RATE Group | Dash cryptocurrency surges in Venezuela as hyperinflation explodes
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Dash cryptocurrency surges in Venezuela as hyperinflation explodes

22 Aug Dash cryptocurrency surges in Venezuela as hyperinflation explodes

Posted at 10:53h in Cryptocurrency News by

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Dash Billboard Venezuela
A Dash billboard in Venezuela.
Ryan Taylor/Dash Core Group

LONDON — Cryptocurrency Dash is seeing a surge in new merchant sign-ups and wallet downloads in Venezuela as hyperinflation in the country runs wild.

Venezuela is forecast to see inflation of as much as 1,000,000% this year, with locals needing stacks and stacks of cash just to buy food. Socialist President Nicolas Maduro last weekend announced a series of measures aimed at stabilizing the economy, including devaluing the bolivar by 95% and pegging it to the state-backed cryptocurrency, the Petro.

However, another, non-state backed cryptocurrency is apparently catching on: Dash.

“We are seeing tens of thousands of wallet downloads from the country each month,” Ryan Taylor, the CEO of the Dash Core Group, told Business Insider. “Earlier this year, Venezuela became our number two market even ahead of China and Russia, which are of course huge…

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