Currently employing 25 people in Georgia, Binance aims to create “dozens more jobs” with the launch of its regional hub by the end of 2023.
Cryptocurrency exchange Binance continues to expand its global reach by setting up a new cryptocurrency-friendly blockchain space in Georgia.
On March 26, Binance announced the opening of its new blockchain hub in Georgia, which aims to drive crypto adoption in the country. Referring to the space as a “Web3 outpost,” Binance plans to attract talent to the Georgian blockchain community, promote industry education, and create job opportunities.
According to the announcement, the Georgian branch of Binance currently employs 25 people who collaborate in the public and private sector to organize educational events and hackathons. The crypto firm hopes to create “many more jobs” at the start of its regional operation in Georgia by the end of 2023.
Binance Regional Director Vladimir Smerkis told Cointelegraph that Georgia is one of the most innovative countries in the region and is a “strong leader” in terms of the level of crypto adoption. He confirmed the current level of crypto adoption in Georgia at 8 out of 10, saying that there are no serious challenges to achieve more adoption.
Smerkis pointed out that Georgian regulators understand that strict restrictions on the crypto market can often lead to negative consequences. Smerkis also said that Binance has a physical presence in the country, adding, “The legal side of opening that space is being worked on.”
The launch of Binance’s new regional location in Georgia follows several important milestones in Binance’s growth strategy in the country. Last year, Binance partnered with the local crypto payment gateway, CityPay, in partnership with the Georgian Innovation and Technology Agency, and launched Binance’s charity program to support Web3 education focused on women. Binance CEO Changpeng “CZ” Zhao visited Georgia for the first time in November 2022. During this visit, CZ met the Georgian Prime Minister Irakli Garibashvili, as well as the business community and the crypto community. 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 global crypto haven. Georgia is widely known to accept many Bitcoins BTC ($27,915) ATM, allows users to convert crypto to cash and vice versa. According to data from CoinATMRadar, the Georgian capital, Tbilisi, supports more than 100 Bitcoin ATMs at the time of writing.
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