Reserve is a company registered in the United States that works as an exchange wallet for different currencies, the main one being the U.S. dollar. Through the Reserve App, people can send and receive dollars to their family and friends in different countries.
Reserve holds account balances in the form of digital assets, which are issued by asset custodians governed by U.S. Financial Institutions regulations. Some of the custodians used by this company are Circle, Coinbase, TrustToken, and Paxos.
This application we can say that it is very reliable since each of the transactions that are made within the Reserve application must comply with US financial regulations.
How does the Reserve Currency Exchange Application work?
The application automatically assigns withdrawal and deposit requests to third parties known as Independent Liquidity Providers (ILPs) who are verified by Reserve. These people are in charge of setting the rates or commissions for each of the operations.
In the event of any type of dispute between the parties, Reserve’s team will assist and analyze each case to find a solution.
At the moment a user uploads funds to his account, he is sending the money to the Independent Liquidity Provider, through a bank transfer or some other platform. This person will be the one who will credit the Reserve Dollars to your app account when the transaction is confirmed. The same happens when a withdrawal is requested in the Reserve App, the difference is that the PLI is asked to deposit the money in the account or other alternative that the user has selected.
It is necessary to keep in mind that the accounts of the Independent Liquidity providers change in each operation, therefore, it is necessary to verify well the account that the application sends them before sending the money of the transaction. You will always be sent the information of the provider that is available at the moment you make your transaction.
In each country where Reserve App is available, there are a large number of Independent Liquidity Providers. The Company requires them to meet high standards of quality and service assurance. They must always comply with the financial regulations of each country. The Company also takes care to carefully review its compliance with these international regulations and the legitimacy of its operations before doing business with them.
Why did Reserve stop working with PayPal?
Since the platform began its operations, it has been able to offer its services with the PayPal platform, but since February 16 of this year, PayPal charges will no longer work in the application. This is due to the impossibility of scaling with this payment method in order to provide a quality experience to users.
During the time that the PayPal service was being provided, it was done through Independent Liquidity Providers (ILP), to give the company time to work on direct integration with the PayPal platform.
Unfortunately, discussions with PayPal have not progressed much since that time, and maintaining operations the way the company has been doing it is becoming increasingly difficult due to different circumstances such as the fees charged. For these reasons, Reserve App made the decision not to continue operating with PayPal.
If people who use the platform wish to continue operating their exchanges with PayPal, they can do so, as the Independent Liquidity Providers will continue to make these exchanges independently, but outside of the Reserve App. If users wish to do so, they only need to fill out the form provided by the platform to receive the necessary information.
These operators are reliable since they will only send information from those who are verified and have a good track record in the Reserve App.
Reserve App in Venezuela
For many of the people who are in Venezuela, this application has come to be a great relief, since through it they can receive remittances from family and friends who are outside the country.
This application, as you know, works both on Android and on the web and also offer Venezuelans the ability to manage their money and make changes from bolivars to dollars, cryptocurrencies, Zelle among others, and vice versa.
In Venezuela, they have been operating for some time and currently, there are already some businesses, in addition to natural persons, who are already beginning to accept payments and make value exchanges through this platform.
The platform is currently available in countries such as Colombia, Venezuela, Panama, Argentina, and recently in Peru. The purpose of the Reserve App is to face the inflation that these countries are going through, giving users the opportunity to protect their money against the devaluation of their currency.
With this application, Venezuelans can convert their bolivars into dollars or cryptocurrencies. They can also do the opposite, convert their dollars or cryptocurrencies into bolivars. The same happens for users from the other countries where the application is available, they only need to have access to a bank account in the country where they registered since the operations are performed in the local currency.
The best thing about this application is that transactions are effective in a matter of minutes and, for the time being, there are no commissions.
Every user in Venezuela can move their money to the different platforms that Reserve App works with, such as Zelle, Uphold, Cryptocurrencies, and the different local banks.
Reserve App arrives in Peru
This application, as I have been mentioning, has become an excellent alternative for payments and dollar reserves for the citizens of Latin American countries, where it is available, to deal with inflation.
For the joy of Peruvians and Venezuelans who are in this country, the Reserve App arrived in Peru on February 14 of this year. The platform is an excellent advantage for people who are in the Inca country and wish to make transactions with other platforms and safeguard their money or simply for those who wish to send a remittance to their peers living in another country without any additional cost.
In order to access this platform, it is necessary to download the application from the Play Store and send the user to whom the money will be sent. Then, to withdraw them, they must sell their dollars in the same application through an Independent Liquidity Provider, who will deposit the money in their local currency in the account you provide.
The arrival of Reserve to Peru is intended to connect the large number of expatriates residing in the Inca nation with an accessible tool for sending remittances to family and friends in Venezuela, Argentina, Colombia, and Panama quickly and without commissions.
If you are in one of these countries where the Reserve App is available, do not hesitate to download and join the large number of users already using this platform.
The future of the Reserve
Unfortunately, the option of transactions between PayPal and Reserve will no longer be available to any of the users within the platform, but it is still an excellent alternative for users.
The company expects to be available in more Latin American countries to offer its advantages to everyone. In addition, users will also be able to access a way to save in dollars just by maintaining a balance in Reserve Dollars (RSV) a stable cryptocurrency or stable coin that has a 1 to 1 parity with the US dollar and is governed by Reserve Protocol on the Ethereum Blockchain.
I hope you find the information useful and can use the platform to send remittances or simply to save.