Dash went to Twitter on December 12 to announce that the Dash cryptocurrency started being accepted as a new method of payment in ten Church’s Chicken locations in Venezuela.
According to the announcement, Customers of the local church chicken franchise in Venezuela can now order food and opt for Dash to settle their orders, by scanning a QR code with the customer’s wallet and total order amount, use their Dash wallet to send the funds then wait for confirmation.
A Giant Fast Food Franchise Embraces Dash Payments
This announcement is a watershed moment for cryptocurrencies adoption as a viable method to pay for goods and services, taking into account that Church’s Chicken is one of the biggest fast-food franchises in the world.
According to its official website, with over 1650 locations in 29 states in the USA, and 23 global markets, the San Antonio founded, and Atlanta headquartered franchise, is undeniably one of the largest chicken restaurants in the world, besides being the fourth by revenue in the US behind giant KFC, Chick-fil-A and Popeye’s.
Commenting the announcement, the General Manager of Church’s Chicken Venezuela Orlando Gustavo said to Dash News:
“The Dash Venezuela and Dash Core Group teams have been instrumental in helping us adapt our payment systems, staff training, and providing counsel on all essential internal and legal processes for this integration, helping us become a global pioneer franchise in terms of accepting cryptocurrencies as a payment method. This integration was the result of our trust in Dash and its role as a growth agent in this new financial world, a system which can be successful in any market across any number of different industries.”
Dash Standing Still in a Bear Market
Dash outperformed most cryptocurrencies in terms of merchant adoption in Latin America and especially Venezuela, despite a downtrend that saw price depreciations nearing 90% for most digital assets.
In Venezuela, locals seem to be turning to cryptocurrencies as a more stable means to transact and store value, on grounds of a hyperinflation running wild in the socialist country.
As of December 2018, most of the initiatives put forth by the government seem to have failed to stabilize the economy, and the Bolivar 95%+ devaluation measure, plunged millions into poverty and induced an unprecedented wave of refugees to neighboring countries.
In the midst of this, Dash managed to gain the support of around 2500 merchants in Venezuela according to Dash Discover, and the company is reporting a steady increase in new merchant sign-ups and wallet downloads every week.
Other Brand names that have signed up to accept Dash payments in Venezuela include Subway and Calvin Klein.
In fact, Dash proved suited to act as the closet form to Digital Cash, with its low transaction fee structure in the order of pennies, and its confirmation times in the order of seconds with the InstantSend exclusive feature.
Besides, the fact that the Dash treasury has helped finance projects on the ground helped raise its popularity and legitimacy among Venezuelans.
It is worth mentioning that 10% of new mined block reward, goes into the treasury fund aimed at financing projects that would expand and profit the Dash ecosystem.