Privacy-oriented cryptocurrency Dash has announced its first quarter of 2020 financial report to investors, revealing solid growth in adoption and commercial payments.
According to the report, commercial payments using Dash grew 104% for Q1, helped by a number of partnerships in the Latin American region.
Solid year-over-year growth
During Q1 2020 the number of active Dash wallets installed on mobile devices reached 101,747, representing a 214% increase year-over-year and a 21% increase on the previous quarter.
In the same period, the median number of daily commercial payments using Dash grew to 17,127, a growth of 104% year-over-year.
This growth has been spurred by several partnerships in Latin American countries, notably in Venezuela and Brazil.
As Cointelegraph reported, in January a collaboration with Burger King in Venezuela enabled payments using Dash and other cryptocurrencies. Additionally, thousands of merchants in the country are now accepting Dash thanks to local advocacy programs and a recent integration with MegaSoft point-of-sale terminals.
In Brazil, over 2.5 million merchants can now take Dash as a means of payment through solutions such as ATAR Pay.
Dash price and trading figures also see growth
Dash also performed exceptionally well on price during the period, with appreciation close to 60% making it one of the top performing cryptocurrencies and marking its best quarterly growth since Q4 2017.
Though volatility can be a deterrent for cryptocurrency adoption, Dash Core Group chief marketing officer Fernando Gutierrez felt that the positive trend had helped to encourage the growth 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 exchanges saw the biggest gains reaching $37 million, which represents a 987% growth on the previous quarter and a 686% growth year-over-year.
Joseph Spezzano received a Masters Degree in computer science from The University of Massachusetts. Joseph has been working as a full-time blockchain programmer for the past 5 years. In his spare time, Joseph enjoys writing for CryptocurrencyInvestments.com and traveling.