History of Liberty Reserve

One of the biggest payment processors and digital currency issuers nowadays, Liberty Reserve has been set up by a team of skilled professionals from Norway and the USA in February 1999, initially as an escrow project.

Later it has been re-registered in Panama, in October 2000, and has added currency exchange services for import / export companies as it became more popular.

By July 2002, the system was introduced to a close circle of businesses for further testing, and a decision was then made to add some payment system functionality. The goal was to provide a complete range of financial services, so that users may use Liberty Reserve not only for escrow service but also for all of their financial needs.

After that, it has launched its US Dollar backed e-currency (LR-USD) and was officially introduced to general public on March 2004. First account registrations took place at this time and the system experienced a rapid growth.

On October 2004, the escrow service has been dropped due to lack of use, and the gold backed e-currency (LR-GOLD) was launched one year later.

In 2006, the owners weren’t able to reach an agreement about the direction of the company, so the only amicable solution was to sell it. And it was acquired by a Corporation based in Costa Rica: Liberty Reserve S.A., in May of that year.

The new owner greatly improved the system, therefore it quickly became one of the major payment solutions on the globe with millions of accounts opened while offering state of the art features that it's competitors lack.

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