Argentina’s Government Partners with Binance to Fund Blockchain Technology Projects

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The Government of Argentina says it should match investments made by Binance Labs in blockchain know-how startups within the nation — to the tune of $50,000. The transfer marks the most recent instance of cryptocurrency and blockchain adoption within the Latin American nation. 

Argentina’s Government Matches Binance 1:1

Binance Labs, the blockchain know-how incubator of cryptocurrency trade behemoth Binance, introduced the information in a press launch issued on Wednesday (March 6, 2019). According to the assertion, Argentina’s Ministry of Production and Labor has dedicated to matching investments from Binance Labs and LatamEx in blockchain startups within the nation.

Via the Accelerator Program of the Ministry, the federal government plans to match each native blockchain startup funded by Binance Labs with an higher cap of $50,000. The assertion additionally revealed that the partnership would final for a four-year time period — with as many as ten tasks receiving funding annually.

Buenos Aires Hosts Binance Labs Incubator Program

Argentina’s capital shall be one of many cities to play host to season two of the Binance Labs Incubator Program which kicks off in March 2019. During the 10-week interval, Binance Labs plans to prepare quite a few interactive periods with chosen native blockchain know-how startups.

Commenting on the partnership, the Binance Labs chief, Ella Zhang, stated:

Argentina is on the forefront of blockchain adoption and we’ve witnessed the way it’s turning into house to some very passionate blockchain communities throughout our journey there. We are very excited to help blockchain tasks, entrepreneurs and builders via our Buenos Aires chapter, to advise and mentor them, to search out product-market match, and supply them with in-time entry to world blockchain know-how improvement to unravel native issues.

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Argentina’s Increasing Cryptocurrency and Blockchain Adoption

The Argentinian authorities and Binance Labs collaboration marks of one of many first instances of public-private partnership within the rising cryptocurrency and blockchain know-how business. This information additionally establishes one other chapter within the nation’s rising pivot in the direction of the creating digital economic system panorama.

As reported by Bitcoinist, 37 cities in Argentina settle for Bitcoin as fee for public transport. The nation additionally has the second-highest variety of Bitcoin ATMs in Latin America, behind Colombia. Since easing laws in mid-2018, cryptocurrency trading has continued to thrive within the nation.

What do you consider the dedication made by Argentina’s authorities to fund blockchain applications? Let us know your ideas within the feedback under. 

Image courtesy of Twitter (@cz_binance), Shutterstock.

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