Argentina To Invest In DLT Projects Supported By Binance
The Argentinean government will finance early-stage blockchain projects, which are also supported by the venture unit of the Binance crypto exchange, as reported in the company’s blog.
The Ministry of Labor is ready to allocate $50,000 for each Argentinean project, which is in the Binance Labs business incubator and receives funding from the Latin American exchange LatamEX. The money will be transferred via the licensed blockchain accelerator Founders Lab.
The regulator’s program is designed for four years, and up to 10 start-ups will be able to get governmental support every year.
The Argentine authorities and Binance signed a joint investment agreement immediately after the largest crypto exchange launched its project incubator in Buenos Aires. Its goal is to educate and give advice to promising startups, to help them find a niche in the market and share global developments in the field of blockchain, as explained by Ella Zhang, the head of Binance Labs.
Latin America is a rather attractive market to use blockchain, and Argentina serves as a gateway to enter this market. This is according to the founder of LatamEX and Founders Lab, Pablo Orlando, who added that the region will receive many benefits from cooperation with the Binance ecosystem.
Last year, Binance Labs financed a stablecoin Terra and a blockchain startup CertiK, which is involved in smart contract verification and cyber security. Also, the portfolio of the Binance’s venture fund includes the BitTorrent (BTT) token project.
Earlier in Argentina it became possible to pay fare with bitcoins.