Bitwage, the world’s pioneer and leading provider of cryptocurrency and stablecoin payroll services, has partnered with Argentinian Ultimate Fighting Championship (UFC) fighter Guido Cannetti. Following the partnership, Canneti will become the first argentine athlete to receive a Stablecoin Salary in USDC.
Guido Cannetti As The New Ambassador Of Bitwage
Guido Cannetti, a.k.a. El Ninja, is set to be the first Argentine athlete that will be receiving 100% of his salary in cryptocurrency via the Stellar Network on Vibrant, which is a wallet app developed by the Stellar team.
Cannetti is one of many ambassadors supporting Bitwage. He joined prominent UFC fighters Luana Pinheiro and Matheus Nicolau, U.S. soccer players Achara Infunanyachi and Alex Crognale, and American football player Alex Barrett as ambassadors that use Bitwage’s platform for their crypto payroll services.
According to Jonathan Chester, CEO of Bitwage, they are delighted to have partnerships with athletes and influencers as it spread crypto awareness and is a great way to advance the adoption of digital money.
Stablecoin Salary Helps Combat Rampant Inflation
In 2022, inflation soared around the world, and Argentina was one of the countries most severely affected. According to the data released by Trading Economics, inflation in Argentina in the 12 months through August hit 78.5%.
The modern era’s reduction of purchasing power in Argentina has made it difficult for Argentinians to buy goods and services with their local currency. To protect themselves from the devaluation of money, many Argentinians have been looking for ways to preserve its value.
The USDC stablecoin offers a good opportunity for Guido Cannetti and it could be a good way to hedge against rising inflation and Argentina’s economic breakdown which can be exchanged 1:1 for the U.S. dollar. In a statement released by Bitwage Cannetti expressed that he choose getting paid in USDC as it would be safer for his future. The Argentinian athlete noted that the stability of a stablecoin will spare him from the volatility and devaluation of local currency. The Stellar Network team advanced features on the Vibrant wallet app to help Argentinians cope with inflation. By using USDC on the Stellar Network it will enable them to access USDC with allows cross-border, low-cost transactions and near-instant payments.