Chatex is a peer-peer neobank that oversees cryptocurrency exchanges on the social media platform Telegram. According to their website, “Chatex is the most convenient way to operate with cryptocurrency without leaving the messenger. For businesses, Chatex offers you a service for paying your employees, and is a fiat gateway for your exchange or service”. This service will be incorporating Dash into its platform as announced by their social media handles.
Traders who execute financial transactions with Dash, can do so directly from the Telegram messenger app without having to download extra apps for exchanges. According to Chatex, this is both an easier way of transacting and also confers additional security because “it is hard to attack through the infrastructure of instant messengers”.
According to multiple reports, the service offered by Chatex which would soon be launched, would include InstantSend and Chainlocks features. If confirmed, the trading with Dash on Chatex would be near-instant and optimally secure.
What the Chatex integration means for the Dash individual, trader, and business owner
FOR THE INDIVIDUAL: The platform boasts of being the safest wallet for storing cryptocurrency because to hack into the wallet, you must first hack into the messenger which virtually impossible. This means your funds are completely safe and accessible only by you. There is also a provision for addition of a PIN code which further beefs up the security of your Dash.
FOR THE TRADER: Traders can keep only one base currency on the exchange which is usually a stable coin or fiat money that helps the trader fix their finances so as not to fall victim to a drop in exchange rates. A trader can indicate the rates of exchange compared to the exchange’s one, hence if the transaction is successful, the trader receives a fixed profit to his card or wallet. This reduces the risks of the Dash trader selling at a loss.
FOR THE BUSINESS OWNER: Chatex enables easy payments to freelancers, this is because freelancers are usually spread all over the globe and hence don’t use the same currency. Companies with an obligation to pay freelancers that work for them can make a deposit in a most suitable currency to its wallet, all freelancers on their payroll will then register on chatex and tell the company their wallet addresses, the company unloads the batch list of payments from its accounting system and sends it to the Chatex wallet in the transfer section. The company subsequently makes the payouts to the individual wallet addresses of the freelancers.
Also, for retail owners in rural communities especially those of sub-Saharan Africa, their main source of commodities which they sell are imported from abroad, and because the domestic exchange rates of the local currency against the dollar or euro is highly fluctuant, these businesses can be hit with major losses that may cripple the business. With Chatex, the company can register, buy stable coins like Dash, and then pay the manufacturers of the goods they import in those stable coins with the platform.
Conclusively, this new impending launch of a partnership between Dash and Chatex would further increase the popularity and adoption of Dash by businesses, individuals and traders.
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