Binance Opens New Blockchain Center In Georgia To Increase Crypto Adoption

Georgian Prime Minister Irakli Garibashvili, supports blockchain center. (photo: twitter @GharibashviliGe)

JAKARTA - Binance, the world's largest crypto trading platform, continues to expand its reach by opening a new crypto-friendly blockchain center in Georgia. On March 26, Binance announced the opening of its newest blockchain center in Georgia with the aim of increasing crypto adoption in the country. Binance intends to attract talent to the Georgia blockchain sector, promote industrial education, and create more job opportunities.

According to the announcement, the Binance division in Georgia currently has 25 employees working with the public and local private sectors to organize educational events and hackathons. The crypto company hopes to create "tens more jobs" with its regional central launch in Georgia by the end of 2023.

Binance's regional director, Vladimir Smerkis, said that Georgia is one of the most innovative countries in the region, and is a "serious leader" in terms of crypto adoption rates. He assesses the current adoption rate of crypto in Georgia is 8 out of 10, saying that there are no serious challenges for further adoption.

Smerkis stressed that regulators in Georgia understand that strict restrictions in crypto markets can often have negative consequences, adding: "There are many developers and fans in Georgia who create independent blockchain projects, [...] The country is a very good stepping stone for developing this direction."

Quoted by Cointelegraph, Smerkis also said that Binance has a physical location in the country, adding that "the legal side of the central opening is being worked on."

The launch of Binance's new regional center in Georgia follows several achievements in Binance's growth process in the country. Earlier this year, Binance partnered with the local crypto payment gateway, CityPay, collaborated with the Georgia Agency for Innovation and Technology, and launched Binance's charitable initiative to support Web3 education focused on women.

Binance CEO Changpeng "CZ" Zhao visited Georgia for the first time in November 2022. During his visit, CZ met with Georgian Prime Minister Irakli Garibashvili, and the local business and crypto community.

As a former member of the Soviet Union, Georgia has emerged as one of the most crypto-friendly countries in the world, with the Georgia government's ambition to make the country a major global crypto hub. Georgia is widely known for hosting many Bitcoin ATMs, which allow users to exchange cryptocurrencies into cash and vice versa. According to data from CoinATMRadar, the Georgian capital, Tbilisi, has more than 100 Bitcoin ATMs at the time this article was written.