Cryptocurrency exchange Binance continues to expand its global reach by establishing a new blockchain hub in crypto-friendly Georgia.
On March 26, Binance announced the opening of a new blockchain center in Georgia, which aims to promote the further popularization of encryption technology in the country. Binance dubs the center a "Web3 outpost" with the aim of attracting talent into the Georgian blockchain space, promoting education in the industry and creating more job opportunities. According to the announcement, Binance’s Georgia division currently employs 25 people and organizes educational and hackathon events in partnership with the local public and private sectors. The cryptocurrency company expects to create "dozens more jobs" when it launches its regional center 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 “significant leader” in terms of levels of crypto adoption. He rated Georgia’s current level of cryptocurrency adoption at an 8 out of 10 and said there are no serious challenges to further adoption. Smerkis emphasized that Georgia’s regulators understand that severe restrictions on the cryptocurrency market often lead to negative consequences, adding: “Georgia has many developers and enthusiasts creating independent blockchain projects, games the country is a great springboard in this direction.”
Smerkis also said that Binance has a physical presence in the country, adding: “The legal aspects of opening the center are being studied.” The launch of Binance’s new regional center in Georgia marks several milestones in Binance’s growth in the country. Earlier this year, Binance partnered with local cryptocurrency payment gateway CityPay, partnered with the Georgia Innovation and Technology Agency, and launched a Binance Charity Initiative to support women-centered Web3 education.
Binance CEO Changpeng Zhao “CZ” will visit Georgia for the first time in November 2022. During his visit, CZ met with Georgian Prime Minister Irakli Garibashvili as well as local businesses and the crypto community. As a former member of the Soviet Union, Georgia has become one of the most cryptocurrency-friendly countries in the world, and the Georgian government has ambitions to make the country a major global cryptocurrency hub. Georgia is known for having a large number of Bitcoin (BTC) ATMs, allowing users to convert cryptocurrencies into cash and vice versa. At the time of writing, the Georgian capital Tbilisi has more than 100 Bitcoin ATMs, according to CoinATMRadar.
