The government of Argentina has partnered with Latin American crypto exchange, LatamEX and Binance Labs, the venture arm of the Binance exchange. A press release states that The Ministry of Production and Labour have pledged to match any investment up to $50,000 for each Argentine local blockchain project that gets funding from Binance Labs by way of the second season of its incubator program.
Funding up to ten blockchain projects every year for four years, the government will match investments from Binance Labs and LatamEX, via Founders Labs, the Argentine local blockchain Accelerator.
Argentina appears to be warmly embracing cryptocurrencies which was demonstrated when the state public transport card, SUBE, began accepting Bitcoins for card top-ups last month. Perhaps this is down to Argentina having been forced to endure a number of financial crises which has led to many people turning to Bitcoin as a way of preserving their wealth. LocalBitcoins volumes have soared and Bitcoin ATMs have been increasing across the country, with Athena Bitcoin Argentina rolling out seven more late last year.
By supporting blockchain developers in Argentina, Binance Labs is furthering blockchain development and entrepreneurship to help build the ecosystem. This partnership could be a pivotal moment for the country to stand at the leading edge of blockchain adoption.
Latin America Is An Attractive Market For Blockchain Adoption
Binance Labs have noted that Argentina has some “very passionate blockchain communities”. Ella Zhang, Head of Binance Labs, said: “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.”
Pablo Orlando, Founder & CEO of LatamEx and Founders Lab agrees. “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,’’ he said.
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