Stablecoin project Reserve revealed in a recent press release its plans to launch a crypto payments application in Angola and Venezuela. The company also announced that it will be listing Reserve Rights (RSR), its distinct utility token, on Houbi Global’s token platform, Houbi Prime.
According to the press announcement, Reserve’s coinbase-supported stablecoin app is set to be released in the next few weeks on the Android system and will be available for download on Google Play.
The crypto-fiat app platform will allow people and companies to switch from the local fiat currency to the Reserve Dollar and back again effortlessly. The press release also explained how the RSD is a decentralized, US dollar-backed cryptocurrency.
Combatting Inflation in Venezuela
Reserve co-founder and CEO Nevin Freeman explained that the decision to launch the app in Venezuela had to do with the country’s astounding inflation levels. He admitted that they were discouraged by their investors and supporters from starting the app in Venezuela. But he said that the country’s hyperinflation is “the exact problem that Reserve is built to fix.” He also pointed out that with Venezuela suffering under extreme inflation, they felt they had to help.
The Reserve press release did list 16 countries with yearly inflation rates higher than 20 percent. However, Venezuela’s situation is particularly dire, with the bolivar losing almost 10 percent of its value daily.
It was previously reported that Venezuela’s currency crisis has seen the rising use of bitcoin (BTC) and other cryptocurrencies. In August 218, the country only had 1,000 merchants accepting cryptocurrency but by December, DASH proclaimed there were 2,500 merchants in the country that accepts crypto as payment.