Privacy-oriented cryptocurrency Dash made an important announcement that has excited its community. The crypto announced its Q1 2020 financial report to its investors, which revealed that it enjoyed significant growth in commercial payments and adoption.
Based on the same report, commercial payments using Dash increased by 104% for the quarter. That growth was helped by several partnerships that the company initiated in the Latin America area.
Excellent Year-Over-Year Growth
In the first quarter of 2020, the number of active Dash wallets that got installed on mobile devices reached 101,747. That number represents a 214% increase year-over-year and a 21% increased when compared to the previous quarter.
During the same time, the median number of daily commercial payments using Dash crypto increased to 17,127, which is a growth of 104% year-over-year. The growth has been spurred by many partnerships initiated in the Latin American countries, especially Brazil and Venezuela.
According to previous reports from January, a collaboration between Dash and Burger King in Venezuela enabled the retailer to accept Dash and other crypto payments. Also, many merchants in the country are now accepting Dash as a result of local advocacy programs and a recent integration with multiple MegaSoft point-of-sale terminals.
Turning to Brazil, at least 2.5 million merchants can now take Dash as a form of payment via solutions like the ATAR Pay.
Dash Price Rises
In the same period, Dash performed excellently based on its price, which appreciated nearly 60%. That increase in price made Dash rank among the top-performing cryptos and marked its best growth in one quarter since Q4 2017.
Although high volatility is a significant hindrance to crypto adoption, Fernando Gutierrez, the Dash Core Group chief marketing officer, said that the positive trend had assisted in encouraging the growth realized 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 various exchanges saw the most significant gains that reached $37 million. That amount represents a 987% growth on the previous quarter and a 686% growth year-over-year. Thus, with more use cases appearing around the world for various cryptos, mass adoption may be near that anticipated.