Reserve Launching Payments App in Angola & Venezuela

Reserve, the stablecoin project, announced via a press release on May 12 that it was launching an app for crypto-fiat payments using its stablecoin in Angola and Venezuela. In the same press release, Reserve also announced that it was listing its own utility token, RSR (Reserve Rights), on major cryptocurrency exchange Houbi’s token sale platform Houbi Prime.

New App for Android Users

According to Reserve’s announcement, its stablecoin app which will be launched using Google Play for Andoid users, will be available for users in the next few weeks, however, an exact date was not provided.

This new app will allow users, individual as well as businesses, to convert their fiat currencies to RSD (the Reserve Dollar) and vice versa. The project’s stablecoin, RSD, is described in the announcement as a decentralized, US dollar-anchored token.

The co-founder and Chief Executive Officer of Reserve Nevin Freeman stated that the reason why this app was being launched in Venezuela was due to the extreme inflation being faced by the country.

Freeman said that many people, including many of the project’s investors, had discourage them from launching the new app in Venezuela, however, the hyperinflation in the country was exactly the kind of problem that Reserve had been developed to correct.

He said that Venezuelans were the ones who were suffering the most from hyperinflation as compared to anywhere else in the world, therefore the company felt that that is where the app needed to be launched.

The press release stated that there were 16 countries across the world at this time whole yearly inflation was higher than 20%. However, the situation in Venezuela was especially troubling, since the country’s national currency, the Bolivar, was losing almost 10% of its value daily.

With regard to launching its app in Angola, Reserve reported that it had entered into a partnership with 7Mobile Africa so that its app would be pre-loaded on all smartphones imported into the country. 7Mobile is reportedly the biggest mobile importer in Angola.

Turning to Cryptocurrencies

Due to the worsening crisis Venezuela is facing due to its constantly weakening currency, has led to more people turning to cryptocurrencies, especially Bitcoin (BTC).

Towards the end of December 2018, Dash (DASH) announced that 2,500 merchants in Venezuela had accepted the cryptocurrency has a mode of payment. In August of the 2018, the crypto was being accepted by only 1,000 merchants as a payment method across the country.