According to CoinMarketCap, Dash is currently the 12th-largest cryptocurrency. Dash, which stands for “digital cash” is a branch off of Bitcoin that was created in 2014. Whereas Bitcoin transactions can take hours to confirm and at one point hit an average fee of $55, Dash transactions only take less than a second and cost just a few cents. Now, while it is not as popular as Bitcoin or Ethereum, it is still looking to make a huge splash in the finance world.
Dash is in the process of making new partnerships that could help it become bigger than PayPal. Within the last week, they rolled out a new partnership with the loyalty rewards website Rewards.com which will allow users to redeem Dash for purchases that are made using the website. This website is an opportunity for the real-world application of cryptocurrency as thus far it has only been adopted by early speculators.
Bradley Zastrow, the director of global business development for the Dash Core Team, told Inverse “it’s a way for mainstream people to start dipping their toe into cryptocurrency.” So, by implementing such a strategy, it would help avoid some of the big hurdles that come with getting people involved in cryptocurrencies such as the confusing exchanges and the unclear payment instructions. Through this partnership, users of Rewards.com would be able to sign up and get savings and cashback from over 7,000 merchants like Macy’s, Neiman Marcus, Walmart, and Nike. The points that users earn can be redeemed, or they can convert them into cash. Previously users would receive cashback via a check or through PayPal, but this new plan will allow users to request Dash instead.
The hope for this partnership is that it will only be the beginning. The expectation is that by the fourth quarter of this year, it will have expanded to the point where users can spend the Dash they have accumulated in their account in certain brick-and-mortar stores by simply scanning a QR code the checkout. This process would cut out the middleman of requesting a gift card for the relevant store or placing a cashback request and then using an alternative method. As mentioned previously, this idea will make cryptocurrency more common amongst users and give them the opportunity to explore it further.
Cryptocurrency saw a major market surge towards the end of 2017, going from a market cap of $148 billion on October 1 to $829 billion on January 7. However, this jump did not translate into a revolution in real-world payments. Zastrow who left behind his 12-year career at American Express to join to Dash team sees cryptocurrency as the ideal vehicle for the financial revolution. He said, “it feels weird to be saying ‘the next PayPal’ in kind of that sense. We definitely want to be broader and bigger than that.”