Argentinian Government Will Invest in Blockchain Startups

The Argentine government will help 10 startups per year with a fund of $ 50K. The idea is to encourage the use of blockchain in the Latin American country.

The Argentine government agreed to invest in new blockchain companies in the early stages that are backed by Binance, Binance Labs, and the cryptocurrency exchange, LatamEx.

Argentina’s Crypto Future

Binance Labs chose Buenos Aires as the Latin American center for the second generation of its Incubation Program.

Argentina’s Ministry of Production and Labor will provide $50K in financial support to each startup that obtains approval and funding from Binance Labs. The government will operate through blockchain local accelerator Founders Lab.

Argentina has historically faced monetary crises. The banks have also restricted customer access. In this context, the blockchain and crypto projects are having success in the country.

“Latin America presents one of the most attractive markets for the adoption of blockchain and cases of real use, and Argentina is leading the way by acting as the gateway to the market,” said CEO LatamEx and Founders Lab Pablo Orlando.

Koibanx, an Argentinian startup working with blockchain