Ministry of Production and Labour of Argentina has pledged to square the investment of up to US$ 50,000 for every blockchain project in Argentine that receives funding from Binance Labs.
Binance Labs is the dream venture of Binance, cryptocurrency exchange powerhouse and Founders Lab, the Argentine local blockchain Accelerator. The Government of Argentine will match investments from Binance Labs and LatamEx, via Founders Labs, in up to 10 blockchain projects each year for a period of four years.
The co-investment agreement – granted through the Ministry’s Accelerator Program was formed after Binance Labs selected Buenos Aires as the Latin American hub for Season 2 of the Binance Labs Incubation Program. Binance Labs is strengthening blockchain entrepreneurship to build the ecosystem, by supporting blockchain developers in Argentina.
On this notable event, Ella Zhang, Head of Binance Labs said,
“Argentina is at the leading edge of adopting blockchain and it has become the hub of some passionate blockchain and crypto start-ups. The key mission of Binance Labs is to work towards the growth and expansion of blockchain technologies. Through our Buenos Aires chapter, we will advise, mentor, find product-market fit and provide them with real-time access to global blockchain technology to deal with regional problems.”
Further, Pablo Orlando, Founder & CEO of LatamEx and Founders Lab quoted,
‘‘Latin America stands among the most attractive markets for blockchain adoption, and Argentina is leading the way by being the market-opening gateway. Argentina is already the home to some of the best blockchain enterprises and will extensively benefit an ecosystem like Binance. I am confident the projects under the incubation program of Binance Labs will contribute significantly to the global blockchain community.’’
From March 25, Binance Labs is set to host a 10-week incubation program for blockchain start-ups in Buenos Aires, one of the six cities exclusively selected as the program’s regional hub. Other regional chapters are located in San Francisco, Berlin, Lagos, Singapore and Hong Kong. Binance Labs, a subsidiary of largest cryptocurrency exchange, usually invests in early-stage blockchain developer teams through incubation, direct investments and limited partnerships.
Binance is started to get more and more known as their cryptocurrency – Binance coin – recently entered the top 10 with an amazing 141% increase in value in less than a month.
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