I like the idea of moving around the inflation hit FIAT. Useable in other countries as well?
A cross-border remittance startup based in Colombia, Valiu has released a new Bitcoin-backed US dollars for Venezuelans to bypass the hyperinflation that has been tormenting their national economy.
To tackle the Venezuelan inflation, Valiu has partnered with a Colombian food delivery app, Rappi, to offer a larger user base to help with adoption when it is fully launched later this year.
Valiu will be launching synthetic Bitcoin-backed US dollars stored and available through a smartphone wallet application, which could be sent between Venezuelans without any fees. These synthetic US dollars are backed by Bitcoin, and users will be able to use this ‘cryptodollar’ without any prior knowledge of any crypto news, blockchain news or understanding of crypto payments or Bitcoin price. Venezuelans can simply deposit cash at Valiu’s accessible remittance partners in Colombia and buy and transfer cryptodollars.