Binance, one of the world’s largest cryptocurrency exchanges, has announced its plans to establish a “Web3 Outpost” in Georgia, a country that is considered to be crypto-friendly.
Georgia’s government is keen on making the country a leading international hub for crypto activity, and Binance’s new blockchain hub is expected to play a significant role in achieving this goal. Binance’s Georgia division currently has a team of 25 professionals who collaborate with local public and private sectors to organize educational and hackathon events, but with the establishment of its regional hub, the exchange is expected to create dozens of new jobs by the end of 2023.
Georgia is known for its high level of crypto adoption, which has been rated 8 out of 10 by Binance’s regional director, Vladimir Smerkis. Smerkis also stated that the country has no significant obstacles to further adoption. The Georgian government has a comprehensive understanding of the importance of avoiding strict restrictions in the crypto market, which creates an ideal environment for blockchain projects and games to flourish.
During November 2022, Changpeng ‘CZ’ Zhao, the CEO of Binance, traveled to Georgia and held meetings with the Prime Minister, Irakli Garibashvili, and members of the local business and crypto communities. This trip was made following Binance’s earlier collaboration with CityPay, a local crypto payment gateway, and its joint effort with the Georgian Innovation and Technology Agency. As part of its efforts to support the local community, Binance also launched a charitable initiative to promote women-focused Web3 education in the country.
With Georgia’s capital, Tbilisi, boasting over 100 Bitcoin ATMs and a high level of crypto adoption, Binance’s expansion into the region is expected to increase awareness and usage of cryptocurrencies in the Caucasus area.