DASH Usage Doubles In Q1 Across Latin America As Privacy Concerns Build
The privacy-enabled cryptocurrency, Dash, is seeing widespread adoption across the globe with countries in the Latin American (LATAM) region leading the charge. A Q1 2020 report from Dash Core Group (DCG), a non-profit organization leading the development of the blockchain, shows that overall commercial payments using DASH across the LATAM region spiked 104% in this quarter.
DASH adoption blooms in LATAM region
One of the most impressive adoption rates has been in Venezuela, where Burger King started to accept the cryptocurrency, in light of the country’s hyperinflation. Speaking to Finance Magnates, the CEO of DCG, Ryan Taylor said,
“Probably our greatest success story has been in Venezuela, where we have thousands of merchants that accept it, and they see users walking in the door and using it.”
The number of DASH wallets on mobile devices has also explosively grown over the past year – recording a 210% increase from May 2019 to 101,747 wallets on mobile devices. DASH's price against the dollar has also witnessed a healthy rise year to date spiking over 60% to trade at $77.25 on major exchanges.
The crypto is silently gaining widespread adoption in the real world allowing overstressed economies to privately and instantly send and transact funds. Ryan said the DASH adoption curve extends to other continents and regions including countries in Asia and in Africa. Notwithstanding, the crypto is gaining ground in the gaming industry as well. He added,
“We’ve seen some usage within certain verticals: one of those is gaming. We’ve recently been integrated into a platform called ReadyRaider.”
The positives in the LATAM market are however masked by the exit of one of the biggest promoters of DASH in October last year – Latam, which operated in 8 countries and 20 cities in the region.
The privacy question?
The privacy of DASH, however, is being brought to question following the addition of DASH and Zcash (ZEC) to Chainalysis, a blockchain compliance monitoring analytics firm. In the statement released by Chainalysis, the DASH PrivateSend feature was compared to a simple iteration of Bitcoin’s coin mixers stating over 99% of transactions on the blockchain is not private.
However, Ryan explained that the mixing feature enhances the overall security and privacy of the users. He further believes that Chainalysis will bring safer transactions to DASH.
“Ultimately, both [Dash and Chainalysis] promote the safe use of cryptocurrencies, while ensuring access to legacy financial markets, so I’m pleased that Chainalysis has chosen to implement Dash into their platform.”