Despite CEO Claims, Dash Isnt Really the Most Used Crypto in Venezuela

Dash is the most used cryptocurrency in Venezuela, said Ryan Taylor, CEO of Dashpay, as he stood on stage last May during CoinDesks Consensus event.

This statement has been repeated time and again by Dashpay, hinting that crypto is taking off in Venezuelas economy.

But after investigating the true uptake of the crypto in Venezuela, this statement – while bold – isnt quite true.

In 2018, 80 percent of merchants in Venezuela reportedly accepted dash.

Nowadays, the statistic is getting significantly lower following its first audit by Discover Dash, according to Ernesto Contreras, Business Development Manager for Dash Latin America.

They will complete their first audit to registered businesses this week and the total of retailers affiliated to Dash is going to fall, Contreras said.

Indeed, local sources told CoinDesk that only a small number of projects and merchants are actually using dash. For example, Fabiana Arreaza, owner of the startup Chiringuitos, told CoinDesk that customers rarely use the crypto payments option.

Weve been accepting dash for two years. We currently havent received any clients using dash to pay for their events. Theyd rather use bolivares or dollars, she said.

This is true for the wider crypto industry in the country. There are approximately 488 businesses, including many small food startups, that accept cryptocurrency payments in Venezuela, though few businesses actually see traction.

Image: dashcentral.org

Los Costilla, a popular, dash-friendly restaurant, is one example. A representative told CoinDesk they havent accepted any type of cryptocurrency for over a year.

The photo was taken over a year ago, when we did accept the payments with the cryptocurrency. Since then we havent accepted dash. We dont accept any kind of bitcoin, said the restaurant.

Dash Dynamic

Huge Dash billboards can be seen in the main streets of Caracas, and Dash has even given out cellphones with integrated wallets to boost adoption in the country as part of their well-known marketing scheme.

We are surrounded by Dash publicity, said Venezuelan bitcoin user Isabel Pérez.

But its not just shoppers that are being marketed to. Perez recalls how the project Dash Merchant offered Venezuelan retailers on-boarding services.

In one marketing push, the Dash Merchant project collaborated with Dash Venezuelas Ciudad Dash event to recruit affiliated merchants and give $10 worth of dash to attendees.

The results fell flat.

Ive asked a couple retailers that accept dash if they accept crypto, but they dont, Perez said.

This cre ...

Read full story on CoinDesk

Tags: Dash, Venezuela, CoinDesk, Ernesto Contreras, Cryptocurrency, Dash Merchant, Chief executive officer, Ryan Taylor, Dashpay, Germany