Dash sees 100% rise in commercial payments through Latin American partnerships

Dash has announced a 104% rise in commercial payments through Q1 2020, along with increased adoption, trading volume and price performance.

Privacy-oriented cryptocurrency Dash has announced its first quarter of 2020 financial report to investors, revealing solid growth in adoption and commercial payments.

According to the report, commercial payments using Dash grew 104% for Q1, helped by a number of partnerships in the Latin American region.

Solid year-over-year growth

During Q1 2020 the number of active Dash wallets installed on mobile devices reached 101,747, representing a 214% increase year-over-year and a 21% increase on the previous quarter.

In the same period, the median number of daily commercial payments using Dash grew to 17,127, a growth of 104% year-over-year.

This growth has been spurred by several partnerships in Latin American countries, notably in Venezuela and Brazil.

As Cointelegraph reported, in January a collaboration with Burger King in Venezuela enabled payments using Dash and other cryptocurrencies. Additionally, thousands of merchants in the country are now accepting Dash thanks to local advocacy programs and a recent integration with MegaSoft point-of-sale terminals.

In Brazil, over 2.5 million merchants can now take Dash as a means of payment through solutions such as ATAR Pay.

Dash price and trading figures also see growth

Dash also performed exceptionally well on price during the period, with appreciation close to 60% making it one of the top performing cryptocurrencies and marking its best quarterly growth since Q4 2017.

Though volatility can be a deterrent for cryptocurrency adoption, Dash Core Group chief marketing officer Fernando Gutierrez felt that the positive trend had helped to encourage the growth in commercial payments:

“Users spend more when the price is going up because they become wealthier, and because they feel they get a better deal. Price-performance probably added more than a few transactions to the general long term trend in day-to-day usage.”

The average daily trading volume on exchanges saw the biggest gains reaching $37 million, which represents a 987% growth on the previous quarter and a 686% growth year-over-year.

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.