Stablecoin startup Reserve to offer payments app in Venezuela 'soon'

Stablecoin startup Reserve is launching a crypto-fiat payments app in Venezuela to help people deal with hyperinflation, according to a company press release, which noted that the Venezuelan Bolivar is diminishing in value by 10 per cent a day.

The app will allow businesses and individuals alike to switch between a U.S. dollar-pegged stablecoin, the Reserve Dollar (RSD), and their local currency for a 0.1% transaction fee. The scheduled launch of the stablecoin last month was pushed back following app development issues, but the company said the app would be available "soon" via Google Play for Android users in both Venezuela and Angola following "live trials" there. 

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