Cryptocurrency exchange Binance continues expanding its global reach by setting up a new blockchain hub in crypto-friendly Georgia.
Binance announced on March 26 the opening of its brand-new blockchain hub in Georgia, aiming to promote further adoption of crypto in the country. Referring to the hub as a “Web3 outpost,” Binance intends to attract talent to the Georgian blockchain sector, promote industry education and create more job opportunities.
According to the announcement, Binance’s Georgia division currently employs 25 people that cooperate with the local public and private sector to organize educational and hackathon events. The crypto firm expects to create “dozens more jobs” with the launch of its regional hub in Georgia by the end of 2023.
The launch of Binance’s new regional hub in Georgia follows several milestones in the process of Binance’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 (GITA), and launched the Binance Charity initiative to support women-focused Web3 education.
According to Vladimir Smerkis, Binance’s regional director, Georgia is one of the most innovative countries in the region.
“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,” Smerkis said. He added that Binance sees a “huge potential and interest” in crypto both from the local crypto community and businesses.
Related: Binance employees allegedly help customers in China bypass KYC controls
Binance CEO Changpeng “CZ” Zhao visited Georgia for the first time in November 2022. During the visit, CZ 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, with the Georgian government having ambitions to make the country a major global crypto hub. Georgia is widely known for hosting a lot of Bitcoin (BTC) ATMs, allowing users to convert their crypto into cash and vice versa. According to data from CoinATMRadar, Georgia’s capital Tbilisi alone, hosts more than 100 Bitcoin ATMs at the time of writing.
Magazine: Best and worst countries for crypto taxes — Plus crypto tax tips