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