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Coinbase Backed Startup to Launch Crypto Fiat Payments App in Venezuela

Reserve, a stablecoin project backed by Coinbase, declared that it will launch a cryptocurrency to fiat payments app in Venezuela and Angola. The development is shared via a press release shared with Cointelegraph on May 12. The firm divulged, in the same announcement, that it is listing its different utility token, Reserve Rights (RSR), on Houbi Prime, which is the token sale platform of one of the chief cryptocurrency exchange Huobi Global.

It is to be noted that the startup’s stablecoin app will reportedly enable businesses and people to switch back and forth from their local fiat currency to the startup’s stablecoin, the Reserve Dollar (RSD), according to the press release. It is to be noted that the app is to be launched for Android users by means of Google Play “in the coming weeks.” RSD is a decentralized, US dollar-pegged virtual currency, as per the announcement.

The co-founder and CEO of Reserve, Nevin Freeman told Cointelegraph that the reason behind launching the app in Venezuela, in particular, is linked to the excessive level of price increases in the country.

The press release issued by the startup further claims that there are at present sixteen countries with annual inflation greater than twenty percent, but that the situation in Venezuela is predominantly disturbing. This is because the Venezuelan bolivar is losing nearly ten percent of its worth every day.

The Coinbase backed startup also reported that it has landed a partnership in Angola with 7Mobile Africa. Notably, 7Mobile Africa is purportedly the largest mobile importer in the country. The partnership is aimed at pre-loading the app on all its shipped smartphones.

As per the reports of crypto media in June last year, apart from Coinbase, the stablecoin project has received backing from major VCs, including Sam Altman, Peter Thiel, Digital Currency Group, Distributed Global, Arrington XRP Capital, and GSR.IO, etc.

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