Binance, the global cryptocurrency exchange, has opened a new blockchain hub in Georgia to promote the adoption of crypto in the country. The hub is called a “Web3 outpost” and will be used to attract talent to the Georgian blockchain sector, create job opportunities, and promote industry education. Currently, Binance’s Georgia division has 25 employees who are working with the local public and private sectors to organize educational and hackathon events. Binance intends to create dozens more jobs by the end of 2023 with the opening of the regional hub.
According to Binance’s regional director, Georgia is one of the most innovative countries in the region and a “serious leader” in terms of the level of crypto adoption. Currently, Georgia’s level of crypto adoption is rated 8 out of 10, and there are no serious challenges to further adoption. The country’s regulators understand that stringent restrictions in the crypto market can often lead to negative consequences. Therefore, Georgia is an excellent springboard for the development of the blockchain and crypto industry.
Binance’s expansion in Georgia follows several milestones in the process of the exchange’s growth in the country. Earlier this year, Binance partnered with the local crypto payment gateway, CityPay, entered a collaboration with the Georgian Innovation and Technology Agency, and launched a Binance charity initiative to support women-focused Web3 education. Binance CEO Changpeng “CZ” Zhao visited Georgia for the first time in November 2022, where he met with Georgia’s prime minister Irakli Garibashvili and the local business and crypto communities.
A former member of the Soviet Union, Georgia has emerged as one of the world’s most crypto-friendly countries. The Georgian government has ambitions to make the country a major global crypto hub. Georgia is widely known for hosting a lot of Bitcoin ATMs, where users can convert crypto into cash and vice versa. Currently, Georgia’s capital Tbilisi hosts more than 100 Bitcoin ATMs.
Binance’s new regional hub in Georgia is an excellent opportunity for the country’s blockchain and crypto industry to grow. The hub is expected to create more job opportunities, improve education and lead to an increase in blockchain and crypto adoption. Furthermore, Binance will continue to support the country’s growth by partnering with the local crypto payment gateway, launching new charity initiatives, and working alongside the Georgian Innovation and Technology Agency.
The blockchain and crypto industry has seen a significant increase in adoption and popularity in recent years. Countries such as Georgia have recognized the potential of the industry and are making efforts to support its growth. The increase in blockchain and crypto adoption would lead to an increase in job opportunities and a boost in the economy. Furthermore, the development of the industry would lead to new innovations, which would benefit all sectors of the economy.
In conclusion, Binance’s new blockchain hub in Georgia is a significant milestone in the country’s growth as one of the world’s most crypto-friendly countries. The hub will promote industry education, create job opportunities, and attract talent to the Georgian blockchain sector. With Binance’s support, Georgia’s ambition to become a major global crypto hub is becoming a reality. The expansion of the industry would lead to an increase in job opportunities, a boost in the economy, and new innovations that will benefit all sectors of the economy.