Binance is establishing a new blockchain hub in crypto-friendly Georgia as it continues to expand its worldwide presence and creation of job opportunities for people.
On March 26, Binance announced the inauguration of its brand-new blockchain hub in Georgia, with the purpose of fostering the country’s crypto adoption. Binance, which refers to the center as a “Web3 outpost,” seeks to draw talent to the Georgian blockchain business, enhance industry education, and increase employment prospects.
According to the release, Binance’s Georgia division employs 25 individuals who collaborate with the local public and commercial sectors to host educational and hackathon activities. With the launch of its regional base in Georgia by the end of 2023, the cryptocurrency company intends to create “dozens more employment.”
Vladimir Smerkis, regional director of Binance, said that Georgia is one of the most inventive nations in the region and a “real leader” in terms of crypto adoption. He ranked Georgia’s current level of crypto adoption as eight out of ten, stating that further adoption faces no significant obstacles.
Smerkis emphasized that Georgia’s officials are aware that strong controls on the cryptocurrency market can frequently result in undesirable outcomes, and added:
“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 added that Binance has a physical presence in the country and that “the legal aspects of the hub’s establishment are being worked out.”
The establishment of Binance’s new regional center in Georgia follows key growth milestones for the company in Georgia. Earlier this year, Binance worked with the local crypto payment gateway CityPay, collaborated with the Georgian Innovation and Technology Agency, and established a Binance charity effort to support Web3 education for women.
In November 2022, Binance CEO Changpeng “CZ” Zhao visited Georgia for the first time. During the visit, CZ visited with Irakli Garibashvili, the prime minister of Georgia, as well as local business and crypto groups.
Georgia, a former member of the Soviet Union, has emerged as one of the most crypto-friendly nations in the world, with the Georgian government aspiring to make the country a major global crypto hub.
Georgia is well-known for its abundance of Bitcoin ATMs, which allow users to convert cryptocurrencies into fiat currency and vice versa. According to CoinATMRadar statistics, Tbilisi, the capital of Georgia, has more than 100 Bitcoin ATMs at the time of writing.
