Nano Up Double Digits, Makes Venezuelan Push

Nano, the No. 27 cryptocurrency with a market cap of $405 million, has managed to do what has eluded many other altcoins in August– post gains for the entire month. The NANO coin has advanced approximately 14% in the last 24 hours to $3.04 and its value has ballooned by 85% over the last month. Meanwhile, the technical signals surrounding Nano remain solid, with the MACD in bullish territory and relative strength neutral at 61.

Source: TradingView

Venezuela Push

It may seem as though Dash coin has a lock on Latin America, but Nano is making a push in the region as well. In fact, it’s countries like Venezuela — where the economy is mired in hyperinflation — that Nano, with its zero-fee and two-second transactions, targets. The Nano Center is spearheading a Venezuela project, which is dedicated to educating Venezuelans on why they should transact in Nano.

Nano believes if zero-fee transactions will make its cryptocurrency stand out from the rest, particularly in a country where the local currency, the bolivar, has been devalued. But Nano faces competition there, including from the Venezuelan government, which just launched an oil-backed cryptocurrency of its own, the petro. Meanwhile, bitcoin adoption is on the rise across South America, particularly Venezuela, where the number of bitcoin transactions increased twofold last week.

Source: eToro Commentary

It’s early days for the integration of Nano in developing countries like Venezuela, and the team is only just laying the groundwork now. They have formed some partnerships, which is key to integration and a similar approach to what rival Dash has been doing on the ground there.

Source: Instagram

Nano Founder Colin LeMahieu participated in a recent Bad Crypto Podcast, where he addressed Nano adoption. LeMahieu pointed to the recent unveiling of mobile wallets, which was a “stepping stone” for the project. Next up, they’re looking to make it easier for users to get their hands on the Nano coin. At the moment, users have to jump through some conversion hoops from bitcoin into Nano. The Nano team wants to make it so investors can go out of fiat and into Nano directly. LeMahieu also tilted his hand to the project’s strategy, which is to target adoption in markets where Nano’s key features — fast and free — are most appreciated.

Meanwhile, short-term price catalysts include a recent exchange listing and a Nano-coin giveaway. Coinbene, which is among the top 30 cryptocurrency exchanges based on volume, has listed Nano, trading and deposits for which launch this weekend. Meanwhile, Nano in the spirit of decentralization is running its own promotion for the community to create “change your representative” videos in which the first prize is 100 Nano coins.

Featured image courtesy of Shutterstock.

Author:
Gerelyn has been covering ICOs and the cryptocurrency market since mid-2017. She's also reported on fintech more broadly in addition to asset management, having previously specialized in institutional investing. She owns some BTC and ETH.