A LatAm telecom operator is putting part of its finances on Avalanche
Led by former IBM Blockchain partner Jules Miller, Iris is helping Bolivia's VIVA use stablecoins for settlement, dollar reserves and new financial services without replacing its existing telecom systems.
Latin American telecom operator VIVA is putting part of its financial plumbing onchain through Iris, a new network that wants to help mobile carriers turn their customer relationships and distribution networks into payments and other financial services.
VIVA, which has operated in Bolivia for more than 25 years and recently expanded into Mexico, is the first carrier live on Iris. It is using USDi, the network’s dollar-backed stablecoin issued by stablecoin infrastructure firm Agora, to settle transactions and hold eligible operating reserves in dollars instead of local currency.
Iris is led by CEO Jules Miller, a former partner at IBM Blockchain Ventures who helped launch the company’s blockchain venture group.
VIVA offers an early test of whether that model can translate into better economics for carriers. Nahas said a super-app product used by VIVA helped reduce churn among prepaid mobile customers by 33% while increasing their lifetime value by 35%.