Dash partners with BITFXT to support remittance services to Nigeria

  • Dash partners with BITFXT exchange to improve remittance services to Nigeria.
  • Dash is needed for a developing economy like Nigeria.

Dash is looking to expand its presence in Nigeria, forming a new partnership with the BITFXT exchange​, a top Nigerian exchange to facilitate Dash remittances to Nigeria at just 1%. Dash recently announced in a tweet its newest partnership with Nigeria’s top crypto exchange – BITFXT. According to it, the collaboration with BITFXT exchange will help Dash offer its remittance services to Nigeria crypto users at the rate of 1%.

This means that Dash will allow Nigerians to receive funds via DASH coin and then convert them to Naira at the rate of 1% for transactions above $199. However, if the transaction is less than $200, a transaction fee of 2% will then be required.

While commenting on the new partnership, the CEO of BITFXT, Franklin Odoemenam said that the collaboration is in accordance with the vision of the company, that of being the leading crypto exchange not only in Nigeria but in the whole of Africa.

There’s no other way to improve adoption among the people than the daily use of crypto and that is what this partnership does.

Dash is needed for a developing economy like Nigeria

It is worth noting that many have found the high cost of transactions, as well as delays from traditional money transfers to be annoying. In fact, according to a PwC report, migrant remittances to Nigeria in 2018 are estimated at US$25 billion and this represents a 6.1% of the country’s GDP. This also represents 14% year-on-year growth from the $22 billion receipts in 2017. Notably, diaspora remittances to Nigeria surpassed 2018 oil revenue.

Meanwhile, the lead of Dash Nigeria, Nathaniel Luz reinstated about the commitment of Dash in daily remittances and international payments. He stated that Dash is needed for a developing economy like Nigeria. Furthermore, research has shown that people spend about 30% on transaction fees when sending remittances to Nigeria using gift cards on Paxful.

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In late 2019, Dash announced a partnership with Aircoins to further increase the widespread use of the coin as an alternative means of payment.

Dash price technical analysis

Recently, the price of Dash was trading in a bullish trend zone. The bulls were able to push the price to a high of $139 before correcting downward. Moreover, the price decline to the support level of $124 before rising again to the resistance level of $133. However, the bulls failed to continue the uptrend and the bears gained control of the market.

Yesterday, Friday 17, the bulls ran out of steam at the $133 level the price of DASH/USD dropped to $110. At the time of writing, the coin is changing hands at the $105 support level. This is an indication that the DASH/USD pair was overpriced during the past six days. Moreover, this further suggests by the fact that the Relative Strength Index (RSI) indicator is on the verge of coming out of the overbought zone.

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On the upside, if more buyers emerge, the price will rise and retest the $110 level. If the buyers continue to push DASH price above $110, immediate higher resistance is located at $120 and $130. For this to come to pass, however, the bulls will need to protect the $100 support level to prevent the price from plummeting below the $100 zone.

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About Author

Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.

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