Stablecoin Project Reserve revealed it is launching a crypto-fiat payment app in Venezuela and Angola. The company disclosed that its unique utility token, Reserve Rights (RSR), trades on Huobi Global’s platform, Houbi Prime.
Huobi is one of the crypto market’s most notable and popular electronic exchanges. It is a platform to study new blockchain technology initiatives in various sectors and propose ways to enhance this technology. Two tokens are being offered, namely reserve dollars and reserve token.
It will merely be given to customers, and the public’s simple adoption process will be rendered compulsory to boost its use. Huobi makes every attempt to serve its customers by offering user-friendly requirements to sign up for Prime that anyone with a 500HT token can join the sales. The two nations ‘ financial crunch, i.e. Venezuela and Angola have forced them to devalue their currencies. Reserve is determined to assist these nations with access to RSD.
According to the press release, the project’s stablecoin app — to be introduced for Android users via Google Play “in the coming weeks” — will allow people and companies to flip back and forth from their national fiat money to the firm’s stablecoin, the dollar reserve (RSD). RSD is a decentralized, US-based cryptocurrency, according to the press release. Nevin Freeman, co-founder and CEO of Reserve, said that the reason the app launches in Venezuela is related to the country’s severe rate of inflation, stating:
“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.”
The press release states that there are presently 16 nations with more than 20% annual inflation, but that the scenario in Venezuela is especially troubling, with the Venezuelan bolivar losing approximately 10% of its worth every day. In the country the growing monetary crisis has seen enhanced use of Bitcoin (BTC) and other cryptocurrencies. In late December, dash (DASH) greeted Venezuela’s 2,500th dealer to recognize the coin as mode of payment.
Back in August 2018, only 1,000 dealers accepting the crypto as payment. Reserve also revealed entering into a collaboration with 7Mobile Africa in Angola—supposedly the country’s biggest mobile importer—to pre-install the app on all its supplied smartphones. The initiative also got support from significant venture capital firms and individual including Peter Thiel, Sam Altman, Digital Currency Group, Arrington XRP Capital, Distributed Global and GSR.IO, among others.
Huobi is presently the 9th biggest crypto exchange by adjusted weekly trading volumes recording more than $2 billion in trading per day. News reported in February indicates that the Venezuelan govt had implemented in-country cryptoremittance laws. Under the new rules, the state has laid monthly restrictions and fees on cryptocurrency money transfers payable to the National Superintendency of Crypto Assets and Related Activities.