Dash has announced an integration with BitINKA, which provides citizens across Central and South America with access to buy and sell Dash using their local fiat currency. The South American-based exchange, which works with 35 banks across 12 countries, will allow greater access to Dash in Latin America, particularly valuable in countries suffering from economic turmoil.
According to the Finance and Economic Development Permanent Parliamentary Committee of Venezuela, inflation has reached a record 1,370% for 2017 and 56.7% for November. Argentina concurrently is at 21% inflation for November. The integration of Dash onto BitINKA is hoped to provide citizens of Latin American countries a decentralized alternative to government-issued banknotes, complete with InstantSend functionality and secure, near fee-free transactions.
CEO of Dash Core, Ryan Taylor commented: “There are tremendous benefits to the increasing use of digital currencies to developing countries. Transaction fees on the Dash network are incredibly low compared with other digital financial services. Even small amounts of transaction savings can make a real difference to the economies of developing markets. More importantly, developing countries are frequently burdened with some of the highest rates of inflation. So far, digital currencies like Dash have proven to be a superior store of value compared with consistently devaluing national currencies. Combined, this stability can provide significant benefits to users and the economy as a whole to improve lives. As Dash continues to grow in relevance throughout the region, we think BitINKA can offer much needed access for users. We plan to continue exploring new ways for Dash and BitINKA to collaborate further across the full suite of services BitINKA offers.”
Currently experiencing record highs in value, liquidity and global demand, Dash has established itself as a digital currency for payments, as well as a viable financial alternative for of unbanked and underbanked people across the world.
CEO of BitINKA, Roger Benites said, “The global demand for cryptocurrencies is exploding. BitINKA has received an overwhelming demand for Dash. Dash’s InstantSend transactions and low fees will be beneficial for users moving cryptocurrencies into and from our platform. We are working towards bringing this technology to all Latin Americans, and our partnership with Dash will do just that. Now, we are heading to conquer Europe and Asia. We have been working in this regions for quite some time but now we have everything prepared to go big – really big. We will be adding a lot of improvements and disruptive features to our platform. 2018 will be a great year for BitINKA.”
Director of Global Business Development of Dash Core, Bradley Zastrow stated: “The exciting part for me is the opportunity to make a real positive difference in the lives of everyday people. The remittance market into South America is huge – Brazil and Colombia alone are estimated to reach $8.2 billion in 2017 according to the latest forecasts from the World Bank. Yet these payments are often attached to high fees, less than favorable exchange rates, and long wait times. We have seen the negative impacts high inflation can have on people and entire economies. Dash offers solutions to both these issues through its low transaction fees, InstantSend functionality, and its historically strong store of value.”
As part of this integration, BitINKA is adding Dash to its cross border payments and remittance platform, InkaPay, as well as its cryptocurrency powered debit card service. Customers will be able to be paid in Dash and immediately convert into other digital currencies, and from the 25th of January, top up BitINKA debit cards with Dash.
Fernando Gutierrez, Head of Legal of Dash Core, remarked: “BitINKA is making it possible to use Dash with local currencies that previously did not have direct access. Latin America is especially important for us because many its countries tend to have weak currencies, and people are increasingly aware of the importance of access to digital currency.”