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Venezuelan Pharmacy Franchise Now Accepts Cryptocurrency

Aug 28, 2019
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byOmar Abbas

Farmarket, a Venezuelan-based pharmacy retail chain, is now accepting Dash cryptocurrency as a method of payment. The pharmacy franchise will pilot a Dash point-of-sale (POS) system with XpayCash, which allows clients to conduct instant currency payments. The pilot project will be offered to 22 pharmacies over the next six months.

“We expect our partnership with Panda in Colombia and Farmarket in Venezuela to be a substantial move toward a purchase driven economy, where not only Venezuelans in Caracas will be able to pay directly in stores with Dash, but also their relatives in Colombia and elsewhere will be able to buy medicine from abroad and resolve health issues for their relatives and loved ones,” said CEO of Dash Core Group, Ryan Taylor. XpayCash is the payment processor that’s operated by Colombia-based Panda Exchange.

Venezuela has quickly become at the centre stage as a real use case for cryptocurrency. According to The Guardian, inflation during the month of May hit 815,000% after maxing out at 1,700,000% earlier in the year. Cryptocurrency not only enables a faster and safer way to conduct transactions, but in times of economic instability, it can be utilized as a store of value and a hedge against systematic risk that would otherwise be next to impossible to avoid.

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