Binance CEO Reveals Possible New Argentinian Crypto-to-Fiat Exchange Location Coming Soon

This week, it was announced that Binance, one of the top firms in the blockchain space, will be developing new projects in Argentina. This, according to them, is because the country has enthusiastically embraced cryptocurrency in recent times and thus, their market will be welcoming to Binance. One of the reasons for this is the current economic crisis that Argentina is experiencing, which has weakened the value of their Peso.

The firm has previously held meetups in Cordoba and Buenos Aires, and after those were successful, they have now decided that Buenos Aires will be the regional hub for the Binance Labs Incubation Program this year for Latin America.

Government Support

Binance has also received from the Argentine Government for their efforts, specifically from their Ministry of Production and Labor, which will provide up to $50,000 to every project that Binance labs or LatamEx invests in. This will be valid for 3-10 projects each year from now on in a bid to encourage even more blockchain growth in the country.

“Argentina is at the forefront of blockchain adoption and we’ve witnessed how it’s becoming home to some very passionate blockchain communities during our trip there,” said Ella Zhang, Head of Binance Labs. “Our mission at Binance Labs is to realize the full potential of blockchain technologies. To that end, 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.”

New Crypto Exchanges Coming to South America

Just as the crypto world had taken in this news, Binance hinted at the opening of a new exchange in Argentina. This was done by their CEO on twitter, who responded to a story about their new Argentina deals by tweeting, “Guess where we will have a new fiat-to-crypto exchange?”

This fans the flames of rumors that Binance is looking to open new exchanges in South Korea, Lichtenstein, Argentina, Russia and Turkey, though they have already made plans launch exchanges in Malta and Singapore this year.

This new move by Binance is even more evidence that, when a country decides to throw its weight behind cryptocurrency and create a welcoming environment, more and more firms will enter and more opportunities can be created. Malta was one of the first to understand and take advantage of this and it seems everyone else is following their lead.