Binance and the Argentine government to co-invest in blockchain projects

06 Mar, 2019 | Updated: 06 Mar, 2019
by Richard Allen
Blockchain
Binance and the Argentine government to co-invest in blockchain projects

With crypto adoption spreading like wildfire in Argentina, a country where citizens can top up their train cards with Bitcoin, Binance partnered with the Argentine government to invest in blockchain projects, according to a press release.

Read more: Argentinians can now travel using Bitcoin

Binance Labs, the social impact fund of the world’s largest crypto exchange Binance, has decided to team up with Argentina's capital, Buenos Aires, as the Latin American hub for Season 2 of Binance Labs Incubation Program.

The country’s Ministry of Production and Labour has committed to matching investments of up to $50,000 for each blockchain project funded by Binance. Together with Founders Lab, the government will invest in up to 10 blockchain projects each year over the next four years.

Argentina is one of several locations favored by Binance Labs Incubation Program. Beginning this month, other regional chapters will include San Francisco, Berlin, Lagos, Singapore and Hong Kong.

As Chepicap recently reported, in what was a first for both countries, Argentina settled an export deal with Paraguay using Bitcoin. Paraguay bought $7,100 worth of pesticides and fumigation equipment from Argentina and used cryptocurrencies to settle the deal.

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