Through a press release published on Mar. 6, Binance Labs reveals that it is going to back blockchain startups in Argentina by funds from crypto exchange LatemX and Argentinian government.

Binance’s investment and social impact arm has recently selected Argentina’s capital, Buenos Aires, as the hub for the next season of its incubator program.

In response to this decision, the country’s Ministry of Production and Labour has sealed an agreement with Binance Labs in joining investments of up to $50,000 in each chosen project. The government tentatively commits to support 10 projects annually in a 4-year period and will carry out investments through a local blockchain accelerator, Founders Labs.

Talking about this project, Ella Zhang, the head of Binance Labs, said:

“We are very excited to support blockchain projects, entrepreneurs and developers through our Buenos Aires chapter, to advise and mentor them, to find product-market fit, and provide them with in-time access to global blockchain technology development to solve local problems.”

Blockchain and crypto projects in Argentina has seen significant progress despite the bear market in the other parts of the world. The booming business occurs in the event of banks restricting customer access and an all-time-high inflation rate of 47% in 2018.

With Buenos Aires being the sixth location, Binance Labs’ investment program kicks off on March 25 and takes place in different regions including San Francisco, Berlin, Lagos, Singapore and Hong Kong.