Binance’s venture arm, Binance Labs, announced that it is going to back blockchain startups in Argentina and the government of the country agreed to support the projects chosen by Binance Labs.
Argentina’s Ministry of Production and Labour announced on Wednesday that it will invest in every Argentinian blockchain project that receives funding from Binance Labs via the second season of its Incubator Program, and crypto exchange LatamEX. The Ministry said that it will provide an investment of up to $50,000 to the chosen projects.
The government plans to fund up to 10 blockchains projects every year for four years, and will carry out investments through a local blockchain accelerator, Founders Labs. The contract for co-investment was signed after Binance Labs chose Argentina’s capital, Buenos Aires, as one of the locations for the second season of its Incubator Program. In a statement, Ella Zhang, the head of Binance Labs, said:
“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.”
Binance’s official Twitter handle posted:
According to CoinDesk, while the bear market crippled many firms in other regions, Argentina saw a boom in blockchain and crypto projects due to a history of banks restricting customer access and an inflation rate of 47% in 2018. The publication quoted the founder of a blockchain startup Democracy Earth Foundation and investor in several Argentinian crypto startups, Santiago Siri:
“The sector is growing, it’s growing very well. It’s providing a lot of jobs. People are using these technologies for real survival needs and finding themselves in a better world than if they had to trust the government.”
The second season of the Incubator Program will kickstart in March 2019 and the regional chapters will be held in Buenos Aires, San Francisco, Berlin, Lagos, Singapore and Hong Kong.
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