Cryptobuyer, a Caracas, Venezuela-based cryptocurrency brokerage, today announced that Dash, a rapidly growing digital currency, has joined Bitcoin to its platform due to soaring demand.
One of the world’s most actively traded cryptocurrencies, Dash is now available for purchase and sale through Cryptobuyer, and will be used as a payment network to benefit thousands of people suffering from Venezuela’s failing national economy. The new alliance enables Venezuelans, through a compliant brokerage, to use Dash and Bitcoin for remittances, everyday transactions, top up cell phones, recharge debit cards and make coin sales away from other currencies.
CEO of Cryptobuyer Jorge Farias said: “Cryptobuyer is a cryptocurrency and digital assets connector for companies and individuals that brings a range of services that will improve Venezuelans’ financial liberty. Our partnership with Dash is valuable, especially for customers using unstable fiat currencies, and the perfect example can be found in Venezuela right now. Alternatives for accessing money without traditional banks are gaining traction fast, and we are incredibly confident that Dash will flourish in this economy. From a phone credit recharge for a friend to the payment of credit cards and TV subscriptions, Cryptobuyer makes Bitcoin and Dash a reality in daily life and keeps offering incredible financial benefits without the need for a bank account.”
Venezuela is a country that has seen major cryptocurrency adoption in the wake of triple-digit inflation, capital controls, devaluation, and critical goods shortages. The national currency of Venezuela, the Bolivar, has dropped against the USD by nearly 40% in a year.
Dash VP of Business Development Daniel Diaz said: “With Venezuelans entrenched in political and economic turmoil, we simply wanted to give them another option to make life easier. Dash is stable, safe and holds its value extremely well. Cryptobuyer will help Dash take a step towards offering real services to regular people that are not just digital currency investors, so it really opens the door for us to fulfill our vision of making a tangible difference in places where digital currencies can help the most. Dash is proud to support pioneering, driven Venezuelans like the Cryptobuyer team who are making a difference through entrepreneurship and technology.”
Dash is a decentralized form of digital cash that can be spent online and at merchants and service providers worldwide. Dash is currently the 7th most valued cryptocurrency worldwide, with a market cap of nearly $90 million. Dash is managed by a self-funded, self-governed organization comprised of over 15,000 users, moving well over a million dollars worth of currency across the network every 24 hours.
For Latin Americans with no access to a phone or a computer, Dash and Bitcoin will be accessible through a local partner of Cryptobuyer, TigoCTM, who provide convenient Crypto Teller Machines allowing immediate cash transactions and a unique and innovative remittance corridor. Since founding earlier this year, Cryptobuyer has accrued thousands of users in Venezuela, Brazil, Panama, Chile and Colombia.
Cryptobuyer’s Legal Director & COO Mariana León Mármol added: “Cryptobuyer is the first platform in Venezuela that currently operates while fulfilling all KYC, AML and taxation obligations. It is a fundamental element of our services to preserve the origin of funds for investors, credit card users and remittance clients.”
Services like Western Union and Moneygram closed operations in Venezuela due to the exchange control regime enacted in 2005, leaving a huge necessity related to remittance and payments in foreign currencies unattended. Cryptobuyer today offers a solution using intellectual property assets to transfer value that can effectively serve such needs within the Venezuelan legal framework.