Funds For Binance Backed Blockchain Startups – New blockchain startups upheld by the venture arm of the crypto trade exchange company Binance, will be receiving further funding by the government of Argentina. The government of Argentina Plans to Invest in Binance Backed Blockchain Startups.
In an announcement declared Wednesday, the nation’s Ministry of Production and Labor promised to match investments of up to $50,000 into each Argentinian blockchain venture that gets financing from Binance Labs and LatamEX Founders Lab. This would only be for the second period of Binance Labs incubator program,.
Investments will be made through Founder Labs, which is a local blockchain accelerator.
The plan is for the ministry to put resources into at least 10 blockchain startups every year for a total of four years.
Founder and CEO of LatamEx and Founders Lab, Pablo Orlando, said:
‘‘Latin America presents one of the most attractive markets for blockchain adoption and real use cases and Argentina is leading the way by serving as the market-opening gateway”.
After Binance Labs chose Argentina’s capital, Buenos Aires, as one of the locations for season two of the incubator program, the co-venture contract was signed.
In a statement, Ella Zhang, head of Binance Labs, said:
“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.”
Funds For Binance Backed Blockchain Startups – Blockchain and crypto projects in Argentina are skyrocketing, even though the bear crypto market has hit companies in different locales. This is because of a past filled with banks confining client access and an inflation rate that reached 47 percent in 2018.
Santiago Siri, originator of blockchain startup, Democracy Earth Foundation, and financial benefactor to a few new Argentinian crypto companies said:
“The sector is growing, it’s growing very well. It’s providing a lot of jobs. People are using these technologies for real survival needs and finding themselves in a better world than if they had to trust the government”.
Last September, Michael J. Casey, Michael J. Casey, chairman of CoinDesk’s advisory board and a senior advisor for blockchain research at MIT’s Digital Currency Initiative wrote “a stability-seeking strategy that partly includes bitcoin,” is what Argentina requires due to its current situation.