Cryptocurrency futures exchange Kraken Futures, a trading platform for derivatives on digital assets, intends to grow its Russian presence with in-person visits and Russian-language social media groups, CoinDesk reported.
The regulated futures provider, acquired by San Francisco-based Kraken last year when it was called Crypto Facilities, brought on Russian expert Aleksey Bragin, its first new hire, last month for its yet-to-be-launched Russian entity and took a step closer to its goal of expanding its presence in the world’s largest country.
The company says it plans to increase its visits, local collaborations and reach in the Russian social media groups.
Currently, London-based Kraken Futures offers futures contracts with Bitcoin, Ether, Bitcoin Cash, Litecoin, and Ripple. It experiences a massive daily trading volume of almost seven million U.S. dollars ($17 million) in Bitcoin futures alone. With the expansion in Russia, one of the most underrated yet most extensive cryptocurrency markets, it hopes to see a substantial spike in this figure.
Kevin Beardsley, who heads the business development at Kraken Futures, told Coindesk that Russia is still an uncharted territory when it comes to setting up bases. Thus, talent is abundant as well as opportunities that we wish to tap, Beardsley said. The existing market, according to Beardsley, is dominated by American and Chinese companies, closely followed by the Japanese and Korean.
Although Russia has emerged as a frontrunner when it comes to sufficient infrastructure and regulatory framework, it still fails to capture a lot of media attention, and we want to change that, Beardsley explained.
Despite estimates that the Russian traders may bring business worth four $4 million to Kraken, it is likely that Kraken Futures will not support spot trading or fiat on-ramps against the Russian ruble. As Beardsley declared, crypto futures will be the safest way to mark an entry as it possesses a relatively low risk of money laundering.
