As interest in blockchain technology and its potential applications grows, companies involved in this emerging sphere are seeking out new markets to enable them to expand their global reach and increase their user base. Hong Kong-based cryptocurrency exchange CoinCola fits this pattern, as the company has just picked Venezuela for its first new market. In addition, this week CoinCola announced that it will join Dash in a strategic partnership.
What is CoinCola?
CoinCola is a crypto exchange which offers both OTC (over-the-counter) trading and coin-to-coin pair trading. The integrated, user-friendly platform boasts solid security and high speed transactions, combined with low transaction fees. A core aim of CoinCola is ‘to bring much needed accessibility and diversity to the Venezuelan cryptocurrency market,’ according to the firm.
According to CoinCola’s developers, any user around the world can buy and sell bitcoin, ethereum, dash, litecoin, tether and bitcoin cash by using their local fiat currency on the CoinCola OTC Marketplace. Trading is person-to-person, with a secure escrow system in place. Via the CoinCola Exchange, users can accumulate funds in a variety of cryptocurrencies. Bitcoin and Tether act as base currencies, and the list of supported crypto-to-crypto trading pairs is increasing. Access for users on the move is provided by CoinCola’s mobile app.
Dash is an e-commerce and payments-focused digital currency and an alternative to bitcoin. Created in 2014, Dash can be used to purchase from over 3,000 merchants globally, which includes 1,450 in Venezuela. Over 400 ATMs and 90-plus exchanges worldwide are compatible with the currency.
The developers of Dash claim this makes it one of the few secure and viable blockchain-based financial solutions. Transactions are fast and fees are lower than those for standard credit and debit cards. Dash makes use of a unique blockchain mining and treasury system and operates as a form of decentralized autonomous organization.
Strategic Partnership: Mutual Interests
CoinCola will enter into a strategic partnership with Dash, with the aim of increasing the flow of digital currencies in Venezuela and making them accessible to more users. Venezuela’s economic instability – which has decimated the value of the local currency, the bolivar – has been well-documented. This has caused severe shortages of essentials such as food and medicine. As a result, cryptocurrency adoption in the country – especially of Dash – has ramped up as Venezuelans seek greater financial stability and transparency.
Under the deal, CoinCola is set to add the Dash coin to their OTC platform, as well as offering no-fee Dash transactions until October 31st, 2018. There is another incentive for Venezuelan traders in the form of a 50% commission if they complete trades via CoinCola’s ‘Refer a Friend’ program.
CoinCola Founder and CEO Allan Zhang had this to say about the deal with Dash:
“We are the second largest public OTC platform in the world by transaction volume and at this time 95% of total transactions are from Asia. With our partnership with Dash, we will be truly global. We decided to partner with Dash because it is the most efficient digital currency for payments, offers the lowest fees, and provides ‘InstantSend’ technology. Dash represents a strong presence in Venezuela, Latin America, and the rest of the world. We are very selective in with which coins we list to our platform and we are proud to now offer Dash to Venezuelan users.”
A Match Made in Heaven?
CoinCola’s partnership with Dash aims to increase the adoption of cryptocurrencies in Venezuela by making secure, fast and convenient trading available at a low cost. If all goes to plan, this will not merely be mutually beneficial to the two platforms, but could also have a significant positive impact on the lives of ordinary Venezuelans.
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