‘El Ninja’ will get all his earnings in USDC, arguing this is much safer than receiving a salary in Argentinian pesos.
Guido Cannetti – an Argentinian mixed martial artist who competes in the UFC – partnered with the crypto-focused payment company Bitwage to become its ambassador.
In addition, he will start receiving all his earnings in the stablecoin USDC instead of fiat currency.
USDC is safer
In a recent announcement, Bitwage said it is “thrilled” to collaborate with Cannetti. Using the platform, the athlete, known as “El Ninja,” will get 100% of his salary in USDC via the Stellar Network on Vibrant. The latter is a wallet application designed to enable access to dollar-based stablecoins. Speaking on the partnership, Cannetti said:
“I am getting paid in USDC because it is safer for my future. Bitwage is the best option to do this. Their customer service, their product, and everything about them work great for beginners like me.”
It is worth noting that the inflation and the political turmoil in Argentina have pushed a chunk of the locals toward the cryptocurrency sector. Instead of keeping their savings in peso (which has been rapidly depreciating recently), some Argentinians converted them into stablecoins pegged to the American dollar, such as Tether (USDT) and the one issued by Circle – USDC.
The interest in such assets rose significantly after Argentina’s Minister of Economy – Martin Guzman – resigned from his post in July.
In the case of Bitwage, this is not the first collaboration with sportspeople. Over the years, the company inked deals with the UFC fighters Luana Pinheiro and Matheus Nicolau, soccer player Alex Crognale, and American football player Alex Barrett.
“We love partnering with athletes and influencers on deals like this because it pushes the needle forward on crypto adoption. 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.” Bitwage’s CEO Jonathan Chester said.
The soccer transfer in USDC
Last month, the Buenos Aires-based soccer club Banfield sold one of its best players (Giuliano Galoppo) to the Brazilian São Paulo. Interestingly, the latter paid the transfer sum in stablecoins instead of fiat currency (around $8 million worth of USDC).
While Galoppo became the first soccer player sold in exchange for cryptocurrencies in Argentina, the deal did not please the local regulators.
The Central Bank of the Argentine Republic (BCRA) required Banfield to settle the received USDC in the Single Free Exchange Market (MULC). This means the team won’t be able to keep its stablecoin holdings but must convert them into Argentinian pesos.