Stablecoin Startup Reserve aims to battle hyperinflation by Launching ‘Venmo Style App’ in Venezuela
Stablecoin project Reserve announced that it would launch a crypto-fiat payments app in a country in the northern coast of South America, Venezuela and also Angola. The firm also revealed that it is listing its separate utility token, Reserve Rights (RSR), on major exchange Huobi Global’s token sale platform, Huobi Prime.
Per the press Announcement, the project’s stablecoin app — to be launched for Android users via Google Play “in the coming weeks” — will enable people and businesses to switch back and forth from their local fiat currency to the firm’s stablecoin, the Reserve Dollar (RSD). The announcement also highlighted RSD is decentralized and it is a US dollar-pegged cryptocurrency.
Nevin Freeman, co-founder, and CEO of Reserve said that the reason the app is launching in Venezuela, in particular, is linked to the extreme level of inflation in the country, noting:
“Many 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.”
The press release claims that there are currently 16 countries with annual inflation more significant than 20%, but that the situation in Venezuela is particularly troubling, with the Venezuelan bolivar losing nearly 10% of its value every day.
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