Hong Kong based cryptocurrency exchange CoinCola is taking its global expansion campaign seriously and as a result, has partnered with Dash to enter the Venezuelan crypto market through multiple promotional deals running from Oct. 1 to Dec. 31. The cryptocurrency exchange partnered with Dash because of the cryptocurrency’s large footprint in the Venezuelan crypto market.
A Strategic Partnership
Allan Zhang, founder, and CEO of CoinCola, claimed that the exchange processes more than 100,000 transactions on a monthly basis. Zhang said:
“CoinCola is averaging 100,000 transactions every month on our platform. We are the second largest public OTC platform in the world by transaction volume and this time 95% of total transactions are from Asia. With our partnership with Dash, we will be truly global. We decided to partners with Dash because it is the most efficient digital currency for payments, offers the lowest fees, and provides ‘InstantSend’ technology.”
CoinCola is charging a 0-percent trading fee on over-the-counter (OTC) transactions involving Dash, while a 0.5-percent trading fee will be charged on OTC transactions involving BTC, USDT, BCH, and LTC. The promotional period runs from Oct. 1 up to Oct. 31. Until Dec. 31, CoinCola users will earn a 30-percent commission reward on each transaction made via the exchange’s referral program.
Dash is one of the most popular cryptocurrencies in Venezuela and is accepted at over 1,500 merchants, accounting for more than half of the total global Dash merchants.
The partnership comes at a time when the South American country is ravaged by an economic crisis that has caused food shortages, poor health care, and low oil production, among others. The country’s currency no longer functions as a stable store of value because of hyperinflation. As such, many residents are turning to cryptos, particularly Dash.
Dash was forked from Bitcoin protocol that allows untraceable conditions. According to CoinMarketCap, Dash is trading at $164.47 at press time. On Dec. 21, 2017, Dash peaked at $1.517 but has fallen sharply since the beginning of the year.
Dash has had a good year, at least where partnerships are concerned. In January and February, the exchange signed multiple integrations and partnerships with start-ups, which include BitINKA, Bitcoin.vn, Bitnovo, GoCoin, Piiko, StrikePay, Mercury Dash, MorphToken, and Webmoney.
Dash partnered with CoinFlipATM and Tradecore, a software firm, in July. In August, Dash experienced a 23-percent surge in 24 hours after it announced a partnership with Kripto Mobile as it expanded into Latin America. Dash also partnered with FuzeX in September. The partnership allows people to spend their Dash using a Dash debit card.