Govt of Argentina is all set to invest in blockchain projects. Specifically, they’re co-investing in a project that receives funding support from Binance Labs or LatamEx Latin American crypto exchange.
Announced via Binance official blog, The blog post reads that Argentina’s Ministry of Production and Labour is on powering up the crypto wings for every Argentine blockchain project with match investments of up to $50, 000 – given that such projects should be backed by Binance Labs and LatamEx Founders Lab.
.@BinanceLabs: BUIDLing Argentina’s Crypto Future
On this latest instalment of the #BinanceIsGlobal series, find out how the Government of Argentina is supporting Binance Labs as part of the blockchain revolution in the country.https://t.co/IaUQVnoeUC
— Binance (@binance) March 6, 2019
The announcement released on Wednesday, indicating the forthcoming plan of the ministry of accelerating the investment vehicle of up to 10 blockchain projects every year – rolling it out for four years. Additionally, the investment will be made through Founder Labs which is an Argentine blockchain accelerator.
The blog reads that;
Argentina’s Ministry of Production and Labour has committed to match the investment up to US$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.
It is the season two of the Binance Lab ’s incubator program – and this time, the firm had selected Buenos Aires (capital of Argentina) as the hub of Binance Lab’s investment program which will begin on March 25. The govt co-invest announcement comes after Binance’s decision of opting Buenos Aires as the center for incubation program this year.
Concerning the similar regard, head of Binance Labs, Ella Zhang says;
“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.”