Tag: Georgia

Gate Pay and CityPay.io Partner to Bring Cryptocurrency Payments to Georgia

by Blockchain News

Gate Pay, the cryptocurrency payment service offered by the crypto exchange firm Gate.io, has announced a partnership with CityPay.io, a startup specializing in crypto payments in Georgia. The collaboration will enable more than 600 merchants in Georgia to enjoy the benefits of crypto payment alternatives for their products and services.

By partnering with CityPay.io, Gate Pay users can connect with numerous merchants across Georgia, facilitating a wide range of daily activities such as hotel bookings, supermarket shopping and restaurant payments. Notably, restaurant chain Wendy’s is one of the partners of CityPay.io, with customers now able to make payments using cryptocurrencies for their meals.

Gate Pay’s director, Feng Zhou, stated that the launch of Gate Pay aimed to connect users with businesses, products, and applications that are friendly to cryptocurrencies. This partnership with CityPay.io allows merchants to offer their customers the option to pay with digital assets, bridging the gap between Web3 and people’s daily lives.

The collaboration between Gate Pay and CityPay.io offers a Web3 shopping experience to a broader audience of regional merchants and customers. Gate Pay’s user base and experience, combined with CityPay.io’s business network and coverage in Georgia, will facilitate this expansion.

Gate.io is no stranger to expanding its business coverage, having announced its intention to seek a crypto license in Hong Kong on February 22. The license would allow the company to introduce “Gate HK,” expanding its services to Hong Kong residents.

Georgia has emerged as one of the world’s most crypto-friendly countries, with its regulations attracting crypto companies to set up regional branches. The Georgian government has ambitions to make the country a major global crypto hub.

This partnership is a significant step towards achieving that goal. CityPay.io has already established a strong network in Georgia, and Gate Pay’s experience in the crypto industry will help expand the usage of digital assets in the country.

Gate Pay and CityPay.io’s partnership will enable merchants in Georgia to accept crypto payments, making it easier for customers to pay for goods and services. This collaboration will not only benefit the merchants but also attract more crypto users in Georgia and improve the shopping experience for both parties.

The use of cryptocurrencies as a payment method has been on the rise, with more and more businesses and individuals recognizing the benefits of using digital assets for daily transactions. The partnership between Gate Pay and CityPay.io is a significant step towards the widespread adoption of cryptocurrencies in Georgia.

As the crypto industry continues to grow, partnerships like these will become increasingly important in expanding the usage of digital assets and bridging the gap between Web3 and people’s daily lives. With the collaboration between Gate Pay and CityPay.io, Georgia is well on its way to becoming a major global crypto hub.

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Binance expands with blockchain hub in Georgia

by Blockchain News

Binance, one of the world’s largest cryptocurrency exchanges, is expanding its global reach with the opening of a new blockchain hub in Georgia. The move is aimed at promoting further adoption of cryptocurrencies in the country, creating more job opportunities, and attracting talent to the Georgian blockchain sector.

Binance referred to the hub as a “Web3 outpost,” and it intends to use it to promote industry education and innovation, as well as to organize educational and hackathon events. The hub is expected to create dozens of new jobs by the end of 2023, in addition to the 25 people already employed by Binance’s Georgia division.

Georgia has become a hub for cryptocurrency and blockchain companies due to its favorable regulatory environment and low electricity costs. In recent years, the country has attracted a growing number of blockchain startups and has become known for its progressive approach to crypto regulation.

Binance’s expansion into Georgia is part of the company’s broader strategy to expand its global reach and promote the adoption of cryptocurrencies around the world. The company has been actively seeking out new markets and partnerships, and has launched a number of new initiatives aimed at increasing awareness and adoption of cryptocurrencies.

In addition to its blockchain hub in Georgia, Binance has also launched a number of other initiatives aimed at promoting the adoption of cryptocurrencies. These include Binance Academy, an educational platform that provides free online courses on blockchain and cryptocurrency, and Binance Launchpad, a platform that helps blockchain startups raise funds through initial coin offerings (ICOs).

Binance’s expansion into Georgia is a positive sign for the global crypto industry, which has faced regulatory challenges in many countries. By opening a new blockchain hub in a crypto-friendly country like Georgia, Binance is helping to further legitimize the use of cryptocurrencies and blockchain technology, and is paving the way for greater adoption and innovation in the industry.

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Cardano Blockchain to Stimulate Authenticity and Quality of Georgian Wine

by Blockchain News

To boost Georgia’s global reputation as a leading wine producer, the Cardano Foundation has partnered with the nation’s wine agency to create a public and flexible trace solution powered by the Cardano blockchain.

In a statement, the Cardano Foundation disclosed that the partnership with the Bolnisi Winemakers Association and Scantrust and Georgia’s National Wine Agency would enhance the quality and authenticity of the nation’s wine.

Mel McCann, Cardano Foundation’s vice president of engineering, noted:

“This collaboration will develop a creative, cost-effective, and flexible certification and traceability system, which will provide transparency and authenticity for wineries and customers from the point of harvest to the point of consumption.”

