Venezuela is rapidly becoming an exemplar of a socioeconomic basket case. More than a decade of wildly ineffective government policies have left the once prosperous nation in dire straits. CoinCola, a leading crypto exchange, recently announced they would be taking steps to help Venezuelans escape from a broken monetary system with discounted transaction fees and referral rewards on their platform until the end of October.
CoinCola is also adding Dash to their OTC trading platform. Dash has rapidly become a favorite crypto for people in Latin America. CoinCola users will now be able to use their local fiat currency (e.g. bolivar, pesos or euros) to buy and sell Dash.
Dash Core Group CEO Ryan Taylor commented on the new partnership via a press release,
“The adoption of Dash in Latin America has accelerated rapidly in recent months, and I expect to see it grow further through our listing on CoinCola, a leading OTC platform. This integration enables Dash to achieve even greater adoption in Venezuela, offering easy access for users to exchange high volumes more quickly and securely. Dash users in this region are continuously benefiting from a valid alternative to fiat currencies, and this partnership will bring them further into the global economy with a trusted, proven OTC platform.”
CoinCola Taps Into a Growing Market
The Venezuelan government has destroyed a vibrant economy. Today the average Venezuelan has literally no access to basic social services like health care and police protection. Needless to say, in such a dystopian situation, the Venezuelan monetary system shattered many years ago.
In an effort to stem the depreciation on the Venezuelan Bolivar, President Maduro announced recently that the Bolivar would be devalued by 95%+, and pegged to the Petro. Unfortunately for the Venezuelan people, the Petro is likely just another sham. Instead of being backed by hard goods, the Petro is backed by Venezuelan oil reserves, which are essentially worthless under the present circumstances.
The dire state of just about everything in Venezuela is probably part of the reason why cryptocurrency use is on the rise. When compared to their domestic currency options, the fluctuations in crypto prices look very tame. Cryptos are also out of the government’s reach, which is a huge benefit to a population that is being antagonized by a seemingly power-mad quasi-dictator.
There is More to Crypto Than Speculation
While many think that China has been successful in kicking crypto out of the Middle Kingdom, according to CoinCola Founder and CEO Allan Zhang, “
CoinCola is averaging 100,000 transactions every month on our platform. We are the second largest public OTC platform in the world by transaction volume and at this time 95 percent of total transactions are from Asia.”
CoinCola is dedicated to expanding their demographics beyond Asia. Mr. Zhang described the motivations behind his company’s recent expansion,
“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 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.”
New Options for People Everywhere
It is possible that in the future, governments will have to contend with a new decentralized financial system that limits their options to abuse the trust of their population. In the absence of a reliable form of money, it is almost impossible to create a functioning, modern economy.
CoinCola looks like they are on the leading edge of offering economically marginalized new opportunities. To help the population of Venezuela, and Latin America, gain access to their platform, they will be launching a new version of their app that features a Spanish interface.