Argentina’s Ministry of Production and Labour has committed to match the investment up to $50,000 for every Argentine blockchain project that receives funding from Binance Labs, the venture arm of cryptocurrency exchange powerhouse Binance, and Founders Lab, the Argentine local blockchain Accelerator. For a four-year term, the Argentine government will match investments from Binance Labs and LatamEx, via Founders Labs, in up to 10 blockchain projects each year.
Granted through the Ministry’s Accelerator Program, the co-investment agreement was formed after Binance Labs selected Buenos Aires as the Latin American hub for Season 2 of the Binance Labs Incubation Program. By supporting blockchain developers in Argentina and globally, Binance Labs is furthering blockchain development and entrepreneurship to build the ecosystem. The ministry is grateful for Binance Labs’ continued endeavors in Argentina.
“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,” said Ella Zhang, Head of Binance Labs. “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.”
‘‘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,’’ said Pablo Orlando, Founder & CEO of LatamEx and Founders Lab. ‘‘Argentina, being 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 the blockchain community worldwide.’’
Through a collaboration with Founders Lab, the only blockchain accelerator to be granted one of the Argentine government’s 10 Accelerator Licenses, Binance Labs will host a 10-week incubation program for blockchain startups in Buenos Aires, one of the six cities exclusively selected as the program’s regional hub. As the venture arm of Binance, the largest cryptocurrency exchange by trading volume, Binance Labs invests in early-stage blockchain developer teams through incubation, direct investments and limited partnerships.
The Binance Labs Incubation Program Season 2, which begins in March 2019, recognizes Argentina’s role in lighting the way for blockchain and cryptocurrency adoption in the region, with regional chapters in Buenos Aires, San Francisco, Berlin, Lagos, Singapore and Hong Kong. Learn more at Binance Labs.