London-based Bitcoin exchange and wallet, SpectroCoin, announced on Monday (13 June) that Dash will be its first non-bitcoin cryptocurrency added to its services.
Dash, the sixth largest cryptocurrency by market capitalisation at roughly $54m (£38m), will be fully integrated with SpectroCoin by August, says SpectroCoin CEO and co-founder Vytautas Karalevičius.
This will include a Dash wallet, exchange, debit card and a Dash-to-fiat payment gateway for merchants, effectively extending SpectroCoin’s four core products to Dash.
“Dash was chosen to be a first, because we consider it to be one of the top cryptocurrencies by usage for actual payments,” said Karalevičius.
This is because of the “Dash community and technological implementations such as Instant[Send] for nearly real-time transactions confirmation”, Karalevičius said.
According to head of finance at Dash, Ryan Taylor, the limit on InstantSend, which is the rebranded moniker of Dash’s InstantX capability that allows for near-instant transactions, is 2,000 dash, or about $17,000.
Taylor added, “You could enjoy the speed of InstantSend on all but the largest transactions… and the rare few that might exceed that threshold would still be four times faster than Bitcoin.”
Dash founder Evan Duffield said he was excited to have the support of legacy banking features within Dash’s sphere.
“We’re quite pleased to see some ahead-of-the-curve businesses fully utilizing our technology to do things like offering the ability to earn interest like a checking account or pay for anything online using a standard credit card,” said Duffield.