The cryptocurrency exchange Binance continues to expand its global reach. This time, they are setting up a new blockchain hub in the crypto-friendly country of Georgia.
Promoting adoption of crypto
Binance has on March 26 announced that it will open a new blockchain hub in Georgia to further promote crypto adoption in the country. This “Web3 Outpost” aims to attract talent to the Georgian blockchain industry, promote industry education and create more jobs.
Currently, Binance’s Georgia division employs 25 staff who work with the local public and private sector to host educational and hackathon events as outlined in the announcement. Binance expects to create “dozens of additional jobs” by the end of 2023 with the launch of this regional hub in Georgia.
Georgia is serious crypto leader in region
According to Vladimir Smerkis, Binance’s regional director, Georgia is one of the most innovative countries considered in the region and is a “serious leader” in crypto adoption. Smerkis has rated the current level of crypto adoption in Georgia at 8 out of 10 and stated that there are no serious challenges to further adoption.
Smerkis emphasized that Georgian regulators understand that strict restrictions on the crypto market can often lead to negative consequences, adding:
There are many developers and enthusiasts in Georgia who create independent blockchain projects or games. This country is an excellent springboard for the development of this direction.
Smerkis also said that Binance has a physical location in the country, adding, “The legal side of the hub opening is being reviewed.” Finally, it is currently not yet known what the next step of the crypto exchange will be in this area.