Cryptos are on the rise and a part of the rally has been linked to the launch of Sprint on Venezuelan smartphones
- Cryptocurrencies are rising across the board as Bitcoin pushes back to $ 7,000.
- Profits among the big cryptos have been led by the Dash coin as the cryptocurrency makes a foray into Venezuela.
- Ryan Taylor, CEO of Dash, told Business Insider that user growth is increasing rapidly amid the collapse of Venezeula’s currency, the bolivar.
Cryptocurrencies are having a good week.
There has been general demand and Bitcoin is advancing towards $ 7,000 for the first time in three weeks.
While most of the big coins are pushing up, certain coins on the larger end of the market have led the gains.
Notable: Dash is up more than 20%, China-based NEO is up around 17%, and IOTA coins is up more than 10%.
In particular, recent developments surrounding Dash have caught the market’s attention, with the currency advancing as an alternative transaction platform in troubled Venezuala.
Early in the morning, Dash rose to nearly $ 200 before retiring:
To put those gains into context, it was a pretty tough year for Dash, rising above $ 1,000 in December last year amid the height of the crypto madness.
Last Monday, Venezuela devalued its currency, the bolivar, by 95% and pegged it to the state-owned oil-linked crypto called Petro. The country is on track for annual inflation growth of 1,000,000% (no typo).
Amid the collapse of the bolivar, Venezuelans are increasingly turning to cryptocurrency as a viable payment method, and Dash has been at the forefront of that transition.
A Business Insider report last week showed that Dash is currently registering more than 200 vendors per month in Venezuela, including brand names like Subway and Calvin Klein.
The latest surge could be due to news of a partnership between Dash and Kripto Mobile Corporation (KRIP), a South American brand for cryptocurrency-enabled mobile smartphones.
Ryan Taylor, CEO of Dash, told Business Insider that monthly user growth will climb to 10,000.
“Through our partnership with Kripto, all of the components required to use Dash are preinstalled on the phones of 10,000 new Venezuelan consumers each month,” said Taylor.
The KRIP phones have a “Dash wallet to store Dash, services to retrieve Dash and the Bitrefill app to enable spending on various services”.
“This complements the 1,000+ retailers that Dash are already accepting in Venezuela and really addresses the chicken and egg problem of attracting both consumers and retailers to our growing ecosystem,” he said.
Elsewhere in the crypto markets, the IOTA coin – the 10th largest crypto brand in the world by market cap – rose by as much as 20%, according to a report from Japanese IT giant Fujitsu that would incorporate IOTA’s blockchain technology into its manufacturing supply chain .
Bitcoin and the broader crypto market hit the water for most of August after BTC topped the $ 8,000 mark in late July.
Since then, the markets have struggled for traction – largely due to the continued refusal by U.S. regulators to accept a Bitcoin Exchange Traded Fund (ETF).
However, recent developments are evidence that new innovation partnerships still exist in the industry as the crypto market continues to mature.
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