Cryptocurrency exchange Binance continues to expand its global reach by establishing a new crypto-friendly blockchain hub in Georgia.
On March 26, Binance Announced the opening of its new blockchain center in Georgia, with the aim of promoting further crypto adoption in the country. Referring to the center as a โWeb3 outpost,โ Binance intends to attract talent to the Georgia blockchain sector, promote industry education, and create more job opportunities.
According to the announcement, Binance's Georgia division currently employs 25 people who cooperate with the local public and private sectors to organize hackathon and educational events. The crypto company hopes to create โdozens more jobsโ with the launch of its regional hub in Georgia in late 2023.
Binance regional director Vladimir Smerkis told Cointelegraph that Georgia is one of the most innovative countries in the region and is a โserious leaderโ in terms of the level of cryptocurrency adoption. He rated Georgia's current level of crypto adoption at 8 out of 10, saying there are no serious challenges to further adoption.
Smerkis emphasized that Georgia regulators understand that tight restrictions on the crypto market can often have negative consequences, adding:
โThere are many developers and enthusiasts in Georgia creating independent blockchain projects, games [...] This country is an excellent springboard for the development of this directionโ.
Smerkis also said that Binance has a physical location in the country, adding: โThe legal aspect of opening the hub is being worked on.โ
The launch of the new Binance regional hub in Georgia follows several milestones in Binance's growth process in the country. Earlier this year, Binance associated with local crypto payment gateway CityPay, entered into a collaboration with the Georgia Agency for Technology and Innovation, and launched a Binance charity initiative to support women-focused Web3 education.
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Binance CEO Chang Peng "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 communities.
Georgia, a former member of the Soviet Union, has become one of the most crypto-friendly countries in the world, and the Georgian government has ambitions to make the country a major global crypto center. Georgia is widely known for hosting a large amount of Bitcoin (BTC) ATMs, which allow users to convert cryptocurrencies into cash and vice versa. According According to data from CoinATMRadar, the Georgian capital Tbilisi is home to more than 100 Bitcoin ATMs at the time of writing.
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