Every blockchain project that receives funding from Binance Labs or LatamEx can see a matching investment of up to US$50,000 from the Argentinian government, Binance wrote in a blog post. The Ministry of Production and Labour has committed to co-invest in up to 10 Argentina-based projects each year for four years.
Due to the recession, Argentina has embraced cryptocurrencies fast. According to CoinMap, approximately 260 venues accept cryptocurrency payments in Argentina. You can top up your state public transport card SUBE with bitcoin or make international payments using cryptocurrencies.
Binance hopes to further blockchain adoption in Argentina. The company is organising a 10-week incubation program for early-stage blockchain startups in Buenos Aires.
According to Ella Zhang, Head of Binance Labs, the company aims to realise the potential of blockchain technologies to the full extent. She explained the company is “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.”