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The Argentine government is committed to co-invest in local blockchain companies

The government of Argentina, in collaboration with the Binance investment arm, Binance Labs and the exchange of cryptocurrencies in Latin America, Latamex committed to support blockchain startups that have the support of Binance Labs and Latamex.

Binance is launching its second season of the Binance Labs Incubation Program and this year, the organization has decided to base one of its regional centers in Buenos Aires to represent the Latin American region.

In the announcement, Binance reveals that the Ministry of Production and Labor of the Argentine government, through a local blockchain accelerator, Founders Labs will provide financial support in the amount of $ 50,000 for each startup that ensures the funding of Binance Labs with a limit of up to 10 projects per year for the next four years. The statement said in part that,

“We are pleased to announce that the Ministry of Production and Labor of Argentina will begin to support Binance Labs […] This agreement is valid for 3-10 projects per year. With this agreement, the Argentine government will be the partner of Binance Labs in the investments made in projects related to blockchain in the country “.

Ella Zhang, the head of Binance Labs, expressed her enthusiasm for collaboration by saying that:

“We are very excited to support blockchain projects, entrepreneurs and developers through our Buenos Aires chapter, advise and advise them, find the right product for the market and provide them with timely access to the development of global blockchain technology to solve local problems. ”

In his part, Pablo Orlando, founder and CEO of LatamEx and Founders Lab said that:

“Latin America presents one of the most attractive markets for the adoption of blockchain and the cases of real use, and Argentina leads the way by serving as a gateway to the market.” He added that “I am confident that the Binance Labs incubation program projects will contribute significantly to the blockchain community around the world.”

Buenos Aires is one of the six regions that Binance Labs has chosen to host the incubation program for this season. The other five are San Francisco, Berlin, Lagos, Singapore and Hong Kong. The incubation program is expected to last 10 weeks as of March, 2019.

Published inCryptocurrenciesFintech

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