Dash Price Soars Following Integration with MasterCard-Backed Debit Card

Dash’s price surged Wednesday after a MasterCard-backed debit card processor announced it had integrated the cryptocurrency into its payment platform, possibly opening the door to mainstream adoption of the nascent asset.

Market Update

Dash, which trades under the symbol DASH, peaked near $94.00 overnight, where it had gained nearly 11%. That was the highest level since December 24, according to CoinMarketCap.

At last check, Dash’s price was up 7% at $91.73. It was easily the best-performing cryptocurrency among the majors.

Trading in Dash reached $310 million on virtual currency exchanges, with Bithumb accounting for more than two-thirds of the turnover. Dash boasts a market cap of $797 million, placing it 14th among active cryptocurrencies. It trails Monero (XMR) by less than $70 million.

Since bottoming near $65 in February, Dash’s price has recovered 42%. The cryptocurrency had been under intense selling pressure after the Dash Core Group announced severe cost-cutting measures in the form of layoffs and salary reductions.

Ryan Taylor, Dash’s CEO, reassured investors that the company “is not at risk of shutting down anytime soon, or of any significant cuts in staffing levels in the near term.” He added, “We have a significant buffer in place to withstand the impact of the market bottom, whenever that comes.”

PolisPay Integrates Dash

Dash’s price surge began on Tuesday after PolisPay, a blockchain payment platform, announced it had integrated the cryptocurrency into its MasterCard-backed debit card. Prior to integrating Dash, PolisPay supported crypto payments through Litecoin, Ethereum, Digibyte and the native POLIS token.

PolisPay allows users to deposit cryptocurrency directly into their account and receive a proportionate balance of fiat currency that they can then use to buy goods and services from retailers who don’t yet accept crypto. Users can spend their balance anywhere MasterCard is accepted and can even withdraw their funds from MasterCard ATMs. MasterCard is accepted at tens of millions of locations around the world.

“The process was built so that merchants get paid in their own currency while you are charged in DASH from your prepaid balance,” Polis said in an official blog post on Monday. “This guarantees that users will be able to pay for things, in an establishment where cryptocurrencies are not fully adopted yet. Soon you will be spending your DASH everywhere!”

The PolisPay app also allows users to buy, sell and store their cryptocurrencies. This includes crypto-to-crypto transactions. Although the company didn’t elaborate on why it chose Dash over other projects, the official blog post praised Dash for “innovation and cryptocurrency adoption.”

Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Author:
Chief Editor to Hacked.com and Contributor to CCN.com, Sam Bourgi has spent the past nine years focused on economics, markets and cryptocurrencies. His work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Avid crypto watchers and those with a libertarian persuasion can follow him on twitter at @hsbourgi