The government of Argentina has partnered with Binance Labs, the venture arm of crypto exchange Binance, and Latin American crypto exchange LatamEx to invest in local early-stage blockchain projects.
Argentina’s Ministry of Production and Labour has signed a four-year term deal with the two firms, committing to match investments up to $50,000 from Binance Labs and LatamEx. The ministry will reportedly fund up to 10 blockchain projects each year via Founders Labs, the only blockchain accelerator to be granted one of the Argentine government’s ten accelerator licenses.
“Argentina is at the forefront of blockchain adoption and we’ve witnessed how it’s becoming home to some very passionate blockchain communities during our trip there,” said Ella Zhang, Head of Binance Labs. “Our mission at Binance Labs is to realize the full potential of blockchain technologies. To that end, we are very excited to support blockchain projects, entrepreneurs and developers through our Buenos Aires chapter, to advise and mentor them, to find product-market fit, and provide them with in-time access to global blockchain technology development to solve local problems.”
Through a collaboration with Founders Lab, Binance Labs will host a 10-week incubation program for blockchain startups in Buenos Aires. The program, which will begin its second season later this month, recognizes Argentina’s role in lighting the way for blockchain and cryptocurrency adoption in the region.
“Latin America presents one of the most attractive markets for blockchain adoption and real use cases and Argentina is leading the way by serving as the market-opening gateway,” said Pablo Orlando, Founder & CEO of LatamEx and Founders Lab. “Argentina, being hub to some of the best projects and entrepreneurs in the region will benefit tremendously from an ecosystem like Binance. I am confident the projects under the Binance Labs incubation program will contribute significantly to the the blockchain community worldwide.”
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