Most Argentinians have turned to the crypto sector because of rising inflation

Argentinian UFC fighter Guido Cannetti to start getting paid in USDC

04.10.2022 - 13:40

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2 min

What’s new? Argentinian mixed martial arts fighter Guido Cannetti, who competes in the UFC, has signed a partnership with the cryptocurrency payment company Bitwage to become its ambassador. Using the Vibrant wallet app in the Stellar (XLM) ecosystem, the athlete will receive 100% of his salary in the stablecoin USD Coin (USDC) from issuer Circle.

Information on the Bitwage blog

What are the benefits of the partnership? Bitwage CEO Jonathan Chester said the company likes partnering with athletes and other influencers because “it pushes the needle forward on crypto adoption.” He added:

“Whether it’s bitcoin or a stablecoin like USDC, it’s our goal to create good financial products in the crypto ecosystem while also making them ubiquitous in the everyday lives of workers around the world. We believe everyone should have an opportunity to earn their wages quickly and securely in order to preserve the value of their work.”

Cannetti said that paying in USDC is preferable for him because it can provide protection of funds from inflation. Argentinians are facing severe inflation, so many residents have turned to the cryptocurrency sector.

Bitwage is a California-based startup for payroll, billing and benefits in bitcoin. The platform went public in 2017. The company's services allow individuals to receive their salaries in cryptocurrency and companies to use tools to pay employees in digital assets.

The USDC centralized stablecoin is the second-largest in the crypto market, ranking fifth overall with a capitalization of $47,26 billion.

In March, Brazilian UFC fighter Matheus Nicolau began receiving income from bitcoin fights through Bitwage. In July, UFC athlete Luana Pinheiro also partnered with Bitwage.

Author:

Tatiana Darda Tatiana Darda

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