Binance currently has 25 employees in Georgia and aims to launch its regional hub by the end of 2023, creating “dozens more jobs.”
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, aiming to promote the further popularization of encryption technology in the country. Binance calls the center a “Web3 outpost” designed to attract talent to the Georgian blockchain space, promote industry education and create more jobs.
According to the announcement, Binance’s Georgia branch currently employs 25 people and organizes educational and hackathon events in partnership with 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 a “significant leader” in terms of crypto adoption levels. He rated Georgia’s current level of cryptocurrency adoption at 8 out of 10 and said there are no serious challenges to further adoption.
Smerkis emphasized that Georgia’s regulators understand that strict 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 an excellent springboard for development 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 looked at.”
The launch of Binance’s new regional center in Georgia follows 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 female-focused Web3 education.
Binance CEO Changpeng “CZ” Zhao first visited Georgia in November 2022. During the 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 widely known for having a large amount of Bitcoin
Bitcoin $27,907
ATMs that allow users to convert cryptocurrencies into cash and vice versa. According to data from CoinATMRadar, at the time of writing, the Georgian capital Tbilisi has over 100 Bitcoin ATMs.