Crypto exchange Binance announced the opening a new blockchain hub in Georgia. The establishment of this new “Web3 outpost” is expected to help Binance strengthen blockchain education and accelerate the adoption of crypto in the region.
Binance had forged several strategic partnerships, initiatives, as well as community events in the transcontinental country that is known for being crypto-friendly.
Blockchain Hub in Georgia
According to the official blog post, the blockchain hub will be used to attract talent to the sector and facilitate educational initiatives related to digital finance while furthering the development of the crypto ecosystem in the region. Currently, Binance’s Georgia team consists of 25 individuals, the platform expects to double down on hiring to add dozens more jobs by the end of 2023.
Vladimir Smerkis, Binance’s regional director, said Georgia is an important point on the company’s roadmap. So far, Binance has conducted three community meetups that saw the attendance of over 2,000 people in total, citing “huge potential and interest” in the region.
Earlier this year, Binance’s payment arm – Binance Pay – teamed up with crypto payment gateway – CityPay – in Georgia. The crypto exchange also entered into a strategic collaboration with the Georgian Innovation and Technology Agency (GITA) after signing a memorandum of understanding (MoU). The move entails both parties carrying out educational and community blockchain initiatives with the help of Binance Academy and Binance Charity.
Smerkis had earlier stated,
“For a long time, we have seen a huge interest in the cryptocurrency market and in particular, crypto education in Georgia. I want to separately emphasize that Georgia is one of the most innovation-driven countries in the region.
Our goals are in line with The Georgian Agency for Innovation and Technology’s goals – together, we can create an effective system in Georgia, whereby innovation and technology can be developed.”
Binance and its US arm – Binance.US – have been in the crosshairs with the Department of Justice (DOJ), the SEC, and the New York Department of Financial Services (NYDFS) regarding its regulatory compliance and finance. But its Europe expansion plan continues to be a win.
Since scoring its first regulatory approval in Europe with France’s stock market regulator, Autorité des marchés financiers (AMF), Binance continued its expansion after securing nod from France, Italy, Lithuania, Spain, Cyprus, Poland, and more recently, Sweden.