Binance Establishes Regional Hub in Georgia to Expand Crypto Presence
Binance, a leading cryptocurrency exchange, has opened a new regional hub in Georgia to expand its global presence. The move aims to expand its reach in the Caucasus region to offer its services. The report emphasizes the company's commitment to blockchain education and accelerating crypto adoption in the region.
Binance employs 25 people in its Georgia division and plans to hire dozens more by year's end. This recent expansion is part of the company's ongoing strategy to expand its presence worldwide, making the most of local talent.
Vladimir Smerkis, Binance’s regional director, emphasized that Georgia is one of the most innovative countries in the region. Smerkis added that Georgia’s regulators understand the potential negative consequences of imposing stringent restrictions in the crypto market. He also mentioned that many developers and enthusiasts in Georgia are creating independent blockchain projects and games. "This country is an excellent springboard for the development of this direction."
Binance signed an MoU with Georgia:
Binance has been establishing its presence in Georgia since November 2022 when the CEO Changpeng Zhao visited Georgia for the first time. Earlier this year, Binance signed a memorandum of understanding (MoU) with the Agency for Innovation and Technology of Georgia (GITA) to work on blockchain-related educational and community projects.
The Georgian government wants to establish the country as a global crypto hub. Tbilisi, the capital city, has more than 100 Bitcoin ATMs that allow users to convert crypto into cash and vice versa.
CBW - External Analyst