Bybit Georgia — Georgia strengthens its position as a regional crypto hub
Bybit, the global cryptocurrency exchange, is positioning Georgia as one of its key regional hubs as it expands operations in the country. The company is increasing investment, developing the local crypto ecosystem, and deepening cooperation with both the private and public sectors.
On 11 March, Bybit held an official launch event in Tbilisi in partnership with several companies, including Mastercard, Pave Bank, and Tether.
The event was attended by Georgia’s Minister of Economy and Sustainable Development, Mariam Kvrivishvili, as well as representatives of the National Bank of Georgia, who expressed support for the company’s entry into the Georgian market and its role in developing the country’s financial ecosystem.
A key component of this cooperation is the Bybit Card, a payment product developed in partnership with Mastercard and Pave Bank. The card enables users to spend crypto assets in everyday transactions via Mastercard’s global infrastructure.
The Bybit Card was also officially presented at the Tbilisi event and is seen as one of the first practical examples of integrating digital assets into Georgia’s real economy.
‘At Mastercard, our role is to connect emerging financial technologies with the trusted global infrastructure that consumers and businesses rely on every day. Our partnership with Bybit clearly demonstrates how traditional payment networks and digital ecosystems can come together to create new opportunities’, said Davit Zghuladze, Mastercard’s Vice President for Georgia and Armenia.
Pave Bank CEO Salim Danani framed the product in a broader context:
‘The launch of the Bybit Card is an important step in the development of the country’s digital financial ecosystem. Initiatives like this further highlight Georgia’s growing role as a regional hub for financial innovation, as well as the regulator’s clear focus on fostering financial innovation.’
Bybit operates in Georgia under licences issued by the National Bank of Georgia, both as a Virtual Asset Service Provider (VASP) and a Payment Service Provider (PSP).
According to the National Bank, the entry of such companies contributes to the development of the financial sector and increases competition in the payments market.
‘We welcome the entry of companies like this into the Georgian market. It is also important that, alongside the traditional banking sector, the non-banking financial sector is developing more actively, including providers of virtual asset services. One such company is Bybit, a leader in the crypto asset market with millions of users,’ said National Bank Governor Natia Turnava.
Bybit CEO Ben Zhou described Georgia as a strategic choice:
‘Predictable and clear regulation is crucial for us, and this is exactly the environment we see in Georgia. The transparent approach of the National Bank allows us to develop long-term operations and establish a regional hub here.’
Bybit currently employs more than 40 people in Georgia and plans to expand its team significantly.
Operating in over 240 countries, Bybit is also actively expanding into the EU market under the MiCAR regulatory framework, with Georgia forming an important part of its global strategy.
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Paid for by: Bybit Georgia
