{"id":258394,"date":"2020-04-24T06:32:58","date_gmt":"2020-04-24T10:32:58","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=258394"},"modified":"2020-06-13T15:15:16","modified_gmt":"2020-06-13T19:15:16","slug":"venezuela-based-valiu-develops-cryptodollar-to-combat-inflation","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/venezuela-based-valiu-develops-cryptodollar-to-combat-inflation","title":{"rendered":"Venezuela-Based Valiu Develops \u201cCryptodollar\u201d to Combat Inflation"},"content":{"rendered":"

Valiu, a cross-border remittance startup based in Columbia, has recently launched a synthetic US dollar backed by Bitcoin. This was developed in a bid for Venezuelans to access a stable asset, and in doing so bypass the rampant hyperinflation<\/a> that the country\u2019s economy is suffering from<\/p>\n

A Product Of Relentless Hard Work<\/strong><\/h2>\n

The entire project is still in its Alpha stages, but Valiu is striving to make this come to fruition. In recent times, the firm has established a partnership with Rappi, a Latin American food delivery app. This has the potential to offer a large user base for Valiu to help with its adoption when it rolls out fully later this year.<\/p>\n

Simon Chamorro, the CEO of Valiu, gave a tweet on the 23rd of April. In this tweet, he explained that the \u201ccryptodollar\u201d has launched in Alpha. He stated that it took four months of time, with his team operating more than 80 hours a week.<\/p>\n

\n

After 4 months of 80+ hour work weeks, 500k+ lines of clean code written across 4 engineers, shifting the company fully remote due to COVID, and completing a rigorous regulatory analysis…<\/p>\n

I'm proud to say that Valiu's cryptodollar is now live and running in Alpha. https:\/\/t.co\/yf6F1jO0Ju<\/a><\/p>\n

— Simon Chamorro (@simonbuilds) April 23, 2020<\/a><\/p><\/blockquote>\n