CoinCola, a Hong Kong-based crypto exchange has decided to enter the Venezuela market. The exchange has also announced to enter into a strategic partnership with Dash. This decision was taken with the intention of increasing the accessibility and flow of digital currencies in Venezuela.
The CoinCola exchange which was launched in March 2017 has facilitated thousands of cryptocurrency trades ever since its launch. The exchange platform offers both coin-to-coin trading and over-the-counter (OTC) trading. It supports ETH, BTC, LTC, BCH, USDT and DASH. Presently, the exchange only supports DASH in Venezuela.
CoinCola always believed that virtual currencies are the key to provide a decentralized system of money and also provide transparent monetary policies. Keeping this in mind, the exchange has chosen Venezuela as their first new market.
Crypto exchange CoinCola intends to increase the adoption of other cryptocurrencies in Venezuela, apart from Dash. It intends to achieve this by facilitating the safe and secure trading of cryptocurrencies at a low cost. CoinCola has hired local citizens to build their team in Venezuela, as part of this new roll out in the country. The exchange is also offering a number of promotional deals for new users during the launch period.
Due to the prevailing rapid inflation rate in Venezuela, the national currency has been rendered almost worthless. The outcome is that the citizens are facing a severe shortage of amenities such as food and medicine. Recently, the adoption of cryptocurrency in the country, especially Dash seems to have surged, as Venezuela is looking for a more stable and transparent means of exchanging and storing capital.
CoinCola has decided to offer a fee of 0.5 percent for OTC transactions exclusively for Venezuelan users. It has also announced that Dash trades on the CoinCola OTC will be completely free. Also, traders have the opportunity to earn a 50 percent commission for each trade through the CoinCola referral program, as stated in the Daily Hodl report.
Prior to crypto exchange CoinCola’s decision to partner with Dash in the Venezuelan market, the government had also attempted to seek solutions by implementing the local Venezuela cryptocurrency, the Petro. However, people are questioning its legitimacy and wealth distribution. On the other hand, Dash as a decentralized and independent cryptocurrency is able to give the Venezuelans the solutions that they are presently in need of, as mentioned in the Dash Force News report.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]