At Reserve, we’re changing the Venezuelan financial system to allow access to US dollars. In the long term, Reserve aims to eliminate high inflation all around the world. Eventually, we’ll launch a currency that’s independent from the US dollar. We’re ultimately a cryptocurrency project, but right now what we do is Cash App meets BitTorent.
Dollar access is crucial for our users in Venezuela and Argentina as well as their migrant relatives and friends in Colombia and Panamá to cope with ongoing high levels of inflation. Our team is distributed across 3 continents and 7 different countries. We’re funded by Sam Altman and Peter Thiel personally. Before Reserve, our team members led two of the most prominent attempts to solve the problem of hyperinflation in Venezuela.
We’ve created a series of channels that allow any normal Venezuelan to convert their Bolivars (the local failed currency) into US dollars and back again in our app in a couple of minutes. This means that Venezuelans can use our app to easily save and spend in US dollars, without having to worry about their money devaluing overnight.
Due to capital controls in Venezuela, this kind of financial service is not commonly available, and our early users are extremely appreciative of what we’ve built. New users are often skeptical that we can deliver what we promise… until they try it, and often evangelize their friends once they have seen how our app works.
This is the percentage of users actively using the service after N weeks from their first time trying it:
Our short-term goal is to support the entire Venezuelan economy transacting digitally in US dollars, escaping the issues posed by the hyperinflation the country has suffered in the last decade. We are aiming to serve 10M+ Venezuelans, and looking to Argentina next.
Things are going great for us (yes, we are proud!). As we write this, we have a long waitlist of would-be users who are getting impatient with us (publicly – like, accumulating 1-star reviews from those who are upset that they are still waiting to get in ).
We are on the way to reaching mass crypto adoption in a national economy. Now we want to consolidate our presence in the crypto world. We need a real insider, capable of devising tools to create an entirely new space in the sector that ends up working as well as yield farming and that others try to copy.
We’re willing to compete with Amazon/Google/Apple/Netflix on compensation in order to hire the absolute best individual we can find, because we just have to get this right, and because we have the cash treasury to comfortably do so, having done very well in the crypto markets, we can offer an unusual degree of potential financial gains from being a relatively early startup.
The individual we are looking for:
Today, Reserve's users are normal people and business owners in Venezuela. We help them save in dollars and transact with low friction. They can cash-in and cash-out with PayPal, Zelle, and Venezuelan bank transfers. For example, to cash-in, users initiate a transaction in our app, then are ...