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Coinbase-backed startup Reserve to launch its crypto-fiat app in Venezuela

May 13, 2019 | Cryptocurrency | Technology

Reserve to launch a payments app in Venezuela and Angola that supports crypto and fiat, as per an official announcement in a press release. Reserve is a Stablecoin startup backed by Coinbase, and the company will list its own utility token called  Reserve Rights (RSR), as per the announcement. The company plans to list Reserve Rights (RSR) on Houbi Prime by major exchange Huobi.

The new app will be launched for Android users and will be available on Google Play for download. The app will allow users to switch from the local fiat currency to the Reserve Dollar (RSD) stablecoin and vice versa. Reserve Dollar (RSD) is a decentralized stablecoin and is pegged to the United States dollar. CEO  and Co-Founder of Reserve, Nevin Freeman said that Reserve aims to fix the problem of hyperinflation in countries like Venezuela. As reported in the press release, there are 16 countries with more than 20% annual inflation rate.

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