VIVA moves telecom finances onto Avalanche

• VIVA has become the first telecom operator live on Iris, an Avalanche-based financial network.
• The Bolivian operator is using USDi for settlements and eligible dollar operating reserves.
• Iris has launched with a US$43 million commitment from Balesia Group.

VIVA has moved part of its financial operations on-chain through Iris, an Avalanche-based network for telecom operators.

The Bolivian operator has used USDi, a dollar-backed stablecoin from Agora, for transactions and eligible operating reserves.

“Iris is the financial network for telecom operators,” Jules Miller, CEO of Iris, told CoinDesk in an interview.

Iris connects telecom identity, billing and distribution systems to financial services without replacing existing core infrastructure.

The network has launched with a US$43 million commitment from Balesia Group, a family office with telecom businesses across the Americas.

Iris operates on a dedicated Avalanche (CRYPTO:AVAX) Layer 1, while its initial expansion is focused on Latin America and potentially parts of Africa and Asia.

VIVA has operated in Bolivia for more than 25 years and recently expanded into Mexico, while Iris is now discussing further deployments with telecom operators.

At the time of reporting, Avalanche price was $7.51.