Colombian startup Valiu is testing its crypto-dollar “cryptodollar”

According to Decrypt, Colombia-based cross-border remittance startup Valiu is testing its crypto-synthetic dollar “cryptodollar” in an effort to combat hyperinflation. “Cryptodollar” is pegged to the US dollar and is supported by Bitcoin, which can be stored in the Valiu app. Venezuelan users can connect their bank accounts to the Valiu app or directly deposit cash into one of Valiu ’s thousands of remittance partners in Colombia, after which they can transfer funds to their “cryptodollar” account for free transfers.