Open source cryptocurrency Dash has introduced an SMS-based cryptocurrency transaction service named ‘Dash Text’ for Venezuelan users. The new service will enable cryptocurrency transactions to be done through text messages or SMS that will not require the users to have smartphones and the internet.
In a statement, the cryptocurrency project stated that the service will eliminate the necessity for the users in the crypto dependent country to own a smartphone and internet access to enable crypto transactions.
The need to possess smartphone and internet connection has been a considerable deterrent for the citizens of the South American country as far as adoption of the cryptocurrency is concerned since a majority of the people can barely afford to own smartphone and internet connection in the country that is grappling with its worst hyperinflation.
The several months of hyperinflation have taken a heavy toll on the country’s currency bolivar, making it useless. Because of this, a large number of Venezuelans have adopted cryptocurrencies as their modes of exchange and transaction.
As per Bradley Zastrow, global head of business development at Dash, Dash Text particularly targets the Venezuelan market that is touted to the company’s largest market.
He added that Venezuelan expats living all over the world send an about USD2 billion in remittances back home and the process of remitting funds is often lengthy and expensive, making it less attractive for many expats.
He stated that Dash Text is developed to provide genuine solutions for the real problems that will enable Venezuelans to remit money easily and in a less expensive manner that too without the use of any smartphone or the Internet.
Knowing that a majority of the residents in the country don’t own smartphone or have Internet access, it developed Dash Text by collaborating with BlockCypher, a cloud-optimized platform that specializes in blockchain solutions, blockchain applications, and blockchain agnostic products.
Presently, Dash Text is in beta testing and it will allow users of Digitel and Movistar, the two biggest telecom service providers in Venezuela, to access Dash services through a simple five-digit shortcode.
To get registered on the cryptocurrency transaction service, users need to send a text message or SMS with the word ‘DASH’ and send the message to 22625, followed by one more message ‘CREAR’ that will create their Dash wallet. After this is done, users can be able to receive and send Dash impeccably through text messages and SMS.
In August this year, Dash teamed up with Venezuela-based mobile phone manufacturer Kripto Mobile in which the mobile phones of Kripto Mobile will come pre-loaded with Dash wallets that will enhance the usage of Dash as a currency.