Binance, one of the world’s largest crypto exchanges, has announced the opening of a regional hub in Georgia. This move aims to expand the company’s presence in the Caucasus region and will allow Binance to offer its full range of services to customers in the area.
Binance launches new operational grounds in Georgia
On March 26, Binance announced the opening of its brand-new blockchain hub in Georgia, with the aim of fostering the country’s crypto adoption. Binance, which refers to the hub as a “Web3 outpost,” intends to attract talent to the country’s blockchain industry, promote industry education, and increase employment opportunities.
According to the announcement, Binance’s Georgia division currently employs 25 people who work with the local public and private sectors to organize educational and hackathon events. With the launch of its regional hub in Georgia by the end of 2023, the crypto firm expects to create “dozens more jobs.”
The new hub will serve as a base for Binance’s regional operations. The company plans to hire local talent to help with the expansion and has already begun recruiting for a number of positions. The country has been attracting increasing attention from the cryptocurrency industry in recent years.
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.
The country is well-known for its abundance of Bitcoin ATMs, which allow users to convert cryptocurrencies into fiat currency and vice versa. According to CoinATMRadar data, Tbilisi, the capital of Georgia, has more than 100 Bitcoin ATMs at the time of writing.
According to reports, Binance’s regional director Vladimir Smerkis stated that the nation is a “serious leader” in crypto adoption and is one of the most innovative countries in the region. He gave Georgia’s current level of crypto adoption an 8 out of 10, stating that there are no significant barriers to further adoption. He stated
For Binance, Georgia is an important point on our map. To date, we have held three community meetups here, with more than 2,000 people attending in total. We see a huge potential and interest, both from the crypto community and businesses, in the development of digital assets in the country.
Georgia’s Web3 expansion
Binance CEO Changpeng “CZ” Zhao made his first visit to the country in November 2022. During the visit, CZ met with Georgian Prime Minister Irakli Garibashvili, as well as representatives from the local business and crypto communities.
The country has a relatively friendly regulatory environment for digital assets, with the government having introduced several measures to promote the sector’s growth.
The launch of Binance’s new regional hub in the country follows several growth milestones for the company in the region. This year, Binance partnered with the local cryptocurrency payment gateway CityPay, collaborated with the Georgian Innovation and Technology Agency, and launched a charity initiative to support women-focused Web3 education.
In January 2023, Binance and the Georgian Business and Technology University (BTU) signed a memorandum of cooperation. In March, Alte University, Kutaisi International University, Georgian American University (GAU), and Caucasus University joined the ranks of these prestigious institutions.
Under the terms of these agreements, Binance and Binance Academy will provide educational materials and organizational support to help partner institutions improve their blockchain education offerings.
Moreover, in partnership with GITA last week, BNB Chain hosted a three-day Web3 hackathon in the country. The event gave developers the opportunity to network with fellow BNB Chain developers and test their Web3 skills. The winners received cash prizes in addition to permanent access to the BNB Chain developer programs.
Giorgi Chagelishvili, the Georgia-based general manager of Binance, stated.
The opening of the hub in Georgia is a logical continuation of the dialogue that we started with the government last year. Thanks to the hub, we will strengthen the development of the recruiting program in the country, as well as make an even greater focus on the regional presence of Binance.
Binance’s decision to open a regional hub in the nation will likely be seen as a further vote of confidence in the country’s potential as a hub for the cryptocurrency industry. The move is also likely to be welcomed by local businesses and investors who will now have access to Binance’s extensive range of services.
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