Venezuela, which has been in our crypto news section for quite some time now, is still fighting the hyperinflation in the country and desperately looking for ways to minimize it. What’s new in this field is the crypto project and altcoin Dash, which recently launched its SMS-based cryptocurrency transaction service for Venezuelan users, naming it Dash Text.
The main idea behind this service is to eliminate the need for Venezuelans to possess Internet access to carry out crypto transactions, which has been a major barrier to adoption in the impoverished country, especially during the state of hyperinflation which made the national currency (bolivar) practically worthless.
Currently, Dash is looking to succeed with this text service. Developed in partnership with BlockCypher, Dash Text will enable users of Movistar and Digitel – which are Venezuela’s largest telecom providers – to access the Dash services via a five-digit shortcode.
The Global Head of Business Development at Dash Core spoke following the announcement of Dash Text. He stated:
“Venezuelans living abroad send an estimated $2 billion USD back home in remittances. This process often takes too long and costs too much, making it a huge pain point for many users. With Dash Text, we are providing real solutions that address real problems. People need easy and cheap ways to send money home, and we’ve done it in a way that expands the Dash ecosystem to those without smartphones! Dash Text offers the perfect solution to ensure that everyone can become part of the Dash family, regardless of what phone people own.”
As the announcement showed, users should send an SMS with the word “DASH” to 22625 followed by another SMS with the word “CREAR” to the same number – in order to create their Dash wallet. Once this is done, they will be able to send and receive Dash via SMS, which is definitely a revolutionary feature given the situation in the country.
Following the announcement, the price of Dash climbed by more than 13% and is trading at 5.
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28 at press time.
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