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410% increase in Dash wallets adoption in Venezuela

By Rafał - 2019-12-11

Dash project has seen a 410% increase in Android devices using the Dash Wallet in Venezuela from May to November of this year, supporting a continuing trend that Dash is seeing continued growth in real-world usage in the region. Venezuela has been suffering from hyperinflation and economic turmoil in the country and crypto currencies arrive as a great solution to solve these major problems.

According to data pulled from the Google Play Store active device statistics, active Dash wallets in Venezuela continue to grow month after month, representing a total increase of 410% this year alone. These numbers tend to indicate actual activity since the data only counts devices that have had their wallet online within the past 30 days. This increase from 7,587 active wallets to 39,759 active wallets over seven months provides strong evidence for a sustained growth trend in popularity in Venezuela. The growth of Dash has been a relatively steady trend as consumers and merchants look for usable alternatives to the bolivar. Strong adoption progress was made possible by the Dash treasury’s initial investment

Today, consumer and merchant adoption in Venezuela has begun to demonstrate network growth effects. Last year and the first half of this year, much adoption growth in the region, for consumers and merchants, can be traced to community outreach initiatives, many of which were funded by Dash’s treasury. However, with limited funding due to the bear market few teams in the region are currently funded, while growth in Dash’s user base has continued regardless. In order to sustain wide use of a currency and payment system such as Dash, fast and inexpensive transactions are required, as well as infrastructure such as point-of-sale systems and significant merchant adoption. This is where Venezuela find all the benefits to use the crypto currencies.