KFC To Accept Cryptocurrency as Payments

Dec 10, 2018 at 19:06

Giant fast food chain KFC will start accepting cryptocurrency, particularly the token Dash, as payment.

A Forbes report said the program will be launched this week, initially in Venezuela’s capital Caracas. The program will be implemented in 24 other locations across the nation.

Dash has reportedly been rapidly growing in adoption in Venezuela.

Alejandro Echeverría, co-founder of both Dash Merchant Venezuela and Dash Text, revealed it has been collaborating efforts with KFC for the past three months to promote Dash in the South American country.

“The Dash movement is spreading and growing fast in Venezuela,” Echeverría said.

To recall, the price of Dash saw a 20% spike late this year amid news of growing adoption across the country.

“First it was food trucks and small family businesses that started to adopt Dash for payments. Now we’re attracting more established businesses.”

At present, Venezuela carries about 2,445 merchants that accept Dash, according to Echeverria.

Next year, the firm targets partnering with 10,000 merchants who will accept Dash payments.

Last month, Echeverria launched the Dash Text, an SMS-based cryptocurrency transaction service which does not require internet access to engage in such transaction.

This is perceived as particularly useful in Venezuela where 60% of the population do not own a smartphone and have limited internet connectivity.

The private sector has been following the government of Venezuela’s steps in advancing cryptocurrency adoption due to unprecedented levels of inflation and to the devaluation of its currency, the bolivar.