Argentina Government Matches 1:1 Binance Investments for Blockchain Projects

TL;DR: The headlines write themselves: two to tango, Binance lures Argentina in seductive financial dance, etc. According to the popular exchange, the government of Argentina will reportedly match, one-to-one, Binance Labs investment in blockchain and cryptocurrency related projects. It’s yet another public relations victory for the company, and further evidence Argentina is serious about crypto.  

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Argentina Enters Tango with Binance, Matches 1:1 Blockchain Investments

“Recently,” Binance posted to its company blog, “we were thrilled to announce that Argentina’s Ministry of Production and Labor will begin supporting Binance Labs: 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.”

Argentina Government Matches 1:1 Binance Investments for Blockchain Projects

Bear market? What bear market? Cryptocurrency exchange Binance is having a rather great time of things, if their press releases and blogs are to be believed. Heck, even their token, Binance Coin (BNB), has rocketed into the top ten cryptos by market cap, and seems to be unstoppable.

Now add a supposed agreement with the Latin American country of Argentina, as it too is going through something of a crypto renaissance of late. Indeed, its “openness to cryptocurrencies is recently highlighted by the state public transport card’s move to accept the use of Bitcoins for card top-ups,” the exchange noted in a blog posted today.

Incubation Program

“Right now, about 260 merchants in Argentina, including 190 in the nation’s capital Buenos Aires, accept cryptocurrency payments,” the exchange detailed. “The country has eight Bitcoin ATMs, the second-most in the region (after Colombia, which has 40),” and that enthusiasm combined with the country’s notorious fiscal problems and awful monetary policies have made it ripe for experimentation.

Argentina Government Matches 1:1 Binance Investments for Blockchain Projects

“It is reasonable to project that more cryptocurrency-related opportunities are opening up in Argentina. This is where Binance Labs helps in supporting such endeavors,” the exchange explained. “As a result, Buenos Aires was selected as the regional hub for the Binance Labs Incubation Program this year for Latin America. The program, which will begin its second season in March 2019, recognizes Argentina’s role in lighting the way for blockchain and cryptocurrency adoption in the region,” the exchange also noted.

The Argentina government through a press release confirmed the deal, describing it as “a collaboration with Founders Lab, the only blockchain accelerator to be granted one of the Argentine government’s 10 Accelerator Licenses, Binance Labs will host a 10-week incubation program for blockchain startups in Buenos Aires, one of the six cities exclusively selected as the program’s regional hub. As the venture arm of Binance, the largest cryptocurrency exchange by trading volume, Binance Labs invests in early-stage blockchain developer teams through incubation, direct investments and limited partnerships.”

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