Dash Text is a Venezuelan-based cryptocurrency venture looking to provide SMS-based transactions for the Dash cryptocurrency. It seems as if this vision might now come to fruition, as Dash Text has reportedly launched in Venezuela.
By now, Dash Text has been in public beta for almost two months, according to Dash’s news webpage. Moreover, Dash Text is said to allow users without smartphones to send and receive the Dash cryptocurrency on their phones.
Dash Text allows SMS-based cryptocurrency transfers without an internet connection
Dash Text has been developed in a partnership with the cloud-optimized blockchain platform ”BlockCypher.” The service is currently said to work with work with Movistar and Digitel, Venezuela’s two largest telecom operators.
Venezuelans who want to sign up to the service reportedly only need to SMS-message ”DASH” to 22625. Following this, they just need to send ”CREAR” – ”create” – to the same number to start a cryptocurrency wallet.
According to Dash, this allows Venezuelans to perform cryptocurrency transactions even without internet access or smartphones.
Venezuela’s rampant inflation has turned its population onto cryptocurrencies
Venezuela has seen widespread cryptocurrency usage and adoption as the South American continues to battle rampant hyperinflation. According to a recent article in the New York Times Magazine, Venezuela has witnessed inflation of 52,000% over the past year.
Moreover, Toshi Times has previously covered how cryptocurrency saved a Venezuelan family from starvation. This highlights how cryptocurrency can be a crucial store-of-value for Venezuelans, even in a bear cryptocurrency market.
Despite the astronomical inflation, the country is also said to face a cash shortage. As people are forced to abandon cash, cryptocurrencies are becoming an attractive means of payment.
Furthermore, even Venezuelans who have escaped the nation could be interested in Dash Text. According to Bradley Zastrow, Dash Core’s Global Head of Business Development, Venezuelans abroad ”send an estimated 2 billion USD back home in remittances.”
Nevertheless, cross-national money transfers are oftentimes both time-consuming and costly, which makes it complicated for users. In addition to this, the uncertainty over whether inflation could render traditional money-transfers worthless is significant.
Even so, it remains to be seen whether Dash Text will catch on in the Latin American country. A report claiming that Dash had become the most popular cryptocurrency in Venezuela made the rounds this July. However, the legitimacy of this report has since been widely questioned.
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Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.