Argentinian Ministry To Fund Binance Backed Projects

Argentinian Ministry To Fund Binance Backed Projects

Binance has today announce they will be working with Argentinian government to further the use of blockchain and cryptocurrency implementation in the country.

Despite being in the midst of a recession, the use of cryptocurrencies within Argentina is growing rapidly. There are currently 260 outlets in the country that utilise cryptocurrencies as a payment method, while on a national scale, you can use crypto to top-up your transport card while cryptocurrency ATMs are popping up in major cities.  

It is believed that part of this emergence has actually come as a direct result of the nations financial troubles, with people moving away from the countries traditional currency for the virtual alternatives. With so much progression in the field, it only makes sense that a company involved in cryptocurrencies would take notice, and who other than the company of the moment, Binance.

$50,000 to Binance Labs Projects

In a blog post uploaded today, it was announced that deal has been arranged by Binance Labs, an amalgamation of Binance and Argentinian blockchain outfit, Founder Labs, who together focus on investing in blockchain projects, and Argentina’s Ministry of Production Labour.

The deal will see the ministry match any Argentinian Blockchain project backed by Binance Labs, with a $50,000 grant from the government’s Accelerator Program. This amount can be invested into up to 10 projects a year for 4 years, which will make a large impact on blockchain’s expansion into the nation’s day to day life.

The move from a government ministry to fund Binance is a huge moment for the Binance and a big step to global expansion.

Binance and Founder Labs

The deal sees the latest effective movements being between Binance and Founder Labs, who have clearly built a very strong and influential partnership in Argentina. 

Following meetings last year, Binance made Buenos Aires its hub for its Latin American incubation program, the initiative used to further blockchain projects.  Binance alongside Founder Labs will begin the second season of this program in Buenos Aires this month for 10 weeks, which will help support blockchain start-ups.  

Speaking about the projects in Argentina and the on-going collaboration between his company and Binance, Founder & CEO of Founder Labs, Pablo Orlando, stated, ‘Argentina, being a hub to some of the best projects and entrepreneurs in the region will benefit tremendously from an ecosystem like Binance. I am confident the projects under the Binance Labs incubation program will contribute significantly to the blockchain community worldwide.’

Founder Labs was one of just 10 organisations to be awarded an Accelerator License by the Argentinian government, which is an initiative to help further entrepreneurial innovation within the nation.

Binance is making its presence felt of late, with their native currency, BNB surging in price and the launch of various products, including Binance DEX. Not to mention, just this week they officially took over a 50% share of the crypto exchange market. They are clearly pushing forward in all aspects of their service, so we can’t wait to see what they announce next.

Recently Similar News

cex-promotion exmo-promotion

Latest Guides

Latest News

CoinEx,Listings,Margin Trading

CoinEX add Two New Trading Options on Futures Feature

CoinEx will be incorporating two new additions to their futures trading with the inclusion of BlockStack (STX) and Akropolis (F-AKRO). Yesterday two new options were added for users of CoinEx who wish to partake in futures trading when BlockStack (STX) and Akropolis (F-AKRO) were added to the CoinEX platform.  Both coins went live with a […]

16 July, 2019
Exchange Platforms,Exmo,Monero,Updates

EXMO Cut Monero Withdrawals by 50 Times

 Users of leading eastern-European cryptocurrency exchange EXMO who trade Monero (XMR) on the platform will be ecstatic to hear the withdrawal commission have gone done by 50x, among other new updates cocerning trading with the currency via their service. These means that the value for Monero, the 13th large cryptocurrency by market cap which is […]

16 July, 2019
Cryptocurrency,Project Libra,USA

Project Libra Very Existence In Question

A draft bill from the US Congress has allegedly found its way online and could spell the end of Facebook’s Project Libra and other similar projects. This will hardly be the first or even the last hurdle for the social media giant’s entry into the crypto industry, but it looks like part of the US […]

15 July, 2019
Payment Solution,POS

Pundi X Launches Card Readers Which Also Accept Crypto

Pundi X, a cryptocurrency payments startup company, has announced that it has launched a payments system which accepts both traditional debit and credit cards, as well as crypto payments. This innovative integration was done using a VeriFone point of sale device, which is used by a large number of retailers in America and across the […]

15 July, 2019
Pegging,Stablecoin,Tether,Tokens

Tether Accidentally Creates 5 Billion Unpegged Tokens

Controversial dollar-backed stable coin Tether, confirmed yesterday that they mistakenly created $5 billion worth of their token in a monumental blunder. The mistake has been put down to human error which saw an intended $50 million transfer turn into a $5 billion one after decimals point were put in the wrong places. This occurred during […]

15 July, 2019
Bitpoint,Exchange Platforms,Hack,Theft

A Portion of Bitpoint’s Hacked Funds Have Been Found

The Japanese exchange platform, Bitpoint have managed to recover $2.3 million of the $32 million stolen from them by hackers last week. There are a few things worse for an exchange platform than to be hacked. This year has already seen several hacks of major exchanges, including Binance and Cryptopia. With the latter demonstrating just […]

15 July, 2019
Crypto Mining,DogeCoin,litecoin,Research

To Merge or Not To Merge? Merged Mining Research Released

Analysis revealed by the research arm of Binance has detailed the results of merged mining between two of the most prominent coins in the cryptocurrency world, Litecoin and Dogecoin, which could indicate its wider operability uses. In recent months, Litecoin and Dogecoin have become a frequent fixtures in the cryptocurrency news world. The former having soared in price ahead of its halving […]

14 July, 2019
Binance,BNB,Burn,Exchange Platforms

Binance Team Give Up Allocated BNB for Burn

Every quarter, Binance burn a large number of its native coin, BNB. which has so far happened 7 times. However, for the 8th burn, things will be a little bit different. In a letter penned by Binance CEO, Changpeng Zhao, he announced that the 8th burn from the company of their native coin, BNB, will […]

13 July, 2019