Welcome to Reserve’s January 2022 update, where we share the latest news from across the team for this month, as well as a few things that went under the radar in December
And (as it’s the start of a new year) a quick look to what’s ahead as 2022 rolls forward…
Last year we started opening the app out to a wider base, after a mix of invite-only and open-access periods, and Reserve has now grown to more than 400,000 people registered and approved use the app, with active users hovering around the 50,000 to 60,000 mark.
We define an active user as someone who has funded their wallet at least twice, and has made at least 1 transaction (RSV or P2P) in the last 30 days.
We expect to transition more of those registered users into active users as time goes on, as more people – discovering the benefits of using a stable coin in a time of high inflation – invite their friends, family and colleagues into the app.
Oh, and 500,000 people have downloaded the Reserve app on Android, which we are celebrating, but we are more interested in our registered user count, which, after hitting 400,000 on December 21st, has grown to 468,000 and counting by Friday, January 28th.
Supported by our growing number of merchants, with more than 10,000 now accepting RSV – we feel confident in our ability to harness the often-quoted but hard to catch ‘network effect’.
Want to see more? To celebrate the 400,000 users milestone we generated digital collectible avatars with the POAP Gallery that you can see here.
While our focus right now is on proving our merits to our users and potential users, we never mind a bit of media attention.
At the start of January, CGTN News, a news channel from China with 500,000 subscribers, featured Reserve prominently at the start of their story into Venezuelans adapting cryptocurrency.
Between Reserve, along with Binance Pay (which is also helping people adapt to using digital wallets in their everyday life), it is becoming an everyday occurrence to see digital transactions taking place in cities and towns across the country,
You can watch the video here:
Word-of-mouth was one of our key reasons for growth across 2021 — users convincing other users to give Reserve a go is one of the best ways to encourage mass adoption — the proof is in the product, so to speak.
That said, there’s many ways forward, and on December 13th, we started a new digital ads campaign, using Facebook and Google Ads, and focused on awareness and new installs.
Citizens across Venezuela are seeing our adverts, which show the advantages of using Reserve for savings and payments, and also in Colombia and Argentina, where we are promoting the app as a low-cost remittances tool for Venezuelan expatriates.
Our new and final RSR contract version is now live, with the transfer completed on January 14th — this being an important milestone on our road towards mainnet launch.
The new contract was audited by SOLIDIFIED before it went out, with no major or minor issues found on their end — just one informational note, which we chose to treat as a minor issue and then resolved it.
It’s perhaps the most anticipated part of the Reserve protocol among a segment of our readers, and quite rightly, as it signifies the protocol’s official launch, which introduces aspects such as RSR staking, a new stablecoin, a new Reserve dApp & decentralized governance.
The main takeaways from our end are:
- The team is still on track for an April launch
- We have to get this right! So we appreciate the patience the community has shown us.
On a high level, the rules of the protocol must be secure against any economic or political attacks, and on a technical level, the code needs to be secure and robust too. We want to be bullet-proof before sending the protocol off into the world.
For more details, you can find a Twitter thread of our latest thoughts here, and a Medium article here
As part of our march towards mainnet, we updated the RSR contract, which was successfully completed on January 13th.
There are a few exchanges who, on their end, still need to complete the update — follow us on Twitter and Telegram if you are waiting on your exchange.
Reserve has also decided to reimburse any members of the community who were liquidity providers on decentralized exchanges and did not have the chance or have enough liquidity to remove their RSR.
You can read more about this on Twitter here.
Another quick update from December if you missed it, but we landed on the Apple App Store just in time for Christmas.
Our focus for the last 18 months has been on Android — nothing personal! Simply that more than 80% of Venezuelans with a smartphone use Android, and under 10% use iPhones.
So we concentrated on where our audience was, but we don’t want to leave anyone behind.
We have been delighted by our uptake in Venezuela, regularly appearing near the top of the “most downloaded” finance apps since launch (on both platforms), and our rating on iPhone so far is sitting at 4.7 stars (and 4.5 on Android), which we are very proud of.
We’re here for every merchant who wants to join the Reserve family, but it is quite fun to grab a Whopper or a Quarter Pounder, and pay for it with RSV.
Our tireless Business Development team has worked with Burger King franchisees, and in December all Burger King restaurants in Venezuela began accepting Reserve payments.
That’s currently nine restaurants offering our QR code payment method in-store, with more expected in the near future (some branches are closed at the moment due to COVID-19).
As part of the deal, we offered a 10% cashback for the first month
We have also on-boarded two McDonald’s stores in Margarita island, a major tourist hotspot in the country, and we’ll continue reaching out to more stores in a bid to have them all accept Reserve.
We used the phrase “network effects” earlier, and it’s a card we don’t want to overplay, but there is something exciting about moving around Venezuela and seeing the Reserve logo pop up in more and more places.
Well, we’ve been focused on Venezuela very much over the last year — that’s where we know we can make the biggest difference to people’s lives (and pockets) in the shortest amount of time.
But stay tuned, because hopefully we have news about a couple of other countries over the coming months… With our Hola Reserve team beginning to publicly seek potential Peru users on Twitter and Telegram.
📚 Would you like to know more about Reserve? Read about our project here.