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Stable coin reserve gets backing from Coinbase to initiate its operations in Venezuela

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Stable coin reserve gets backing from Coinbase to initiate its operations in Venezuela
Source: Pixabay

Cryptomarket had seen a stable growth since the start of this year. With the bull run, many big names in the cryptoverse had planned to integrate new features in their operations in addition to expansion of crypto business. 

Stablecoin project Reserve declared that it will be going to launch a crypto-fiat installments application in Venezuela and Angola in an official statement. In a similar declaration, the firm uncovered that it is posting its utility token, Reserve Rights [RSR], on one of the major exchanges, Houbi Prime, Huobi Global’s token dealing platform. 

The official statement included the venture’s stablecoin application that will be initiated for Android clients by means of Google Play in the offing. This app will empower individuals and organizations to switch forward and backward from their neighborhood fiat money to the company’s stablecoin, the Reserve Dollar [RSD]. As per the declaration, RSD is a decentralized, US dollar-pegged digital money. 

Nevin Freeman, prime supporter and CEO of Reserve, revealed that the main reason behind the application being started in Venezuela is connected to the current inflation rate in the country.

He added,

“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 official statement guaranteed that there are presently 16 nations with yearly expansion more prominent than 20%, however that the circumstance in Venezuela is especially descending, with the Venezuelan Bolivar losing almost 10% of its worth consistently. 

With the flexible surroundings available for experimentation and expansion, COinbase will be benefited by kicking off its services in Venezuela.

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Chayanika is a full-time cryptocurrency journalist at AMBCrypto. A graduate in Political Science and Journalism, her writing is centered around regulation and policy-making regarding the cryptocurrency sector.