Reserve Stablecoin Project Unveils Plans for Launch of Crypto-to-Fiat Payments App in Venezuela and Angola
The Reserve Project – which aims to resolve common issues related to the lack of store of value, stability and excessive power in currencies – has unveiled its plans for a potential crypto-to-fiat payments application in countries like Venezuela and Angola, reports Coin Telegraph.
Said application, where details regarding it were shared with Coin Telegraph, on Sunday, May 12, 2019, is deemed essential for people and businesses to exchange from traditional to cryptocurrencies. Primarily, the conversions would be done through the stablecoin, Reserve Dollar (RSD), also deemed decentralized and pegged against the US Dollar.
The reason for choosing Venezuela is not a surprise, considering the rate at which the country’s currency, Bolivar, is losing value (i.e. spike in annual inflation). Many Venezuelans have since retorted to finding another store of values – with the main focus given to the likes of Bitcoin [BTC]. The Reserve team has actually been passionate about helping Venezuelans, to the point where they devoted their time at refugee camps to better understand their situation.
Our team has been spending time in Bogota at Venezuelan refugee camps to better understand the conditions they have fled and the challenges they – and their families who remain in the country – still face. Check out our post on the desperate situation: https://t.co/VBCNGeajdh pic.twitter.com/AYSogYRHfG
— Reserve (@reserveprotocol) March 14, 2019
Co-Founder and CEO of Reserve, Nevin Freeman shared with Coin Telegraph that their plans for Venezuela was shut down by many people and investors. However, this did not stop the team, as Freeman trusts Reserve can serve as a solution for the country and others of its kind. Here’s what he had to say:
“The hyperinflation there [in Venezuela] 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.”
In addition to the upcoming app, which is anticipated for launch in the coming weeks, the project’s utility token, dubbed, Reserve Rights [RSR], will be listed on Huobi Prime, a platform devoted to token sales on May 22.
We are excited to announce that our RSR token will make its premiere with a Prime Offering on the @HuobiGlobal exchange on May 22nd! Make sure to sign up on Huobi to participate, and join our Telegram to ask questions and receive updates as we anticipate this event.#ItsPrimeTime pic.twitter.com/Ghoe0NACgB
— Reserve (@reserveprotocol) May 12, 2019
Also, the team have managed to collaborate with Africa’s 7Mobile to include its crypto-to-fiat payments application on
To learn more about how Reserve could potentially help countries faced with depreciating currencies, check out: https://reserve.org/about