Argentina Supports Crypto-Asset Projects through Binance Labs
The country is open to cryptocurrency adoption, seeing ATMs and other use cases spread.
Argentina is emerging as a strong proponent of digital assets, partnering with Binance Labs to support the most promising blockchain-based projects.
“The government agency’s Accelerator Program has offered a grant of up to US$50,000 on every project that Binance Labs invests in. This arrangement is valid for 3-10 projects per year,” Binance explained in an official blog post.
The Argentine government will not receive a stake in those projects, encouraging instead local startups with a grant, as Binance Labs head Ella Zhang pointed out in a recent tweet.
Argentina featured prominently in a recent Binance Labs report, which outlined the ways crypto usage is spreading locally. This has become one of the most crypto-friendly countries after a recent bout of currency instability and the threat of hyperinflation.
Still, Argentina remained an active scene for developing blockchain-based projects. In late 2018, Binance Labs held a series of hackathons, later selecting Buenos Aires as the local hub for its next incubation program. The second season of the Binance Labs incubator started in March.
“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,” Zhang said.
“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.”
Binance Labs will work in Argentina, organizing a 10-week incubation period for a new batch of startups in cooperation with Founders Lab, the holder of one of the 10 government licenses to operate in Argentina as a company accelerator.