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Coinbase-Backed Stablecoin Startup Reserve to Launch ‘Venmo Style App’ in Venezuela

May 13, 2019 / Adrian Zmudzinski

Stablecoin project Reserve announced that it will launch a crypto-fiat payments app in Venezuelaand Angola in a press release shared with Cointelegraph on May 12. In the same announcement, the firm revealed that it is listing its separate utility token, Reserve Rights (RSR), on major exchange Huobi Global’s token sale platform, Houbi Prime. Per the press release, the project’s stablecoin app — to be launched for Android users via Google Play “in the coming weeks” — will enable people and businesses to switch back and forth from their local fiat currency to the firm’s stablecoin, the Reserve Dollar (RSD). According to the announcement, RSD is a decentralized, United States dollar-pegged cryptocurrency.
Nevin Freeman, co-founder and CEO of Reserve, told Cointelegraph that the reason the app is launching in Venezuela in particular is linked to the extreme level of inflation in the country, noting: “A lot of people, including some of o...