As part of their international launch, CoinCola – a Hong Kong-based cryptocurrency exchange – has chosen Venezuela as their first new market. The exchange will also enter a strategic partnership with Dash in a bid to increase flow and accessibility of digital currencies in the Latin American country.
CoinCola first launched in March 2017 in Hong Kong and has facilitated thousands of cryptocurrency trades since launch. The platform offers both OTC (over-the-counter) cryptocurrency trading and coin-to-coin pair trading, and supports BTC, ETH, BCH, LTC, USDT and DASH (Venezuela only for now).
The company has always maintained a commitment to the idea that digital currencies can help to provide transparent monetary policies and a decentralized system of money. It was with this in mind, that CoinCola decided to choose Venezuela as their first new market.
Venezuela’s rapid rate of inflation has rendered the national currency almost worthless, with citizens facing severe shortages of amenities such as food and medicine. Cryptocurrency adoption in Venezuela – Dash in particular – has surged as the country looks towards a more transparent and stable means of storing and exchanging capital.
Dash, through its instant digital cash payment mechanism, has established a growing presence in Venezuela with over 400 merchants including grocers, restaurants and retail outlets accepting the cryptocurrency. The organisation’s ‘Dash Treasury DAO’ – a decentralized investment fund – has granted over $33 million-worth of dash since 2015. Together with Dash, CoinCola is aiming to increase the adoption of cryptocurrencies in Venezuela by facilitating safe and secure trading at a low cost.
As part of their roll out in Venezuela, CoinCola has hired local citizens to build out their team in Venezuela. They are also offering a number of promotional deals during the launch period for new users.
For Venezuelan users only, CoinCola will offer a fee of 0.5% for OTC transactions (one of the lowest fees on the market). Dash trades on the CoinCola OTC will be completely free. Venezuelan traders can also earn 50% commission for each trade thorugh the CoinCola referral program.
With an easy-to-use, mobile app, low fees and OTC plus P2P trading options, CoinCola is aiming to bring much needed accessibility and diversity to the Venezuelan cryptocurrency market.
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