Dash Partners with Wall of Coins to Simplify Exchanging Cryptocurrency for Cash
Altcoin Dash has announced a partnership with Wall of Coins that will allow people to buy and sell dash from nearby banks or financial service branches. Dash users will now be able to exchange the cryptocurrency at major national banks such as Chase, Bank of America, and Wells Fargo, as well as financial service companies like MoneyGram and Western Union. Currently the third largest cryptocurrency, its total market cap has risen sharply from $78 million USD to a record high of $233 million USD this year.
Ryan Taylor, Director of Finance at Dash, said: “One of the biggest barriers for consumers getting into a new cryptocurrency like dash is obtaining their first coins. With most services, there is a lot of friction involved. You need to sign up for an account, verify your identity, wait for account approvals, and transfer funds from a bank account. The entire process can take days. Wall of Coins makes this process much simpler, and allows users to purchase dash immediately at tens of thousands of physical locations in twelve countries. And since Wall of Coins is supporting our InstantSend feature, transactions leveraging the Wall of Coins system will be blazingly fast. It also gives the community another way to sell their dash, often at a premium to the rates available on traditional exchanges.”
Wall of Coins is a web based platform that allows users to buy bitcoin and dash with cash, or sell bitcoin and dash for cash, in a peer-to-peer manner. Through a step-by-step process on its website, customers are instructed to deposit cash at a local financial institution, and in a few minutes, receive dash or bitcoin directly to a software wallet of their choice. They can then sell their cryptocurrency holdings to Wall of Coins, and withdraw the corresponding cash value at their closest financial institution. In addition, all of its services are offered through an API, allowing developers to build additional services on top of the platform. Dash funded the integration with Wall of Coins through its governance, voting and treasury model.
Project Director at Wall of Coins, Robert Genito remarked: “We have become the first service to let people get dash directly with paper money, and by far the fastest marketplace for it. It took us a little while, but we realized why Dash was so important in this industry; it truly is a great gift to the world. Although bitcoin purists had immediately disregarded it and gave me pressure for talking positively about the protocol, Dash is really focused on giving people and business what they truly want: instantly-settled payments, privacy, optional transparency, and the ability to fix problems quickly.”
Albert Arellanes, Wall of Coins CMO, commented: “The biggest advantages to using Wall of Coins are privacy and speed without compromising safety. These are our absolute priorities. For example, it’s safe: other services put you at risk meeting strangers where you could get robbed or scammed. We know that this is completely irresponsible for peer-to-peer marketplace services to put their customers at risk. We always keep our customers safe. Even today you continue to hear countless cases of buyers and sellers getting scammed—or even harmed physically—using other services like Local Bitcoins, Paxful and Bitquick. No one has ever been scammed or harmed using Wall of Coins, and we are very proud of that.”
Taylor continued: “Buying or selling dash at physical locations in a highly secure manner has always been a capability which the community strongly supported. At our current scale, though, that wasn’t likely to happen without direct support for the integration costs. Dash’s budgeting system essentially allows the entire community to share the costs to proactively develop our ecosystem, which ultimately leads to more usefulness and a higher price. At the same time, Wall of Coins was eager to take advantage of this opportunity to grow their business with little investment risk. It really is a win for everyone involved,”
Genito added: “Dash itself has raised the bar to what everyone wants: instant transactions. If you want to compete, you will have to be instant. The funds can be guaranteed to confirm when using dash, instead of waiting for the bitcoin blockchain to catch up. We do see customer satisfaction improving greatly, as customers are not very happy that the bitcoin network can not give them reliable and consistent expectations. Customers want to know what to expect—they want a guarantee. When bitcoin can not supply that, neither can we. I know that customers are going to be much more satisfied using dash. This includes all cryptocurrency users,”