Mar 6, 2019 14:00 UTC
Mar 7, 2019 at 04:56 UTC
Government of Argentina Agrees to Co-Invest in Binance-Backed Blockchain Projects
Argentina’s Ministry of Production and Labour has finally committed to match the investment up to $50,000 for each Argentine local blockchain project that gets funding from Binance Labs.
For a 4-year term, the Argentine government will match the investments from Binance Labs and LatamEx, through Founder Labs, in about 10 blockchain projects each year.
Granted through the Ministry’s Accelerator Program, the agreement on co-investment was formed after Binance Labs chose Buenos Aires as the Latin American hub for Season 2 of the Binance Labs Incubation Program.
By supporting blockchain developers in Argentina and across the world, Binance Labs is furthering its entrepreneurship as well as blockchain development to build the perfect ecosystem. The ministry is obliged by the Binance Labs’ continuous endeavors in Argentina.
Argentina to Adopt Blockchain
Ella Zhang, Binance Labs Head, said –
“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. 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 and CEO of LatamEx and Founder Labs, said –
“Latin America presents one of the most attractive markets for blockchain adoption and the technology’s real use cases, and Argentina is leading the way by serving as the market-opening gateway. Argentina, being a 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 blockchain community worldwide.”
With the collaboration with Founder Labs, Binance Labs will host a 10-week incubation program for blockchain-based startups in Buenos Aires, one of the six cities exclusively selected as the regional hub of the program. As the venture arm of Binance, Binance Labs invests in early-stage blockchain developer teams via incubation, limited partnerships as well as direct investments.