Earlier in the week, The Government of Argentina announced that in a bid to provide further assistance to blockchain technology start-ups in the country it will match Binance Labs’ $50,000 investment.
The announcement was made via a press release dated Wednesday (March 6, 2019) by Binance Labs, the blockchain technology on which the world’s largest cryptocurrency exchange, Binance operates. In the statement, the company states that Argentina’s Ministry of Production and Labor has dedicated itself towards matching investments from LatamEx and Binance Labs in Blockchain start-ups in the Latin-American country.
The statement further stated that this partnership is for a four-year term with ten deserving projects set to receive funding every year.
As per reports, season two of the Binance Labs Incubator Program which kicks off in March 2019 is set to be hosted in Argentina’s capital. Binance Labs also announced that during the 10-week period, Binance Labs it will conduct several interactive sessions with selected local blockchain technology start-ups.
Speaking about the partnership, Ella Zhang, chief of Binance Labs chief, said:
“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. 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.”
The news of the collaboration between Argentinian government and Binance Labs shows further proof of the nation’s growing pivot towards the developing digital economy landscape as it also marks of one of the first cases of public-private partnership in the evolving blockchain technology and cryptocurrency industry.
Argentina stands as the country with the second-highest number of Bitcoin ATMs in Latin America, Columbia being the first.
The home country of Football sensation Lionel Messi has 37 cities that accept Bitcoin as payment for public transport. Cryptocurrency trading has continued to blossom in the country ever since regulations were eased in mid-2018.