The Ministry of Production and Labour of Argentina announced that it will be matching investments up to $50,000 for each blockchain project from Argentina that receives support from Binance Labs. Binance Labs is the venture arm of the cryptocurrency exchange Binance and Founders Lab. This will help local projects to keep expanding in the region and the world.
Argentine Government to Support Blockchain Projects
In a recent article released by Cointelegraph, they inform that the Ministry of Production and Labour of Argentina will be investing in different blockchain projects. Startups that receive funding from Binance Labs, will be receiving up to $50,000 from the government to help them grow their projects.
Binance Labs has selected the Argentine city of Buenos Aires as the Latin American hub for the second part of the Binance Labs Incubation Program. Binance Labs wants to help startups to build the blockchain ecosystem.
Ella Zhang, Head of Binance Labs, explained:
“Argentina is at the forefront of blockchain adoption and we’ve witnessed how it’s becoming home to some very passionate blockchain communities during our trip there. Our mission at Binance Labs is to realize the full potential of blockchain technologies. To that end, we are very excited to support blockchain projects, entrepreneurs and developers through our Buenos Aires chapter.”
Binance Labs is going to be providing in-time access to global blockchain technology development. This will allow these startups to solve local problems. Binance will also be mentoring and advising them to find product-market fit.
By collaborating with Founders Lab, Binance Labs will be hosting a 10-week program for blockchain firms in Buenos Aires. The city has been exclusively selected as the program’s regional hub. There are other regional chapters in San Francisco, Berlin, Lagos, Singapore and Hong Kong.
Binance is the largest cryptocurrency exchange in the market in terms of trading volume. According to CoinMarketCap, the trading platform handled more than $900 million in trading volume in the last 24 hours.
Although the cryptocurrency market has been in a bear trend for over a year, the Argentine blockchain market continues to grow. According to Santiago Siri, the founder of Blockchain Democracy Earth Foundation, the local blockchain community is growing and it is creating new jobs.
Michael J. Casey, chairman of CoinDesk’s advisory board, explained that the Argentine government must find a solution to its monetary crisis having Bitcoin in mind.
XRP Is Not a Security for Binance
Changpeng Zhao, the CEO of Binance, held his second Ask Me Anything (AMA) on Periscope. During the session, he mentioned that Binance does not believe that XRP is a security. There have been several reports during the last year related to whether XRP is a security or not.
Until now, regulatory agencies in the United States did not provide any comment about this issue. Nevertheless, they have already informed that neither Bitcoin (BTC) nor Ethereum (ETH) are securities.
Mr. Zhao said that Binance will continue to consider XRP as innocent until it is considered “guilty.”
“Just because there is a lawsuit doesn’t mean they are guilty,” he said. “So we applied our judgement there, and we’re always very supportive of XRP.”