Binance, the world’s largest crypto exchange by transaction volume, has announced the launch of a new hub in Georgia. The exchange has said it intends to use the outpost to fuel further adoption of cryptocurrencies and create new jobs for Georgia residents.

Binance announces a new ‘Web 3 outpost’

The crypto exchange has announced that it will open its newest branch in Georgia by the end of 2023 and has already employed 25 people to run it. Via its official blog, the exchange explained that it targets to attract talent in Georgia, promote blockchain industry education and create new employment opportunities there.

The exchange explained that it’s already working with public and private sectors to organize education and hackathon events in the country. The exchange’s presence in the country has been gradual and has gone through several milestones.

Binance’s CEO first visited the country in November 2022 and met with its Prime Minister, Irakli Garibashvili, and crypto stakeholders. During his visit, Chang Peng Zhao said that the country was stable and favorable for businesses and praised its governance for the “significant opportunities” it offers investors.

In his press conference, Zhao revealed fruitful discussions about integrating Web 3 and blockchain systems in the country: “We discussed all kinds of support from recruiting programs to educational efforts and investments. The meeting was very positive. After this meeting, our confidence in Georgia increased significantly, empowering us to invest in the country more heavily”.

Crypto adoption continues in Georgia

Georgia has been on the front line of crypto adoption. The capital city, Tbilisi, brags hosting over 100 Bitcoin ATMs. The country has over 1187 crypto ATMs and tellers, which is notably high. 

The country also plans to promote crypto adoption with TBC bank, having signed a memorandum of understanding earlier with Binance. The bank will allow investors to use its financial tools to trade on Binance if KYC and AML procedures are in place. 

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