Reserve, a stable global currency (a stablecoin) and a digital payment system, has announced to introduce a crypto-fiat payments app, named Venmo Style App, in Venezuela and Angola. As per the announcement, the company is listing its separate utility token, Reserve Rights (RSR), on major exchange Huobi Global’s token sale platform, Houbi Prime. With Reserve’s stablecoin app, the users and businesses will have access to switch back and forth from their fiat currency to the firm’s stablecoin, the Reserve Dollar (RSD). The firm’s stablecoin app to be launched for Android users and they can get it from Google Play in the coming weeks.
According to the reports, RSD is a decentralized, United States dollar-pegged cryptocurrency. In a statement, Co-founder and CEO of Reserve, Nevin Freeman stated 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.”
According to the company’s statement, there are currently 16 countries with annual inflation greater than 20%, but that the situation in Venezuela is particularly troubling, with the Venezuelan bolivar losing nearly 10% of its value every day. Moreover, Reserve noted that it has established a partnership in Angola with 7Mobile Africa, the largest mobile importer in the country, to pre-load the app on all its shipped smartphones, reported noted.