In an effort to position the country at the cutting edge of blockchain adoption, Argentina’s Ministry of Production and Labour has entered into a collaboration with startup program Binance Labs and Latin America crypto exchange LatamEx. The government will match investments up to $50,000 into every Argentine blockchain startup that receives funding from the two companies.
Through the four-year agreement, formed after Binance Labs chose Buenos Aires as its Latin America hub for Season 2 of its Incubator Program, the Argentine government aims to invest in up to 10 blockchain projects each year.
Pablo Orlando, CEO of LatamEx, shared his thoughts on the collaboration:
‘‘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.’’
Argentina is currently in the midst of an economic recession, with the peso having halved in value in the last year, and inflation reaching over 30%. This move is one which seeks to move Argentina away from its struggling local currency and towards a blockchain-based future.
The Binance Labs Incubator Program, which last year helped to launch 8 blockchain startups, begins its ambitious second season on March 25th, lasting seven weeks. The program will work with entrepreneurs worldwide – with chapters in Berlin, Buenos Aires, Hong Kong, Lagos, San Francisco and Singapore – and aims to further the global blockchain revolution.