Cryptocurrency exchange Binance continues to expand its global reach by setting up a new blockchain hub in crypto-friendly Georgia.
On March 26, Binance announced the opening of a new blockchain hub in Georgia, with the aim of promoting crypto adoption in the country. Referring to the hub as a “Web3 outpost,” Binance intends to attract talent to Georgia’s blockchain sector, improve industry education and create more job opportunities.
According to the announcement, the Georgia division of Binance currently employs 25 people who collaborate with the local public and private sectors to organize educational events and hackathons. The crypto company expects to create “dozens more jobs” with the launch of a regional hub in Georgia by the end of 2023.
Binance regional director Vladimir Smerkis told Cointelegraph that Georgia is one of the most innovative countries in the region and is a “serious leader” in terms of crypto adoption. He estimates Georgia’s current crypto adoption rate at 8 out of 10, stating that there are no serious challenges to further adoption.
Smerkis stressed that Georgian regulators know that strict restrictions on the crypto market can often have negative consequences, adding:
“There are many developers and enthusiasts in Georgia who create independent blockchain projects, games […] This country is a good place for development in this direction.
Smerkis also said that Binance has a physical location in the country, adding, “The legal side of opening the hub is being worked on.”
The opening of Binance’s new regional hub in Georgia follows several milestones in Binance’s growth process in the country. Earlier this year, Binance partnered with local crypto payment gateway CityPay, entered into a collaboration with the Georgian Innovation and Technology Agency (GITA), and launched the Binance Charity initiative to support women-focused Web3 education.
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Binance CEO Changpeng “CZ” Zhao visited Georgia for the first time in November 2022. During the visit, CZ met with Georgian prime minister Irakli Garibashvili and the local business and crypto community.
A former member of the Soviet Union, Georgia has emerged as one of the most crypto-friendly countries in the world, with the Georgian government having ambitions to make the country a major global crypto hub. Georgia is famous for its many Bitcoin (BTC) ATMs, allowing users to convert crypto to cash and vice versa. According to data from CoinATMRadar, the Georgian capital Tbilisi alone, hosts more than 100 Bitcoin ATMs at the time of writing.
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