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.
Argentina is one of Latin America’s countries hit hardest by ever-increasing inflation. 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 chose Settle’s fiat gateway, enabling users to easily buy crypto with Argentine Pesos (ARS), allowing their value to move effortlessly between regular fiat and digital currencies.