Binance Labs offers investment options through Binance, a top cryptocurrency exchange. Aiming to start a new project, Binance Labs has decided to collaborate with LatamEx, a Latin American crypto exchange, in an effort to work on blockchain.
The government of Argentina has agreed to co-invest on these efforts and is offering Buenos Aires as the hub of the Binance Labs Incubation Program in Latin America.
Argentina’s Ministry of Production and Labour has already signed an agreement with Binance for this project. The agreement states that they will match the investments that Binance makes, with a limit of $50.000 per project.
Over the next four years, the terms of the agreement indicate that the government plans to financially support up to 10 blockchain projects with those financial limitations in mind over the next four years. All investments are planned to go through Founders Lab, which is a local blockchain accelerator.
Ella Zhang, the head of this investment division, stated,
“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.”
This new investment product will start on March 25th, joining the other five locations that are already involved in the Binance Labs investment program. The other locations include Hong Kong, Singapore, San Francisco, Berlin, and Lagos.
Argentina has progressively worked towards becoming a friendly environment for both blockchain technology and cryptocurrency. The Sistema Único de Boleto Electrónico (SUBE), the official state transport card of Argentina, has recently begun to accept Bitcoin for their services. The SUBE is presently used by over 7 million in 37 locations.
Bitcoin was also recently used as a method of settlement for an export deal with Paraguay, which was worth $7,100.
The bear market has impacted many economies that have welcomed cryptocurrency, but Argentina has been thriving. With inflation reaching 47%, and many unbanked citizens, the industry has found a place that it can thrive, and local crypto users can thrive.