In a blog post a few hours ago, the team at Binance announced that the Government of Argentina will be supporting Binance Labs development efforts in the country. The collaboration is part of the blockchain and crypto revolution in the country.
Binance Labs has held several events and meetups in the country and Argentina is an integral part of their global expansion plans. Buenos Aires is this year’s regional hub for the Binance Labs Incubation program for Latin America. The program will begin its second season this month and has picked Argentina for its role in embracing blockchain and crypto in the region.
Government Grant of Up to $50,000
Argentina’s Ministry of Production and Labor has pledged to support Binance Labs and LatamEx with its Accelerator Program. The latter is offering a grant of up to $50,000 on every project Binance Labs invests in. This pledge is valid for up t0 10 projects per year. With this deal, the Argentinian government becomes a Binance Labs partner in blockchain investments in the country.
Ella Zhang, Head of Binance Labs, explained why Argentina is unique in furthering the adoption of blockchain technology.
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 & CEO of LatamEx and Founders Lab, also added that Latin America is at the forefront of blockchain adoption and real use cases of the technology. Argentina has become a hub for the best projects and entrepreneurs in the region. With the Binance Labs incubation program, such projects and talented individuals will have a chance to flourish.
More on Crypto and Blockchain Adoption in Argentina
The country of Argentina has accelerated adoption of crypto and blockchain as a way of working around its economy’s recession. The country has crypto ATMs and many businesses accepting cryptocurrency payments. One example of mainstream crypto adoption is the capability of topping up the country’s state public transport card, SUBE, using Bitcoin.
Recent Performance of BNB
Further looking at the crypto markets, we find that Binance Coin (BNB) has had an amazing run in the past few days. The token is now valued at $15.37 after a recent peak of $15.56. BNB is now ranked 7th on Coinmarketcap.com ahead of Tether (USDT), Stellar (XLM), and Tron (TRX).
What are your thoughts on Binance Labs and the Argentinian government partnering to support blockchain projects in the country? Please let us know in the comment section below.
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