“Our long-term vision is to create a currency that is stronger than any fiat currency that exists now,” said Reserve community manager Yens Michiels.
One under-the-radar cryptocurrency-powered payment app that has been gaining traction across Latin America is Reserve. The platform acts as a convenient way for people to convert their local currencies, which may be undergoing high inflation levels, to U.S. dollars via the Reserve (RSV) stablecoin. The network also features the Reserve Rights (Rtoken (RSR), which is used for protocol governance.Since its launch in March, the platform says it has seen 367,000 total sign-ups. Meanwhile, it number of weekly active users has surpassed 100,000, with most located in Argentina, Venezuela, and Colombia. In the past 30 days, the app has handled approximately 547,000 transactions. In addition, over 8,000 businesses, predominantly based in Venezuela, now accept Reserve as a payment method for goods and services.2/11 Let’s start by taking a look at the growth in customers.Our customer base often grew faster than our systems at that time could handle, causing us to have to implement the invite-only system.Despite that, we’re proud of the adoption numbers that we’ve achieved so far ⬇️ pic.twitter.com/E5wsxjNSdD— Reserve (@reserveprotocol) October 25, 2021
In a live demonstration of the Reserve app to Cointelegraph, Reserve CEO Nevin Freeman withdrew dollars from a U.S.-dollar personal app account into a Venezuelan bolivares bank account, with RSV acting as the intermediary. The transaction was near-instantaneous, and the app does not charge any fees. Freeman claimed that users could immediately spend the bolivares, such as in online transactions, or swipe one’s debit/credit cards to use the cash. However, liquidity providers, which are vetted by Reserve, charge a spread on the initial foreign exchange transaction. Below is the full interview between Cointelegraph, Freeman and Reserve community manager Yens Michiels.Cointelegraph: With the rise of the blockchain industry, there are numerous crypto-to-crypto and crypto-to-fiat money payment solutions out there. In your view, what makes the Reserve protocol unique?Nevin Freeman: The Reserve app is a cloud-custody stablecoin wallet. We hold the crypto in the background, and users transact on our database. We will switch to users transacting on-chain in the future, but because of [high] Ethereum gas fees, this way the only way we could offer this use case in countries like Venezuela. In answer to your question of what makes it different, it’s the ability to deposit and withdraw with all these different currencies. These top five [options in the app] are different Venezuelan bank methods to deposit or withdraw; Argentine pesos, dollars in Panama, PayPal, Zelle, Uphold, Colombian Pesos, our token [RSV] on-chain, and a bunch of other crypto options that people use. We’ve also recently added Axie Infinity tokens, as many people in Venezuela play Axie Infinity. So it’s an easy way to get that money into dollars.CT: How is the Reserve app helping customers protect against inflation in the aforementioned countries?NF: It’s a really common practice for Reserve app users to get paid and convert their money into ourThis post was syndicated from https://cointelegraph.com/news/stablecoin-payment-app-reserve-helps-individuals-protect-their-savings-against-inflation-in-latin-america and originally written by our friends Zhiyuan Sun at https://cointelegraph.com/feed