Reserve App : Adoption Update 9th March 2021
This is my first Medium article (joining the illustrious Phil Bon on this platform), moving from Twitter style mini images of screenshots to something with a bit more narrative. Hopefully the first of many.
Since the start of Marzo! the onboarding of the existing waitlist to the Reserve app has been pretty frenetic — the number of Twitter followers has increased by over 2000 in just a few days. This means that future demand will be high going into the final two weeks of March where everyone who has applied in Venezuela should be able to use the app.
For clarity — this is what @holareserve posted :
Dates of entry to the app:
March 1️⃣ to 1️⃣5️⃣: all users who are on the waiting list.
March 1️⃣6️⃣ to 3️⃣1️⃣: free access for everyone who wants to use our app.
Running alongside this is an incentive for Argentinian users to get $10 when someone they referred uses the app for remittances.
All of which will lead to (hopefully) many thousands of Venezuelans using the app, providing feedback, telling their friends and most importantly avoiding hyperinflation.
Why is an app so important? Why can’t they just use <insert singular method here>? Well, most apps in this space are not international, Bitcoin is erratic and other methods require a high degree of confidence and/or technical ability in crypto or p2p payments, plus these are single use-case solutions. Reserve aims to be a Swiss Army knife of a storage and payment solution which is just easy and quick to use, with no prior knowledge of crypto or payment rails at all. I think Reserve like to think of it as CashApp with 2 turbos and a supercharger.
So, on to some numbers, or rather some guesses at numbers since Reserve are not issuing metrics yet — as is their right in the early adoption stages. They hope to give us some in a few months and the hints are it’s going well.
We can guess that several thousand users were in the closed beta proper and several thousand were on the waitlist, so at a conservative estimate that would be 20,000 users by mid-March (Marzo if you hadn’t already guessed). With the increased awareness being spread we can assume another 10,000 in the subsequent weeks in March before we go into referrals in April.
For some context, there were some 16,500 Paxful accounts in Venezuela before it shut down and AirTM in 2019 had some 70,000 (unconfirmed) users. Skrill and Neteller have shut down. Throughout April if we factor in another 10,000 then we are at potentially over half an AirTM@2019 still in beta. Think about that. I’ll post some metrics in the next post to give you an idea of what might be to come.
So, on to the reactions — I think it’s fair to say 99% is super positive. The retention stats bear that out.
This is, by comparison, incredibly high vs the standard retention rate of a digital banking app of 30% after 30 days. The reason surely is that there is every reason to use the app to safeguard your money from hyperinflation.
Apologies for the twitter translations but I wanted to keep the original text and not be seen as an editor.
Just a very small sample — using the app day to day and just getting on with life, whilst removing a huge issue of their earnings and savings losing 30–40% per month.
The Reserve team acknowledge they have taken their time, and credit to that approach instead of chasing user numbers, because they have here the holy grail of apps — one that people don’t just need, but love as well. Don’t believe me? Let’s ask a familiar name — Sam Altman (yes, he is an investor) :
Masters of Scale, an original podcast hosted by Reid Hoffman
Masters of Scale is hosted by Reid Hoffman, co-founder of LinkedIn and investor at Greylock. In each episode, Reid…
Well, that’ll do for my first Medium article — hope you found it useful.