More than 800 stores accept Dash in the country, which occupies first place worldwide. The oil-producing nation concentrates 30% of the total Dash Android wallets.

The current economic crisis in Venezuela is forcing many people to seek new payment methods such as Dash, in view of the devaluation of the bolivar. Since 2018, this cryptocurrency has shown evidence of growth in the country with advertising, marketing and the activation of various independent groups encouraging its use.

Initiatives such as Dash Maracaibo, Dash Costas de Aragua, Dash Latam, Dash Venezuela, Dash Maracay and Dash Cabimas, are some of the groups, funded in part by Dash’s treasury, that operate in Caracas and other cities to execute projects and promote greater adoption of Dash and cryptocurrencies in general.

According to, there are over 800 businesses processing transactions with this cryptocurrency, which places Venezuela above the United States, Colombia, Austria, France, Nigeria and Germany, among others. It is also striking that Venezuela concentrates around 30% of the total Dash Android wallets.

Measuring the number of wallets and businesses that accepted the cryptocurrency at the beginning of 2018, it was found that Dash had virtually no presence in Venezuela. However, since August 2019 the country has accounted for about 30% of Dash Android wallets worldwide.

Ernesto Contreras, business development manager of Dash Core Group in Latin America, explained that the crypto world is paying attention to Venezuela. Although its economic and geopolitical situation is complicated, cryptocurrencies have proved to have the potential to solve several of the problems of the country.

Funding System

The national deployment of the groups is partially financed by Dash’s treasury, a fund to which 10% of the mining reward of this cryptocurrency is allocated. To access resources and commit them to projects, advertising, events or marketing, enthusiasts must submit a proposal at and receive their approval.

The approval comes from the operators of the master nodes, who have voting power in their governance system through the Proof-of-Stake (PoS) protocol. In this way, different initiatives have been born worldwide, as well as in Venezuela.

This mechanism has allowed creating groups from Valencia, in the center of the country, to western Venezuela. That is the case of Dash Maracaibo, which is based in Zulia state, about 435 miles west of Caracas.

The region is the most affected by the crisis, with electricity rationing of 12 hours a day, as well as shortage of cash, fuel and medicines. However, it is an opportunity to take advantage of a greater adoption of Dash, regardless of the fact that it is not so simple.

Joney Castellanos, of Dash Maracaibo, said that it is necessary to explain to users how to register on an exchange platform, place the data or find who has a price. Dash Maracaibo’s work goes to the level of convincing them of why it is much more practical to use cryptocurrencies.

Among the aspects that hinder the expansion of Dash is that most cryptocurrency-related contents are in English. For this reason, the groups try to deliver as much information in Spanish as possible to explain their governance system. Another obstacle is telecommunications and low internet speed.

This is the case on the coasts of Aragua state, where the telephone signal is intermittent and the Internet connectivity is a daily problem, according to Ysidro Valero, of the Dash Costas de Aragua group. However, this has not prevented the holding of talks and events with dozens of people interested in Dash.

By Willmen Blanco


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