Dash, privacy focused cryptocurrency, has published upbeat 1Q20 financial results to investors. The report discloses robust growth in commercial payments and worldwide adoption.
As per the report, commercial payments made through Dash increased 104% in Q1, aided by a series of collaboration in the Latin American region.
In the first-quarter of 2020, the aggregate number of active Dash wallets downloaded on smart phones rose to 101,747, up 214% on y-o-y basis and a 21% increase on q-o-q basis.
During the same time span, the average number of daily commercial payments made through Dash increased to 17,127, reflecting an increase of 104% on y-o-y basis.
The growth was aided by multiple collaborations in Latin American nations, mainly in Brazil and Venezuela. Earlier in January, a partnership with Burger King operating in Venezuela paved way for payments using Dash and other altcoins.
Furthermore, thousands of vendors in Venezuela are now accepting Dash as mode of payment, primarily due to domestic promotion programs and embedding with MegaSoft point-of-sale terminals in recent times. In Brazil, more than 2.50 million vendors have started taking Dash as a mode of payment via platforms such as ATAR Pay.
On the price front, Dash performed remarkably well during the time frame, with gains of roughly 60% turning it into one of the best performing cryptos and scoring its top quarterly appreciation since 4Q17.
Even though volatility can act as a drag on cryptocurrency adoption, Fernando Gutierrez, Dash Core Group chief marketing officer, believes that the optimistic view had assisted in fostering an increase 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 in cryptocurrency exchanges recorded a new high of $37 million, mirroring a 987% increase on q-o-q basis and a 686% rise on y-o-y basis.
