As part of an international launch, CoinCola, which is based in Hong Kong, has picked Venezuela as their first international market. The exchange is going to enter into a partnership with Dash. The aim is to increase the flow and accessibility of digital currency in the crisis-hit nation.
The history Of CoinCola
The company was launched in March 2017, in Hong Kong. Thus far, it has successfully facilitated thousands of crypto trades since launch. The platform offers over the counter crypto trading and coin-to-coin pair trading. It supports ETH, BTC, LTC, BCH, DASH, and USDT. However, Dash is only supported in Venezuela for now.
The company has maintained a commitment to the idea of cryptocurrency offering transparent monetary policies and the decentralization of money. It is for this reason that the crypto exchange decided to pick Venezuela as the first new market.
Venezuela has been facing a social-economic crisis for a number of years now. One of the major problems they have faced is hyperinflation, which has hit levels of one million percent in recent months. This has made the nation’s national currency worthless.
The government also claims that some businessmen in the nation have initiated economic war on the nations. The nation is also had hit by a food crisis, prices of basic goods are controlled by the government. Food prices can change in days, and this has led to a food crisis. Additionally, the nation’s oil output has dropped sharply. It has dropped production by hundreds of thousands of dollars.
There is also a serious problem in the nation’s health system. The result has been more people failing to get access to medical care and the growth of crime in the nation. The government attempted to launch a national crypto coin. However, most people in the nation do not believe in it. They prefer to use other cryptos to purchase commodities. Dash has proven to be a popular crypto coin in Venezuela.
Dash, via the instant digital cash payment mechanism, has been quite popular in Venezuela. There are more than 400 merchants including grocers, retail outlets, and restaurants that accept crypto.
The Dash Treasury DAO, which is decentralized investment fund, has granted more than $33 million in dash since 2015. By working with Dash, CoinCola hopes to increase the adoption of crypto in the nation by facilitating secure and safe trade at a low cost.
As part of the rollout, CoinCola will hire locals in Venezuela who will build the team in the nation. They will offer various promotional deals during launch for any new users. For Venezuelans, CoinCola will offer a fee of 0.5% for any OTC transaction. Dash trades on CoinCola will be free. Traders in the nation will be able to earn a 50% commission for every trade via the referral program.
With low fees, a user-friendly mobile app and OTC and P2P trading, this exchange wants to bring diversity to the Venezuelan crypto market.