The Coinbase backed stablecoin projecct named Reserve recently announced its expansion to Venezuela and Angola, where it will launch a crypto-fiat payments app. The official press release made the latest cryptocurrency news after the firm revealed that it is listing its separate utility token, Reserve Rights (RSR) on the major exchange Huobi and its Global token sale platform named Huobi Prime.
As the press release notes, the project’s stablecoin app will be launched for Android users via Google Play “in the coming weeks.” As such, the Coinbase backed stablecoin project will enable people and businesses to switch back and forth from their local fiat currency – to the firm’s stablecoin which is the Reserve Dollar (RSD). The announcement was featured in the altcoin news and shows that RSD is a decentralized and USD-pegged cryptocurrency.
The co-founder and CEO of the Coinbase backed stablecoin startup Reserve, Nevin Freeman, was featured stating the reason for which the app is launching in Venezuela in particular. As he said, this is linked to the extreme level of inflation in the country.
“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,” Freeman noted.
As the official press release shows, the Coinbase backed stablecoin aims to help countries like Venezuela and Angola escape the inflation. In fact, the press release in which Reserve announced things shows that there are currently 16 countries which have an annual inflation that is greater than 20%. However, the situation in Venezuela is particularly troubling and the Venezuelan bolivar is losing around 10% every day, as the best cryptocurrency news sites report.
The stablecoin startup also stated that it has landed a partnership in Angola with 7Mobile Africa, which is reportedly the largest mobile importer in the country – all in order to pre-load the app on all of its shipped smartphones. Meanwhile, Huobi is the 9th largest crypto exchange by daily trade volumes, seeing more than $2 billion in trades on the day (at press time).
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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