Stablecoin initiative Reserve has just announced its expansion of payments app that convert fiat to crypto in Venezuela and Angola. The firm also introduced its launching for its token Reserve Rights (RSR) on Huobi Prime – Huobi’s token sale platform.
As announced, the launching mobile app of Reserve will soon support Android system and allow its users to simply converse between a local fiat currency and the United States dollar-pegged cryptocurrency – Reserve Dollar (RSD).
Co-founder and CEO of Reserve – Nevin Freeman choose Venezuela, which is highly known for its recently hyperinflation rate, as their next launching destination in order to solve the extreme inflation problem.
He explained that: “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.”
Reserve has further noted that there are 16 countries that has to deal with the high inflation over 20%. One of the reasons Reserve targeting at Venezuela is that the Sovereign Bolivar – Venezuela’s currency – is reducing almost 10% of its value each day, which is an alarming case and need to be fixed.
In early February, while massive hyperinflation is happening in the country, bitcoin transactions in Venezuela just hit a new record of 2,545 Bitcoin transactions (worth roughly $9.3 million). The concept of using dash (DASH) has become increasingly well-known in Venezuela. Since December last year, Dash adoption in the country has exceeded 2,500 merchants and now becomes the top option for using cryptocurrency as payments.
Moreover, Reserve revealed that they have set an executive partnership with 7Mobile Africa – one of the major mobile importers in Angola to pre-load the Reserve mobile app on all cryptocurrency-enabled smartphones .
As The Crypto Sight reported in February, Venezuela government has set a new regulation for local cryptocurrency remittances, with payable commissions of up to 15% to the National Superintendency of Crypto Assets and Related Activities (Sunacrip).