The Argentinean government has agreed to invest in blockchain projects backed by Binance Labs together with the crypto exchange LatamEx according to a what press release published today that reached our crypto news reveals.
Binance Labs which is the social impact arm and investment branch of one of the largest crypto exchanges in the world Binance has chosen Buenos Aires, Argentina’s capital as one of the biggest Latin America blockchain hubs for the next season of the incubation program of Binance Labs.
After the decision, the Ministry of Production and Labour of Argentina has officially signed an agreement with Binance exchange with the obligation to match investments of up to $50,000 for each project. According to the press release, the government of Argentina will invest in up to 10 blockchain projects every year over a period of four years. All of the investments will be channeled through Founders Lab which basically a blockchain accelerator.
Buenos Aires is one of the six locations in the world where the Binance Labs investment program is operating. Other places in the world where this investment program is operating are Berlin, Lagos, Hong Kong, and San Francisco.
Earlier this month in Argentina, the country’s official state transport card SUBE that we previously reported in our crypto news, that is used by more than seven million people started accepting Bitcoin. Also, in February this year, Argentina also signed an agricultural chemicals export deal worth more than $7,000 with Paraguay and the payment was done by using BTC.
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