Argentina Fighter Guido Cannetti Accepts Salary in Stablecoin

Argentina athlete Guido Cannetti of the world’s leading mixed martial arts competition Ultimate Fighting Championship (UFC) announced that he would would be paid in full in stablecoin USDC.

He becomes the first UFC athlete in Argentina to use a cryptocurrency stablecoin for salary.

According to Bitwage – the global leader in Bitcoin, cryptocurrency, and stablecoin payroll with services across invoicing and benefits services. Guido Cannetti will receive his USDC stablecoin payment via Stellar Network on Vibrant.

Stellar Network on Vibrant is a wallet application developed by the Stellar team specifically for Argentines experiencing inflation.

According to the official inflation data released by Argentina earlier, the inflation rate in August soared to 78.5% year-on-year, a new high in 30 years, and the month-on-month increase reached 7%. The inflation rate is expected to rise by nearly 95% by the end of this year.

The central bank has raised interest rates by a total of 3,700 basis points (37%) this year but has fallen into the dilemma of “no one dares to save money”.

Canneti said the stablecoin could hedge against local currency fluctuations and depreciation. 

In a statement released by Bitwage, Canneti said that:

“I am getting paid in USDC because it is safer for my future.”

Due to persistent inflation, the devaluation continues to weaken the Argentine peso (ARS). Argentines are reportedly buying two to three times the normal amount of stablecoins.

Depending on different regulations, the adoption of cryptocurrencies is expected to continue to rise in Argentina, as cryptocurrencies are seen as a hedge against cyclical economic crises such as hyperinflation, recessions, and repeated currency devaluations.

51% of Argentinian consumers have purchased cryptocurrencies, with 27% of them buying cryptocurrencies on a regular basis, up from 12% at the end of 2021, according to Americas Market Intelligence’s April statistics.

Argentines have been seeking refuge in digital assets, even though the country has recently halted financial institutions’ crypto operations.

Image source: Shutterstock


Tagged : / / / / /

Heavyweight champ to take 50% of his UFC 270 purse in Bitcoin

UFC heavyweight title holder Francis Ngannou has announced he will take half of his UFC 270 prize purse in Bitcoin (BTC) via Cash App.

The French-Cameroonian MMA fighter will take on the undefeated Ciryl Gane on Jan. 23 and is set to earn a guaranteed $750,000. In a tweet published on Jan. 18, Ngannou noted that:

“After doing a lot of research on Bitcoin, I really believe it is the future of money, man. Bitcoin is valuable, secure, and no one can mess with it.”

The event will take place inside the 18,000+ capacity Honda Center in Anaheim, California. In what is the first defense of Ngannou’s title reign, the fight is an intriguing heavyweight clash in which both fighters will enter the arena fresh off their best performance to date and the winner could very well be the new face of heavyweight for years to come.

Tickets are still up for grabs and the fight will be broadcast on ESPN + PPV in the US. Cash App is spending big on the fight, with another $300,000 giveaway for followers who post about the campaign on Twitter.

The Cash App marketing campaign has witnessed eminent personalities give away Bitcoin to their social media followers. Earlier in December, Hollywood actress Gwyneth Paltrow announced that she was giving away $500,000 in BTC to her Twitter and Instagram followers via a Cash App partnership.

Ngannou is also not the first professional MMA fighter to receive earnings in Bitcoin. In a Dec. 17 interview, Kevin Lee said the Russia-based Eagle Fighting Championship will pay him in BTC.

Related: partners with Los Angeles’ Angel City Football Club

Billions of people watch sports and crypto brands are leveraging the power of sports partnerships to target mainstream users.

In one of the biggest crypto sports partnerships in Australia, the Aussie Rules women’s division called the AFLW has just secured a $25 million deal with also secured a $700 million deal in mid-November to rebrand the Staples Arena, Los Angeles to the Arena for 20 years.

The crypto company also signed hefty sponsorship deals with Formula 1 and UFC as well, in June and July respectively.

Cash App has formed partnerships with several NFL players, including Los Angeles Rams wide receiver Odell Beckham Jr. and Green Bay Packers quarterback Aaron Rodgers. The partnership will allow them to receive their salary in BTC.

Tampa Bay Buccaneers quarterback Tom Brady took an equity stake in FTX Trading and will receive crypto as part of the endorsement deal. He is acting as an ambassador for the crypto exchange. FTX also has deals with Miami Heat and Major League Baseball.