiat currency. Due to the constant inflation, people are seeking the opportunity to buy Dash and secure their money in cryptocurrencies, instead of Fiat which is extremely risky. The same holds true in other South American countries that suffer economies prone to inflation, which is almost always an issue in developing economies. I have a strong feeling that cryptocurrencies will replace fiat currency in the long run. At least 80% of the transactions will be in cryptocurrencies rather than fiat. We have the responsibility to protect the customers that want to use cryptocurrencies.