Venezuela is not alone in its battle, Reserve will launch a cryptocurrency payment app in local
cryptocurrency payment app
67days ago

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Editors note: Coinbase-backed stable coin project Reserve announced the launch of cryptocurrency-fiat currency payment APP in Venezuela and Angola, and will also issue a separate practical token RSR on Huobi Prime, a Huobi token sales platform.


If all goes well, the stable currency app will be approved by the Google app store, Google Play, in the next few weeks. Android users, both individuals and businesses, will be able to exchange their local legal tender for the Reserve Dollar (RSD), the company's decentralized stable currency linked to Dollar and issued by Reserve. 

Reserve company co-founder and CEO Nevin Freeman, said that the main purpose to launch Reserve APP in Venezuela is to relieve the local extreme inflation problems, he said: "a lot of people (including our company's investors) are not encouraged us to launch the service in Venezuela, but the local malignant inflation problem is what Reserve company hope to solve, Venezuela is suffering from the world's worst inflation, we must think what to do."

At the moment, inflation is running at more than 20 percent a year in 16 countries, but nowhere is worse than in Venezuela, where the official currency, the Bolivar, is depreciating at nearly 10 percent a day. But it is precisely because of such crises that the usage rate of bitcoin and other cryptocurrencies soar in the country. Last December, DASH announced it had more than 2,500 merchants in Venezuela, while there are 1,000 merchants four months earlier. 

In February, the Venezuelan government introduced rules for the payment of remittances in local cryptocurrencies, which set limits on the amount and commissions that are sent each month.

The Reserve also revealed that it has signed a deal with 7Mobile Africa, Angola's largest importer of mobile equipment, to pre-install the Reserve APP on smart phones under its ships.

It is worth mentioning that the Reserve stable coin project has won the support of many industry celebrities and venture investment firms, such as Coinbase, Peter Thiel, Sam Altman, Digital Currency Group, Arrington XRP Capital, Distributed Global and GSR.IO.



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