CoinCola, a Hong Kong-based cryptocurrency exchange, has resolved to launch in Venezuela to reshape its cryptocurrency atmosphere. Admirably, CoinCola prides on having an over-the-counter (OTC), peer-to-peer virtual currency platform, which guarantees topnotch services. Moreover, CoinCola allows traders to use fiat currencies to buy and sell Bitcoin (BTC). Apart from the decision to launch in Venezuela, CoinCola has concluded all the necessary arrangements to partner with Dash (DASH); in order to encourage liquidity and accessibility in Venezuela. Elsewhere, the coin allows users to buy and sell Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Bitcoin Cash (BCH) and Tether (USDT). It also allows one-on-one trading that is completed through a secure escrow mechanism.
CoinCola’s Plans for Venezuela
According to the strategic partnership, CoinCola will catalog DASH coin on its platform. With that, the exchange will offer fee-less trading for all Dash transactions from now to the end of October, 2018. In addition, CoinCola is giving Venezuelans the opportunity to earn up to 50% commission for all trades that they complete through their reward program called the CoinCola Refer a Friend program. Additionally, the coin will offer competitive fees, OTC and coin-to-coin pair trading, and more incentives to Venezuelans. With those incentives, CoinCola hopes to increase liquidity and diversity to the Venezuelan cryptocurrency market.
Dash Efforts So Far
Indeed, Dash has made significant inroads on the Latin American country through its instant digital payment mechanism. Looking at the Dash team’s efforts so far, they have established a growing presence in the economically troubled South American country with over 1,450 merchants across it. Impressively, Dash’s presence exists in retail outlets, restaurants, and grocery stores. The company has used its “Dash Treasury DAO,” a decentralized investment fund, to make an impact by giving $33M USD worth of the cryptocurrency since 2015. With its move to Venezuela, CoinCola aims to improve the adoption of Dash countrywide through the facilitation of secure, safe, and low-cost trading.
Economic Woes in Venezuela
Today, the Venezuelan economy has become a shadow of itself due to the decades-long tradition of electing socialist governments. It also does not help that the international community is imposing sanctions on the country. The economy has dwindled, leading to an economic disaster of unprecedented proportions. To add insult to injury, ordinary Venezuelans lack basic amenities, food, and medicine. As the country turns to cryptocurrency to address its economic morass, DASH demand has soared. Cryptocurrency is increasingly playing a prominent role in the country as the value of the local currency depreciates to an all-time low. However, CoinCola and other virtual currencies could be the way out as the country looks forward to a more transparent and stable means of exchanging and storing capital.
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