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Binance Labs To Invest In Blockchain, Cryptocurrency Projects In Argentina

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Binance Labs, the venture arm of cryptocurrency exchange Binance, will invest in blockchain and cryptocurrency related projects in Argentina, with the Argentine government partnering it in investments being made in blockchain-related projects in the country over four years.

Binance Labs invests in early-stage blockchain developer teams through incubation, direct investments and limited partnerships.

Argentina's Ministry of Production and Labor will begin supporting Binance Labs, with its Accelerator Program offering a grant of up to $50,000 on every project that Binance Labs invests in.

For a four-year term, the Argentine government will match investments from Binance Labs and LatamEx, via local blockchain Accelerator Founders Labs, in up to 10 blockchain projects each year.

Buenos Aires was selected as the regional hub for the Binance Labs Incubation Program this year for Latin America. The program, which will begin its second season in March 2019, will pave the way for blockchain and cryptocurrency adoption in the Latin American country.

Amid economic adversity in the past year, more and more Argentines have reportedly started moving away from the local currency peso to using cryptocurrencies such as Bitcoin.

As early as 2014, Argentines were able to buy small amounts of Bitcoin from about 8,000 convenience stores in the country.

The country has about 260 merchants, including 190 in the nation's capital Buenos Aires, accepting cryptocurrency payments. It also has eight Bitcoin ATMs, the second-most in the region after Colombia, which has 40 ATMs.

In May 2018, Banco Masventas (BMV) allowed clients to use Bitcoin for international payments and even declared that it is moving out of the SWIFT network commonly used by international banks.

The adoption of cryptocurrency is expected to see a surge in the coming months as Argentina's state public transport card SUBE to pay for train, bus, and subway fares has now started to accept Bitcoin payments to replenish card balances.

Argentina is on the verge of massive blockchain adoption, from ATMs to transit systems, and Binance Labs is among its foremost supporters. The Government of Argentina is supporting Binance Labs as part of the blockchain revolution in the country.

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