On August 21, 2020, Huobi Global announced that it was looking to expand its activities in the Russian market. As part of this expansion, the global exchange is collaborating with Huobi Russia, an independent entity that has been operating in Russian since 2018.
About the Russian Partnership
Huobi Russia will continue to operate independently and develop products for the region. However, it will now have access to the liquidity and technology of Huobi Global. The Huobi Russia platform launched in 2018 and has been Huobi’s only partner in the region since then. Huobi Global sees potential in the Russian market and wants to focus more on it.
After talks with Huobi Russia, Huobi Global decided to appoint the CEO of Huobi Russia, Vladimir Demin, as the Chief Advisor for Huobi Russia on how to develop its activities in the Russian market.
What the Leadership Team Had to Say
Commenting on the issue, the CEO of Huobi Russia, Vladimir Demin, said that there were huge opportunities in Russia for blockchain and crypto. He added that Huobi Global’s experience and technology would help them create unique products that were in huge demand in Russia.
The VP of Huobi Global Market, Ciara Sun, also commented on the recent development. She said that Huobi Global would carefully manage the issue of user migration from Huobi Russia to Huobi Global. To do that, they had created a simple one-click migration option on the user interface along with their brand upgrade campaign. According to Sun, Huobi Global would offer various benefits and preferential treatment to Huobi Russia users who opted to migrate to Huobi Global.
Sun added that Huobi Global had been impressed by Russia’s crypto market. She thanked Huboi Russia who had helped them to build a leading position in the market. Sun concluded by saying that she was sure Huobi Global would continue to develop the Russian market for years to come.
Russia’s Crypto Market
Russian authorities have had a tumultuous relationship with crypto. For instance, the Russian central bank once threatened to impose a total crypto ban. However, that did not happen. Instead, the Russian legislative assembly gave legal recognition to crypto as property while simultaneously banning the use of crypto in payment for goods and services.
Despite this legal uncertainty, Russia has continued to have an active crypto market. For instance, the trading volume on Huobi Russia is 10 percent of the trading volume on Huobi Global. There are around 4000 customers on Huobi Russia and they get access to various services such as spot trading, OTC, custody solutions, and margin trading.
Huobi is a leading crypto and blockchain infrastructure provider that offers its users a wide array of financial products. These products include the largest crypto exchange by real-trading volume and liquidity. Its services are available in over 170 nations.
Huobi is committed to giving its users more freedom over their finances. It offers a wide array of features and one of the biggest portfolios of crypto products that include trading, crypto finance infrastructure products, data and research, education, incubation, investment services, and much more.