Mercury Cash holds a Money Transmission License (MTL) in Florida but the company’s biggest market is actually South America where over 50% of its current user base is located.
Commenting on the announcement, Ryan Taylor, CEO of Dash Core, said the integration into Mercury Cash will “expand the geographic availability of broker services to allow us to better serve those markets.”
“Mercury Cash broadens options for Dash’s access to licensed brokerage services, especially in relation to the payment corridors between the US and South America, where we’ve seen a rapidly growing demand for Dash,” Taylor said. “Mercury Cash launched recently, and it is already growing at a rapid pace. We see a lot of value in partnering with them early.”
Launched in 2016, Mercury Cash is a rather new startup but has been growing rapidly. The company’s ambition is to become “a regulated bank for the digital generation.”
The company is still developing its platform and its roadmap includes adding more convenient features such as support for NFC on mobile devices, and direct bank account linking.
“We decided to integrate Dash onto the Mercury Cash exchange because we know Dash has a vast amount of potential for scalability and an already functioning instant payment network,” Victor Romero, the founder and CEO of Mercury Cash, said.
“For example, if you’re going to McDonalds and order a burger you’re not going to wait over ten minutes for a block confirmation before you’re allowed to consume the burger.
“One of the reasons I like Dash is that it works as a real payment method. It is ideal because it has InstantSend transactions, and it allows many more transactions per second over Bitcoin.”
In particular, Dash has great potential in Venezuela where locals “are more likely to have their money in other assets rather than in Venezuelan fiat currency,” Romero said.
“Due to the constant inflation, people are seeking the opportunity to buy Dash and secure their money in cryptocurrencies, instead of Fiat which is extremely risky. The same holds true in other South American countries that suffer economies prone to inflation, which is almost always an issue in developing economies,” he said.
“I have a strong feeling that cryptocurrencies will replace fiat currency in the long run. At least 80% of the transactions will be in cryptocurrencies rather than fiat.”