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Dash partners with Wall of Coins to facilitate cryptocurrency exchange for cash
Dash, the third most valued cryptocurrency by market cap, has partnered with Wall of Coins that allows people to buy and sell Dash from a nearby bank or financial services branch.
With this partnership, users will now be able to exchange Dash at major national banks such as Chase, Bank of America, and Wells Fargo, as well as financial service companies like MoneyGram and Western Union, the release said. The growing number of Dash traders and investors, who currently have to buy Dash from a digital exchange using other cryptocurrencies, would now be able to convert cash to Dash near immediately.
“One of the biggest barriers for consumers getting into a new cryptocurrency like Dash is obtaining their first coins. With most services, there is a lot of friction involved. You need to sign up for an account, verify your identity, wait for account approvals, and transfer funds from a bank account. The entire process can take days. Wall of Coins makes this process much simpler, and allows users to purchase Dash immediately at tens of thousands of physical locations in twelve countries. And since Wall of Coins is supporting our InstantSend feature, transactions leveraging the Wall of Coins system will be blazingly fast. It also gives the community another way to sell their Dash, often at a premium to the rates available on traditional exchanges”, Dash Director of Finance Ryan Taylor said.
Wall of Coins is a web-based platform that allows users to buy Bitcoin and Dash with cash, or sell Bitcoin and Dash for cash, in a peer-to-peer manner. Through an easy step-by-step process on the Wall of Coins website, customers are instructed to deposit cash at a local financial institution, and in a matter of minutes, receive Dash or Bitcoin directly to a software wallet of their choice. They can then sell their cryptocurrency holdings to Wall of Coins, and withdraw the corresponding cash value at their closest financial institution.
“We have become the first service to let people get Dash directly with paper money, and by far the fastest marketplace for it. It took us a little while, but we realized why Dash was so important in this industry; it truly is a great gift to the world. Although Bitcoin purists had immediately disregarded it and gave me pressure for talking positively about the protocol, Dash is really focused on giving people and business what they truly want: instantly-settled payments, privacy, optional transparency, and the ability to fix problems quickly”, Robert Genito, Project Director at Wall of Coins said.
Through its unique governance, voting and treasury model, Dash funded the integration with Wall of Coins.
“Buying or selling Dash at physical locations in a highly secure manner has always been a capability which the community strongly supported. At our current scale, though, that wasn’t likely to happen without direct support for the integration costs. Dash’s budgeting system essentially allows the entire community to share the costs to proactively develop our ecosystem, which ultimately leads to more usefulness and a higher price. At the same time, Wall of Coins was eager to take advantage of this opportunity to grow their business with little investment risk. It really is a win for everyone involved,” Taylor said.
With the Dash network recording historic gains in value and trading volume, and the bitcoin transaction settlements remaining sluggish, Wall of Coins expects more and more investors to make the switch.
“Dash itself has raised the bar to what everyone wants: instant transactions. If you want to compete, you will have to be instant. The funds can be guaranteed to confirm when using Dash, instead of waiting for the Bitcoin blockchain to catch up. We do see customer satisfaction improving greatly, as customers are not very happy that the Bitcoin network can not give them reliable and consistent expectations. Customers want to know what to expect—they want a guarantee. When Bitcoin can not supply that, neither can we. I know that customers are going to be much more satisfied using Dash. This includes all cryptocurrency users,” Genito said.