What are the 4 Latest Strategies from DASH Thailand?
In Part 2 of our interview, Felix elaborated the 4 key strategies for DASH Thailand going forward, namely collaboration with governments, raising awareness of DASH among millennials, leveraging the remittance market and the upcoming scalability milestone for DASH !
We’re in constant talks with not only the Thai government, but also all governments around the world. With DASH , because we have local teams, we realized we were one of the first crypto players communicating with the local government. When we actually started talking to them, we have to listen their demand and concerns. There are also different government bodies. The Thai SEC , for example, usually cares about customer protection, whereas the central bank of Thailand will care about whether cryptocurrencies can serve as legal tender instead. There are different angles and conversations with the government where we’re having and it’s an ongoing process because we’re still in the kindergarten of cryptocurrencies.
What the Thai SEC does one part is the broker and dealer licenses. The main angle, as we observed it for Thai SEC is really consumer protection. That’s why they focused on ICOs before and now talk about STOs. To be very honest with you, using DASH for funding ICO/STO projects are not our concerns at all. What we do care about is adoption in real world payments which is far beyond any ICOs investment. We have another angle to talk with the Thai SEC . Then we come back to the brokers and dealers I just mentioned. For us, it is a very positive development that these licenses are out. As DASH , it wouldn’t make sense for us to go around the world and in every country we want to operate in to acquire this license by ourselves. This is why the optimal approach for us is to work with partners who can offer that, but it doesn’t mean that it has to be crypto exchanges, it can be a normal bank in Thailand, which gives us an option out of crypto and essentially is able to make a bank account transfer for our merchants. We just partnered up with a company called WinstantPay . They’re connecting a whole network of banks and crypto exchanges. Whatever business direction we pursue, we can scale with appropriate solutions, but WinstantPay is just one of many partners. The more partners we have, the better. That’s why I’m interested in talking to any kind of vertical partners such as the POS system, a debit card or even a travel platform. I’m very open minded to scale our business.
Millennials will be the future tech-savvy group driving mainstream adoption of blockchain and crypto. Apart from government, does DASH Thailand collaborate with academic institutions to promote awareness of DASH among the students?
A very interesting question! My funny lesson learnt is that when we go out and talk about cryptocurrencies to general public, people in general have no clue on what you are talking about. In contrast, when we go to universities, we notice that between 50–80% of them have heard about cryptocurrencies and most of them are crypto holders! The millennials are the easiest target group we can focus on. This is why we try to get into as many universities as possible and to give them constant input and free lessons and workshops. The educational topics include how can you use cryptocurrencies?; what are the risks?; how do you secure your etc.
What I’ve heard about DASH ‘s adoption is mainly on the retail and commercial side so far. How about another potential use case such as the remittance market? Does DASH have any plan to leverage this market potential in future?
Not only plans, it’s already happening! It’s happening right now in South America, because what you mentioned before with the Venezuela development, there are many cases where people commute between Venezuela and other countries, Colombia for example. This is now the first angle where we start to scale the remittances market. We have to look again at the countries you’re operating in, and you will always have different angles to expand. For Thailand, it would mainly be the Myanmars coming to Thailand, this is another interesting angle for us.
DASH has the master node system which can confirm transactions easily, and you don’t have to wait for six confirmations. We have that within our InstantSend function. If you ever tried DASH, you will realize you can do a payment within one or two seconds. It’s essentially faster than the Visa card payments. Plus, there is new release coming out soon. It’s called Evolution. This is the way to scale into larger business. I think for now we don’t have any problem of scalability because any payment I did so far personally worked super smooth and fast.