Digital payment currency Dash today announced an integration with Latin American exchange BitINKA that will provide citizens across Central and South America with the ability to buy and sell Dash using their local fiat currency.
The South American-based exchange, which works with 35 banks across 12 countries, will allow greater access to Dash in Latin America, a particularly valuable move in countries suffering from economic turmoil. The integration comes at a time where inflation in Venezuela has reached an all-time high. According to the Finance and Economic Development Permanent Parliamentary Committee of Venezuela, inflation has reached a record 1,370 per cent for 2017 and 56.7 per cent for November. Argentina currently is at 21 per cent inflation for November. The integration of Dash onto BitINKA will provide citizens of Latin American countries a decentralized alternative to government-issued banknotes, complete with InstantSend functionality, and secure, near fee-free transactions.
“There are tremendous benefits to the increasing use of digital currencies to developing countries,” Dash Core CEO Ryan Taylor said. “Transaction fees on the Dash network are incredibly low compared with other digital financial services. Even small amounts of transaction savings can make a real difference to the economies of developing markets.
“More importantly, developing countries are frequently burdened with some of the highest rates of inflation. So far, digital currencies like Dash have proven to be a superior store of value compared with consistently devaluing national currencies. Combined, this stability can provide significant benefits to users and the economy as a whole to improve lives. As Dash continues to grow in relevance throughout the region, we think BitINKA can offer much needed access for users. We plan to continue exploring new ways for Dash and BitINKA to collaborate further across the full suite of services BitINKA offers.”
“The global demand for cryptocurrencies is exploding,” BitINKA CEO Roger Benites said. “BitINKA has received an overwhelming demand for Dash. Dash’s InstantSend transactions and low fees will be beneficial for users moving cryptocurrencies into and from our platform. We are working towards bringing this technology to all Latin Americans, and our partnership with Dash will do just that.”
“The exciting part for me is the opportunity to make a real positive difference in the lives of everyday people,” Dash Core director of global business development Bradley Zastrow said. “The remittance market into South America is huge – Brazil and Colombia alone are estimated to reach $8.2 billion in 2017 according to the latest forecasts from the World Bank. Yet these payments are often attached to high fees, less than favorable exchange rates, and long wait times. We have seen the negative impacts high inflation can have on people and entire economies. Dash offers solutions to both these issues through its low transaction fees, InstantSend functionality, and its historically strong store of value.”
As part of this integration, BitINKA is adding Dash to its cross border payments and remittance platform, InkaPay, and its cryptocurrency powered debit card service. Customers can be paid in Dash and immediately convert into other digital currencies, and from January 25, top up BitINKA debit cards with Dash.
Head of Legal of Dash Core, Fernando Gutierrez said, previously did not have direct access,” Dash Core head of legal Fernando Gutierrez said. “Latin America is especially important for us because many its countries tend to have weak currencies, and people are increasingly aware of the importance of access to digital currency.”