Argentinian UFC Fighter Cannetti to Receive Salary in USDC

Guido Cannetti, an Argentinian mixed martial artist who competes in the UFC, has partnered with cryptocurrency-focused payments company Bitwage to become its ambassador.

Also, you will start receiving all your earnings in USDC stablecoin instead of fiat currency.

“USDC is safer”

In a recent announcement, Bitwage said he is “excited” to partner with Cannetti. Using the platform, the athlete, known as “The Ninja”, will receive 100% of his salary in USDC through the Stellar Network on Vibrant. The latter is a wallet application designed to allow access to dollar-based stablecoins. Speaking about the partnership, Cannetti said:

“I get paid in USDC because it’s safer for my future. Bittwage is the best choice to do it. Their customer service, their product and everything about them works great for a beginner like me.”

Guido Cannetti
Guido Cannetti, Source: Sherdog

It is worth noting that inflation and political turmoil in Argentina have pushed some of the locals into the cryptocurrency sector. Instead of keeping their savings in pesos (which have recently depreciated rapidly), some Argentines converted them to stablecoins pegged to the US dollar, such as Tether (USDT) and the one issued by Circle – USDC.

Interest in these assets increased significantly after Argentina’s Economy Minister, Martín Guzmán, resigned from his post in July.

In the case of Bitwage, this is not the first collaboration with athletes. Over the years, the company signed deals with 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 moves the needle on crypto adoption. Whether it’s bitcoin or a stablecoin like USDC, our goal is to create good financial products in the crypto ecosystem while making them ubiquitous in the everyday lives of workers around the world, Bitwage CEO Jonathan Chester said.

The transfer of football to USDC

Last month, Buenos Aires soccer club Banfield sold one of their best players (Giuliano Galoppo) to Brazilian side São Paulo. Interestingly, the latter paid the transfer sum in stablecoins instead of fiat currency (about $8 million in USDC).

Although Galoppo became the first soccer player sold for cryptocurrency in Argentina, the deal did not sit well with local regulators.

The Central Bank of the Republic of Argentina (BCRA) required Banfield to liquidate the USDC received in the Single Free Exchange Market (MULC). This means that the team will not be able to keep their stable currency holdings, but will have to convert them into Argentine pesos.

Featured image courtesy of MMA Weekly


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