Dash Surges Amid Tether Effect, Launches Text-Based Crypto Payments in Venezuela

While Tether loses its peg against the US Dollar, Dash price is surging. Another positive news is that the startup is launching Dash Text – text-based crypto payment service in Venezuela.

Photo: DASH / Twitter

Photo: DASH / Twitter

The crypto market is well-known for its volatility and its extreme vulnerability to internal and external factors. This time we are speaking about the influence which Tether showed over the Dash prices.

As it has become known, on Sunday, Dash managed to gain 13% against the US Dollar while the value of Tether (USDT) stablecoin, which pegged to USD, decreased by more than 4%.

Yesterday Dash reached a mark of $172.68 per coin, nevertheless, at the press time, Dash is traded for $166 and is experiencing a near-term bearish correction having lost nearly 0.20 percent over the last hour.

Tether Effect

Over the previous 24 hours, a quarter of the total trading volume of Dash was secured by the funds coming from a Tether-enabled market as a great number of traders took a decision to exchange their USDT holdings to other coins. Their decision is explained by the fact that once again the USD-pegged stablecoin had lost its positions against fiat.

Earlier, the crypto market has already experienced a similar situation when USDT dropped towards 85% and top coins, including Cardano, Litecoin and Bitcoin Cash went up.

Dash is considered to be a rather safe and reliable variant for traders who want to find an alternative to their unstable USDT holdings. Tether effect has found its reflection on Dash market cap, having boosted it from $1.30 billion to nearly $1.40 billion, nevertheless, experts expect some correction to balance the current upside with a downside.

Crypto Payment Service

Nevertheless, the changes in Dash price is not the only thing which draws attention to this crypto project at the moment.

The news is that the startup is launching an SMS-based cryptocurrency transaction service for Venezuelan users called Dash Text. Traditionally, having a smartphone and internet access was one of the conditions for making crypto payments.

Nevertheless, in such an impoverished country as Venezuela that is under a strong influence of hyperinflation it was a real barrier which prevented people from conducting crypto transactions. Now, thanks to Dash Text operations with crypto are available even without mobile internet access.

Commenting their new initiative, Bradley Zastrow, Global Head of Business Development at Dash Core, stated:

“Venezuelans living abroad send an estimated $2 billion USD back home in remittances. This process often takes too long and costs too much, making it a huge pain point for many users. With Dash Text, we are providing real solutions that address real problems. People need easy and cheap ways to send money home, and we’ve done it in a way that expands the Dash ecosystem to those without smartphones! Dash Text offers the perfect solution to ensure that everyone can become part of the Dash family, regardless of what phone people own.”

Dash Text solution was designed in cooperation BlockCypher. In beta testing, it will be available only for subscribers of the largest providers in the country – Movistar and Digitel – via a simple five-digit shortcode. Though SMS users will be able to create their Dash wallets, as well as send and receive Dash seamlessly.

We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. Views expressed in the comments do not represent those of Coinspeaker Ltd.