- Guido Cannetti will receive all his wages in USDC stablecoin with the Vibrant wallet through Bitwage.
- The Stellar Network team developed the Vibrant wallet app to help Argentinians cope with inflation.
On Monday, crypto payroll firm, Bitwage, announced a partnership deal with Argentinian Ultimate Fighting Championship (UFC) fighter Guido Cannetti. Under the terms of the agreement, Cannetti will receive 100 percent of his salary in USDC stablecoin through Bitwage using Vibrant. Vibrant is a wallet app that the Stellar Network team developed mainly for Argentinians to help them cope with the rising inflation the country is experiencing.
Cannetti is the first Argentinian martial arts athlete to receive his wages in stablecoins. Inflation continues to hit Argentina hard, causing a massive reduction in the purchasing power of their local currency. Hence, many Argentinians like Cannetti are embracing earnings in stablecoins (especially USDC stablecoins) which they can exchange 1:1 for the US Dollar.
Argentines are using Stellar-built Vibrant wallet because it allows them to instantly access and converts their USDC to USD at near-zero costs. Also, many regard the Stellar Network as a resilient and reliable blockchain.
Bitwage and salary payments in crypto
Bitwage CEO, Jonathan Chester, commented on the partnership deal with Cannetti (also known as El Ninja). He said Bitwage loves to partner with influencers and athletes on deals like this because it helps promote crypto adoption. Chester added that Bitwage has made it its primary objective to develop excellent financial products in the crypto space.
Thus, making them present in the daily lives of anyone who earns a living regardless of their location worldwide. The Bitwage CEO further said the company wants everyone to have a chance to receive and access their earnings instantly and safely, which proves that those who pay for their work value them.
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 to preserve the value of their work.
Bitwage helps firms pay their employees in Latin America and the Philippines. Last month, it launched the implementation of USDC on Stellar to enable its users to enjoy almost zero transaction fees. Bitwage users used USDC on other chains before Stellar, but those chains were slow and costly. However, the Stellar Network offers cost savings, speed, and security.
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Moreover, the blockchain has existed for many years and is trusted by many. Bitwage CEO said the crypto payroll company helps firms reduce the overhead costs of paying their workers because it has a massive pay engine built on compliance for remote and local workers. Bitwage allows Argentina-based business operators to employ locals because they can pay them quickly using the Bitwage platform.
When Cannetti returns to the octagon on October 1 to face Randy Costa, he will receive all his earnings from that bout in USDC stablecoins. Cannetti joins the list of athletes receiving their payments through Bitwage. Some of them are Alex Barrett (American Football Player), UFC Fighters (Matheus Nicolau and Luana Pinheiro), and US Soccer Players (Alex Crognale and Achara Infunanyachi).