UFC fighter El Ninja to get first Argentine athlete compensated in crypto

Guido Cannetti, an Argentinian Ufc (UFC) fighter, has become the very first fighting techinques athlete in the united states to get 100% of his salary in stablecoins amid rising inflation and Argentina’s economic degeneration, announced the crypto payroll company Bitwage on Monday.

Dubbed El Ninja, he returns towards the Octagon on March. one in the U . s . States to manage the neighborhood fighter Randy Costa. Based on Bitwage, Guido will get his payment in USD Gold coin (USDC) stablecoin through the Stellar Network on Vibrant, a wallet application produced by the Stellar team particularly for Argentines experiencing inflation.

Based on official government figures, inflation within the 12 several weeks through August was 78.5% in the united states, whereas prices within the first eight several weeks of the season were up 56.4%. Argentina’s central bank predicted a 95% inflation rate for that year, although some private analysts forecasted one hundredPercent inflation rate in 2022.

“I am getting compensated in USDC since it is safer in my future,” stated Cannetti inside a statement released by Bitwage, noting that stablecoins will spare him in the volatility and devaluation of local currency.

Among Argentine consumers surveyed by Americas Market Intelligence in April, 51% purchased crypto and 27% regularly bought cryptocurrencies, up from 12% adoption in the finish of 2021. Inflation protection is the main reason for 67% of respondents’ purchases of cryptocurrencies.

U.S. dollar-pegged stablecoin prices surged in This summer following Martin Guzman’s abrupt resignation as Argentina’s economy Minister. His fiscal policies targeted at reducing budget deficits and tightening financial policy divided opinions in Argentina’s government. Within the country’s underground community, the exchange rate what food was in 287 pesos per USD at press time, based on the website DolarHoy.

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