SpectroCoin, a bitcoin exchange and wallet, announced last week that it will be extending its cryptocurrency availability by adding Dash to its services. This will include a Dash wallet, exchange, debit card and a Dash-to-fiat payment gateway for merchants. Dash, the sixth largest cryptocurrency by market capitalization, will be fully integrated with SpectroCoin by August.
Vytautas Karalevičius, SpectroCoin CEO and co-founder, said: “Dash was chosen to be a first, because we consider it to be one of the top cryptocurrencies by usage for actual payments.”
According to head of finance at Dash, Ryan Taylor, the limit on InstantSend, which is the re-branded moniker of Dash’s InstantX capability that allows for near-instant transactions, is 2,000 dash – roughly $17,000.
Taylor remarked: “You could enjoy the speed of InstantSend on all but the largest transactions … and the rare few that might exceed that threshold would still be four times faster than Bitcoin.”
Founder of Dash, Evan Duffield commented: “We’re quite pleased to see some ahead-of-the-curve businesses fully utilizing our technology to do things like offering the ability to earn interest like a checking account or pay for anything online using a standard credit card,”
The e-wallet and exchange are supported in over 150 countries and offers more than 20 methods for depositing and withdrawing funds, which consists of bank transfers and credit cards. The inclusion of Dash will open up the cryptocurrency in the same ways as bitcoin currently enjoys. The Dash debit card will also allow the spending of Dash anywhere where Visa or MasterCard is accepted.
Additionally, the Dash merchant solution will allow shops to accept Dash and settle transactions in fiat currencies (including euros, dollars, pounds and others) through SpectroCoin’s merchant API and various shopping cart plugins. This will function in the same way the company currently accepts bitcoin payments.
SpectroCoin will also be running their own masternodes — an incentivized second tier of nodes operating in the Dash blockchain network — to offer proof-of-service consensus. Dash enthusiasts willing to use SpectroCoin cards can order a debit card before Dash integration is live as Dash will work with the company’s current cards.
Karalevičius added: “We will be sharing the reward from this service with clients storing Dash at SpectroCoin wallet. Users will be able to spend their holdings from the first day of Dash integration,”