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Startup Reserve to Develop ‘Venmo Style App’ in Venezuela

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According to a press release dated May 12, Stablecoin project Reserve came out to announce that it would soon launch an app for crypto fiat payments in Venezuela and Angola. As per the same announcement, the firm acknowledged that it would be listing its own separate utility token, Reserve Rights (RSR), on Huobi Global’s token sale platform, Huobi Prime.

The press release further notes that the projects stablecoin app will launch for Android users through Google Play in a couple of weeks essentially allowing individuals and businesses to switch back and forth from their local currency to the firms stablecoin – (RSD)  Reserve Dollar. Reports note that RSD is a dollar backed cryptocurrency.

The co-founder and CEO of Reserve, Nevin Freeman said that the reason for the app to be launched specifically in Venezuela is because of the level of inflation the country has. He noted “A lot of people, including some of our investors, discouraged us from starting in Venezuela. [..] The hyperinflation there is the exact problem that Reserve is built to fix, and Venezuela is suffering the most inflation of anywhere in the world right now, so we felt that it had to be done.”

Further, the press release notes that at present, there are 16 nations with annual infiltration over 20 percent; however, the condition in Venezuela is notably disturbing as the Venezuelan bolivar is loosing close to 10 percent of its value every single day.

As reported previously in the month of February, deepening of the nations currency crisis has witnessed heightened use of BTC (Bitcoin) and other cryptocurrencies in the province. Reserve further claims that it has joined hands with 7Mobile Africa (largest mobile importer in the nation) in Angola with the intention of pre-loading the app on its shipped smartphones.

As per reports in the month of June in 2018, the project has received backing form significant venture capital names such as Sam Altman, Digital Currency Group and Arrington XRP Capital. Huobi is the 9th largest cryptocurrency exchange in the entire world in terms of daily trade volumes, witnessing more than $2 billion trades till press time.

Also, in the month of February, news claimed that the government of Venezuela had come up with regulations concerning crypto remittance within the nation with monthly limits and commissions.

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