Binance Labs, an infrastructure impact fund, shared encouraging news on 06 March in their blog about how Argentina is building its crypto future.
Binance Labs commenced the blog by headlining that Argentina is gearing up for a massive blockchain adoption. The entire span of blockchain technologies ranges from ATMs to transit systems. Binance Labs maintained that in Argentina’s endeavor, they are the country’s principal supporter.
Binance Labs gave an example as to how Argentina is striving to bring in cryptocurrency appeal in the country. The country’s public transport card started accepting Bitcoin for card top-ups. The third biggest economy in Latin America is gearing to embrace Bitcoin.
Binance Labs touched upon the drive that is moving Argentina towards cryptocurrencies. After enduring many economic adversities by falling into recession; the Argentine peso losing half of its value and inflation reaching staggering numbers, Argentines have started moving away from the local currency to Bitcoin.
Binance Labs intuitively captured the multitude of blockchain projects that are spawning in Argentina. Various entities, including startups, established companies, and government bodies, have driven the recent crypto adoption in Argentina. Binance Labs claimed that it is well poised to support such endeavors.
Binance Labs cited about its interest in Argentine crypto buildup –
“Argentina is home to some of the most promising Binance communities in the world, and we’ve made sure to make the country an integral part of our global expansion plan. In 2018, we held meetups in Cordoba and Buenos Aires, with Binance Labs Head Ella Zhang and Director Ling Zhang meeting entrepreneurs and joining the judges’ panel at a local hackathon. During these events, we were excited to meet many individuals and groups who are doing interesting work in the world of the blockchain.”
Binance Labs revealed that this intent subsequently resulted in choosing Buenos Aires as the regional hub for the Binance Labs Incubation Program this year for Latin America. The program recognizes Argentina’s role in spearheading the way for blockchain and cryptocurrency adoption in the region.
Binance Labs expressed much enthusiasm by stating that the Argentine Ministry of Production and Labor are supporting them. The government agency’s Accelerator Program is offering a grant of up to 50,000 U.S. dollars on every project that Binance Labs invests in.
Binance Labs concluded their blog by promising to keep updated about blockchain projects and developments in Argentina. Binance Labs shared details about this collaboration, at length, through an official statement.