Argentinian Government to Invest in Blockchain Projects Backed by Binance Labs, LatamEx

The government of Argentina is set to match investments in local blockchain startups taking part in Binance Labs' incubator program.

AccessTimeIconMar 6, 2019 at 12:00 p.m. UTC
Updated Aug 18, 2021 at 10:55 p.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

The government of Argentina is set to invest in early-stage blockchain startups backed by the venture arm of cryptocurrency exchange Binance.

The country’s Ministry of Production and Labour announced Wednesday that it will match investments of up to $50,000 into every Argentinian blockchain project that receives funding from Binance Labs via the second season of its incubator program, and LatamEX Founders Lab.

  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0
  • The ministry plans to invest in up to 10 blockchain projects each year for a period of four years, and will make the investments through Founder Labs, a local blockchain accelerator.

    ‘‘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,’’ said Pablo Orlando, founder and CEO of LatamEx and Founders Lab.

    The co-investment contract was signed after Binance Labs selected Argentina's capital, Buenos Aires, as one of the hubs for its season two of the incubator program, according to the announcement.

    Ella Zhang, head of Binance Labs, said in the statement:

    “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.”

    While the bear crypto market has hit firms in other regions, CoinDesk recently reported that blockchain and crypto projects in Argentina are booming, thanks to a history of banks restricting customer access and an inflation rate that hit 47 percent in 2018.

    “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," Santiago Siri, founder of blockchain startup Democracy Earth Foundation and investor in several Argentinian crypto startups, told CoinDesk at the time.

    With Argentina plagued by currency crises, the government needs to develop “a stability-seeking strategy that partly includes bitcoin,” wrote Michael J. Casey, chairman of CoinDesk’s advisory board and a senior advisor for blockchain research at MIT’s Digital Currency Initiative, last September.

    Edit: Added comment from Pablo Orlando.

    Argentina image via Shutterstock

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.