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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“The acceptance of Block.one’s tender offer reflected a decision to rebalance the portfolio to maintain an appropriate level of diversification after the position increased due to its substantial outperformance relative to the remainder of the portfolio,” Novogratz then said.As the filing shows, Galaxy Digital Bank can attribute much of this loss to its principal investing and trading businesses, presumably due to the fact that November and December saw Bitcoin and many other coins falling to fresh lows, as the altcoin news showed. The filing notes that Galaxy Digital Bank is primarily founded by Novogratz's wealth, 20% of which is purportedly invested in Bitcoin and Ethereum. Even though the company lost $272.7 million in all of 2018, much of the losses were incurred as a result of sale of cryptocurrency. One Twitter analyst also went in detail on this. https://twitter.com/zhusu/status/1126394118093950983 However, this is not the end of Novogratz & co. The report revealed that as 2018 ended, Galaxy Digital Bank owned $350 million of assets, 50% of which constituted equity/stake in prominent industry startups. More importantly, Galaxy Digital announced the launch of another fund (rumored with hundreds of millions in funding) which will loan out capital to cryptocurrency firms - a business which has boomed during the 2018 bear market - as the latest cryptocurrency news show.
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“BSV doubled on Craig’s copyright news. This is only the start of him proving BSV is the only bitcoin. Now is a great time to convert all your other shite coins to Bitcoin.”However, as reported in the latest cryptocurrency news, the copyright does not entitle Craig Wright with any exclusive rights on Bitcoin. It seems as the big pockets are pouring and pumping the Bitcoin SV market to confirm the ‘’we-are-the-best’’ slogan. A massive 200 price surge is one of the reasons why traders should restrain themselves from buying the high or the lower lows. The Bitcoin SV (BSV) price corrected up to 53 percent before establishing a historic high at $195 on Huobi. The market bias is currently bullish and the majority of the technical indicators signal the strong buying sentiment. With the flawed fundamentals, a dump right now should not surprise the market.
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