On Thursday, December 6th, Singapore-based crypto trading platform Huobi opened its first office in Moscow, Russia. The launch of the Russian arm dubbed Huobi Russia comes in partnership with Digital Transformation Center.
Joint Venture With the Russian Development Bank
The Digital Transformation Center works under the aegis of state-owned Russian Development Bank (VEB). Moreover, VEB specifically created this center to promote fintech and blockchain innovation in the country. Similarly, the Huobi Russia will function under the aegis of Huobi Cloud, the company’s regional exchange partnership program.
Huobi Russia CEO Andrei Grachev says,
“Despite the current market, the trading volume of Huobi Russia is growing, and recently exceeded US $20 million in a single day. This shows the high interest and popularity of the Huobi Russia exchange with the Russian community. Huobi Russia will also be looking into providing blockchain and business development services for the local Russian users, such as education, project management, and negotiating deals.”
Thus the three entities – Huobi Russia, Huobi Cloud, and VEB Digital Transformation Center will work together. These entities will overlook issues in the fields of legislation, regulation, training, and blockchain research, according to the press release.
Earlier this year in September, Huobi became the member of Digital Transformation Center and joined Russia’s VEB Innovation Fund.
Demin Vladimir Igorevich, chairman of the VEB Innovation Fund, said, “Russia is actively promoting the blockchain market. As a well-known bank owned by the Russian government, VEB seeks to play an important role as a leader in blockchain research and legislation.”
He further added,
“In the field of digital asset trading, Huobi is one of the world’s largest digital asset trading platforms, with advanced technology and mature experience, security, and trading experience. VEB will continue to expand and cooperate with Huobi in the fields of development and education.”
Huobi Cloud Leading Company’s Global Expansion Strategy
Huobi Cloud has a pivotal role to play in the company’s global expansion strategy. This division looks after the most suitable local partners in different regions of the globe.
Collaboration with regional players helps Huobi to better understand the local crypto markets as well as the demand of its users. Furthermore, Huobi Cloud acts as a bridge between the company and its partners. It helps the partners to build stable and secure crypto exchanges and OTC services.
Its partners can leverage Huobi’s wallet system, asset management, order matching system, and clearing system to share the liquidity, depth, and market data on Huobi Global.
Risk Disclosure
This article should not be taken as, and is not intended to provide, investment advice. Users are ultimately responsible for the investment decisions he/she/it makes based on this information. It is your responsibility to review, analyze and verify any content/information before relying on them. Trading is a highly risky activity. Do consult your financial adviser before making any decision. Please conduct your thorough research before investing in any cryptocurrency and read our full disclaimer.
Join our Telegram Group To Stay Up To Date With Crypto News
