Stablecoin startup Reserve is launching a crypto-fiat payments app in Venezuela to help people deal with hyperinflation, according to a company press release, which noted that the Venezuelan Bolivar is diminishing in value by 10 per cent a day.
The app will allow businesses and individuals alike to switch between a U.S. dollar-pegged stablecoin, the Reserve Dollar (RSD), and their local currency for a 0.1% transaction fee. The scheduled launch of the stablecoin last month was pushed back following app development issues, but the company said the app would be available "soon" via Google Play for Android users in both Venezuela and Angola following "live trials" there.
“A lot of people, including some of our investors, discouraged us from starting in Venezuela,” Reserve CEO Nevin Freeman said in a statement. “[But] 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.”
The company also announced it is listing its utility token, Reserve Rights (RSR), on the Huobi Prime exchange.