Company
Industry
Fintech, Digital Currencies
Use Case
Country/Region
Argentina, Latin America
Argentina is one of Latin America’s countries hit hardest by [ever-increasing inflation](https://www.as-coa.org/articles/explainer-crypto-latin-america#:~:text=Latin America's largest economy is,above %242 billion last year .). The appeal of crypto in Argentina has largely been due to the instability of the peso, which is experiencing year-over-year inflation of over 55 percent.
To protect themselves from devaluation, Argentines typically preserve their wealth by exchanging the Argentine peso for the US dollar. This process usually involves holding onto the physical bills at home, which is insecure and risky.
Crypto use and production is especially popular in the country’s south. Since electricity is comparatively cheap, its arable Patagonia region is a logical host for the energy-heavy task of producing new crypto. The crypto flow in Argentina reached $103 billion in 2021. The number of companies paying their employees partly in crypto increased 340 percent over the last year, making Argentina the country with the highest percentage of crypto-paid employees in the world.
Vibrant is a wallet app developed on Stellar, an open-source network for currencies and payments. Stellar allows to create, send and trade fiat and cryptocurrencies.
Aware of the high user trust of Latamex in Latam, Vibrant chose Latamex as its fiat gateway in Argentina. Connecting to Latamex VIA API Integration, Vibrant enables its users to easily buy crypto with Argentine Pesos (ARS), allowing their value to move effortlessly between regular fiat and digital currencies.
“Vibrant partnered with us to provide closer integrations together in LATAM. This partnership enables a huge, scalable, and compliant framework for local currencies across the region. We are pleased to work with the ecosystem Stellar to achieve such an important goal for local users. This is the beginning of a massive adoption process in the whole region, and we want every user to be a part of it,” stated Jack Saracco, Head of Business Development and Partnerships @Latamex
Today, this offers Argentines an easy and accessible way to protect themselves from the devaluation of the peso.
Sources