Binance Labs, the incubator and venture capital fund formed by US-based cryptocurrency exchange Binance, has partnered Argentina’s government to co-invest in blockchain projects.
Argentina’s Ministry of Production and Labour has agreed to provide a grant of up to $50,000 for every project that receives funding from Binance Labs through a collaboration with Founders Lab, a blockchain accelerator affiliated with logistics service provider LatamEx, over a four-year period, with an aim to invest in up to 10 projects each year.
Binance Labs will host a 10-week incubator for blockchain startups in the city of Buenos Aires, which was initially picked as the regional hub for season two of the Binance Labs Incubation Program.
The scheme started this month, and the cities of Lagos, Nigeria; Berlin, Germany; San Francisco, USA; Hong Kong, China; and Singapore were chosen as the other hubs.
Ella Zhang, head of Binance Labs, said: “Argentina is at the forefront of blockchain adoption and we have witnessed how it’s becoming home to some very passionate blockchain communities during our trip there. Our mission at Binance Labs is to realise the full potential of blockchain technologies.”