Stablecoin Reserve to launch trading app in Venezuela and Angola

12 May, 2019
by David Robb
News
Stablecoin Reserve to launch trading app in Venezuela and Angola

Stablecoin project Reserve is due to launch a mobile app that will enable fiat to crypto conversions, as reported by CoinTelegraph. The platform will initially be available in Venezuela and Angola.

Venezuela has seen major growth in crypto adoption in recent years, due to the country's escalating hyperinflation, which has rapidly devalued the nation's fiat currency. According to Nevin Freeman, CEO and co-founder of Reserve, "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 app will allow users to easily switch back and forth between a local fiat currency and the Reserve Dollar (RSD). RSD is Reserve's main stablecoin project, a decentralized crypto pegged to the US Dollar. Reserve will also be launching Reserve Rights (RSR), a utility token that functions as part of the same eco-system. It will be listed on Huobi's token sale platform, Huobi Prime.

Reserve's new app will be available for Android users via the Google Play store in the next few weeks. As a result of a new partnership, the software will also come pre-loaded on smartphones sold in Angola by 7Mobile Africa, one of the country's largest importers of mobile devices.

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