Dash, the rising alternative to bitcoin, recently announced a partnership with Wall of Coins that allows users to purchase and sell Dash from a nearby bank or financial services branch. Dash users will now be able to exchange the cryptocurrency at major national banks such as Chase, Bank of America, and Wells Fargo, as well as financial service companies like MoneyGram and Western Union.
This partnership provides the growing number of Dash traders and investors, who currently have to buy Dash from a digital exchange using other cryptocurrencies, with the ability to convert cash to Dash right away. Given the extraordinary rise of Dash this year, with their total market cap swelling from $78 million USD to a record high of $233 million USD, the partnership with Wall of Coins comes at an interesting time.
Says Dash Director of Finance Ryan Taylor: 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.”
Taylor notes that Wall of Coins is supporting Dash’s InstantSend feature, meaning that transactions leveraging the Wall of Coins system will be blazingly fast. Further, he says that it gives the community another way to sell their Dash, often at a premium to the rates available on traditional exchanges.
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.
According to Robert Genito, Project Director at Wall of Coins, Wall of Coins is the first service that allows people to get Dash directly with fiat, 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 to the world. It’s really focused on giving people and business what they truly want: instantly-settled payments, privacy, optional transparency, and the ability to fix problems quickly.”
Dash’s Taylor says that buying or selling at physical locations in a highly secure manner has always been a capability which the Dash community strongly supported. Unfortunately, at Dash’s current scale, that wasn’t likely to happen without direct support for the integration costs. “Wall of Coins was eager to take advantage of this opportunity with little investment risk. It really is a win for everyone involved,” Taylor said.