Crypto

UFC fighter El Ninja will become the first Argentinian athlete paid in crypto

Guido Cannetti, an Argentinian Ultimate Fighting Championship (UFC) fighter, is now the first martial arts athlete in the country to receive 100% of his salary in stablecoins, amid rising inflation and deteriorating the Argentine economy. announcement crypto payroll firm Bitwage on Monday.

Nicknamed El Ninja, he returns to the Octagon on October 1 in the United States to take on local fighter Randy Costa. According to Bitwage, Guido will receive his payment in USDC stablecoin through the Stellar network on Vibrant, a wallet app developed by the Stellar team specifically for Argentinians facing inflation.

According to official government figures, inflation in the 12 months to August was 78.5% in the country, while prices in the first eight months of the year rose by 56.4%. . Argentina’s central bank predicted an inflation rate of 95% for the year, while some private analysts predicted an inflation rate of 100% in 2022.

“I get paid in USDC because it’s safer for my future,” Cannetti said in a statement released by Bitwage, noting that stablecoins would spare him the volatility and devaluation of the local currency.

Among Argentinian consumers interrogates by Americas Market Intelligence in April, 51% bought cryptocurrencies and 27% regularly bought cryptocurrencies, compared to 12% adoption at the end of 2021. Inflation protection is the main reason for 67% of purchases of cryptocurrencies by the respondents.

The prices of stablecoins pegged to the US dollar jumped in July after the abrupt resignation of Martin Guzman as Minister of Economy. His fiscal policies aimed at reducing budget deficits and tightening monetary policy have divided opinion within the Argentine government. On the country’s black market, the exchange rate was 287 pesos to the dollar at press time, according to the DolarHoy website.