The Cardano Foundation will spearhead the collaboration with individual wineries to get a scalable, shared, and cost-effective platform.

Per the report:

“A pilot program will be expanded in the Bolnisi region, serving both local and export markets. It will include up to 100,000 bottles of wine harvested during the Autumn 2022 period and subsequently bottled during Spring 2023.”

The bottles will comprise a secure and unique QR code that will enable consumers to track the history and authenticity of products. 

With trust and integrity being integral parts of consumer goods, the blockchain-powered traceable solution is deemed a stepping stone toward producing more bottles of wine.

Guram Avkopashvili, the founder of Bolnisi Winemakers Association, stated:

“Our goal is to produce and export 12 million bottles of wine in Bolnisi in 10 years. Currently, we produce a total of 200,000 bottles of wine, which we sell to the Georgian, European, US, Australian, and Chinese markets.”

The blockchain solution will also come in handy in fighting counterfeits at a lower cost.

“People around the world deserve to experience Georgian wine as it is intended, a celebratory and exceptional drink that we have cultivated for over 8,000 years, according to Levan Mekhuzia, the chairman of the Georgian National Wine Agency.

Meanwhile, Cardano founder Charles Hoskinson acknowledged that blockchain technology could revolutionize government structures from the whelms of archaic processes to modern ones, Blockchain.News reported. 

Image source: Shutterstock

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Georgia State Becomes next Mining Hub, Bitcoin Miners Enjoys its Green Energy

by Blockchain News

The exodus of crypto mining operations out of China massively has become a blessing in disguise to the United States, given that it now takes the lion’s share. 

With billion-dollar mining machines plugged across the U.S., crypto mining is spawning as an entirely new industry on American soil that generates tax revenue to state governments.

As a result, new destinations like Georgia State are emerging among top-of-mind for Bitcoin miners, thanks to minimal power costs and sufficient solar and nuclear power, according to Foundry’s digital currency group. 

Per the announcement:

“Miners in the state were responsible for more than 34% of the computing power in the pool as of Jan. 31, almost double its share since last year’s third quarter.”

Bitcoin miners are also eyeing Georgia because it enables them to revamp their public image as emissions-free or sustainable based on environmentally friendly energy like solar power. 

Furthermore, favourable approaches utilized by state authorities are making crypto companies, like Bitmain Technologies Ltd, set up camp in Georgia. ‘

The report noted:

“Regulators in the state have also built a reputation for being friendly to miners, guiding miners toward a solar program that allows companies to offset their emissions with renewable energy credits, and giving them access to day-ahead power prices, so miners have enough time to throttle back their operations when rates are set to spike.”

Foundry is among the world’s biggest mining pools, with operations in other states like North Carolina, Nebraska, Texas, New York, and Kentucky.

Meanwhile, a new wave of green energy programs influences the crypto mining sector on American soil. For instance, EV Battery Technologies, a blockchain and battery tech company, launched a commercial emission-free crypto mining solution dubbed Daymak Solar Tree. Furthermore, it collaborated with the Renewable Obligation Base energy economy for environmentally friendly initiatives in cryptocurrency mining.

Image source: Shutterstock

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Russian finance ministry official calls for crypto regulation, not restriction

by Cointelegraph

In surprising comments made by the Russian director for financial policy, Russia could be softening its stance toward crypto. Ivan Chebeskov, a director within the Ministry of Finance, has come out in support of regulating crypto rather than banning it.

His support is a response to the Russian central bank proposing a blanket ban on crypto mining and trading.

According to Chebeskov, banning cryptocurrency operations and mining will lead to the country lagging behind the worldwide tech industry. The minister instead suggested that cryptocurrencies should be regulated:

​​“We need to give these technologies the opportunity to develop. In this regard, the Ministry of Finance is actively involved in the development of legislative initiatives in terms of regulating this market.”

The comments were made during the RBC crypto conference, taking place on Tuesday. Chebeskov said that the Russian ministry has prepared a proposal for the regulation of digital assets and is waiting to hear the government’s position on the matter.

Prior to working at the Kremlin, Chebeskov enjoyed a productive career employed at Russian and European investment banks. He was a student at the pro-Bitcoin state of Texas and has spoken out in favor of digital currencies in the past.

In his view, a digital rouble could compete with the likes of China’s central bank digital currency (CBD. China’s central bank released a pilot version of a digital yuan wallet in early January.

Elsewhere, the private sector was also quick to rebuke the proposal, which would ban the issuance, exchange and circulation of cryptocurrencies in Russia.

Telegram CEO Pavel Durov, for example, wrote that the proposed ban on crypto would “destroy a number of sectors of the high-tech economy” in a post on his messaging application Telegram.

Related: Vibe killers: Here are the countries that moved to outlaw crypto in the past year

In Russia’s neighboring countries, anti-crypto sentiment is rife. Georgian citizens were made to swear an oath to stop mining crypto, whereas top Bitcoin (BTC) mining country Kazakhstan turned off the internet amid protests.

In light of El Salvador’s recent state visit to Moscow, and pro-crypto proponents such as Chebeskov popping up in the Kremlin, Russia may surprise the crypto industry in 2022.