KFC in Venezuela is now accepting payments using the cryptocurrency Dash, starting this week. Many fast-food chains such as Subway and Papa John’s in Venezuela, are already accepting payments in cryptocurrency. Alejandro Echeverría, the co-founder of Dash Merchant Venezuela and Dash Text, says that there are already 2,445 merchants in Venezuela that accept Dash.
Forbes reported that KFC will initially start the program at the Venezuelan capital of Caracas. In future, KFC will expand the program to its other 24 locations across the nation.
To promote widespread adoption of Dash in the socialist South American country, Alejandro Echeverría has been working with KFC for the past three months.
The Growing ‘Dash Movement’
Echeverría said, “First it was food trucks and small family businesses that started to adopt Dash for payments. Now we’re attracting more established businesses.”
In November 2018, Dash Text was launched. Dash Text is an SMS-based cryptocurrency transaction service that doesn’t require a smartphone or the internet. This facility is particularly useful in poverty-stricken Venezuela, where 60% of the population don’t own a smartphone and have limited internet connectivity.
To advance the adoption of cryptocurrency in Venezuela, the organization Dash Merchant Venezuela is making a major push.
Dash Aims For 10,000 Merchants In 2019
Alejandro Echeverria hopes that the cryptocurrency will emerge as a common means of payment and a store of value. Echeverría has huge ambitions for 2019, at the end of which he hopes to have 10,000 merchants accept Dash payments.
The price of Dash spiked 20% in August 2018, amid news of growing adoption across Venezuela. Venezuelans reportedly favor Dash over Bitcoin and other cryptocurrencies because of its relatively faster transaction confirmation times.
Dash transactions average two-and-a-half minutes, which is way better than the average 10 minutes that Bitcoin transactions take. The transaction time can take up to an hour during peak periods. The short transaction time that Dash offers is due to a masternode network which allows it to offer an Instant Send service.
KFC’s ‘Bitcoin Bucket’
KFC has also been on the cryptocurrency bandwagon for some time. In January 2018, KFC Canada launched the Bitcoin Bucket, which allowed customers to buy a bucket of chicken with Bitcoin.
The Bitcoin Bucket, which included 10 chicken tenders, waffle fries, gravy, and two dips, sold out within an hour after it was made available.