Cryptocurrency Exchange Huobi Opens Russia Subsidiary

One of the world’s leading cryptocurrency exchanges, Singapore’s Huobi Group, has announced its official opening of Huobi’s first Russian office in Moscow at an invitation-only event on Thusday, the company said in a statement.

Huobi Russia is a local exchange supported by Huobi Cloud, the company’s regional exchange partnership program, in partnership with Russian state-owned bank VEB’s Digital Transformation Center and Russian experts in the field of blockchain and exchange trading.

“The launch of Huobi Russia will bring the Huobi’s leading technology and trading expertise to Russian users,” said David Chen, Huobi Senior Business Director. “Huobi Russia gives Russian traders and cryptocurrency enthusiasts access to Huobi’s unmatched safety, stability, and user experience.”

According to Huobi Russia CEO Andrei Grachev, “despite the current market, the trading volume of Huobi Russia is growing, and recently exceeded $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.”

Huobi Russia and Huobi Cloud cooperated with the VEB Digital Transformation Center in the fields of training, legislative & regulatory initiatives, and blockchain research, the company 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,” said Vladimir Igorevich Demin, chairman of the VEB Innovation Fund.

VEB Bank was founded in 1922 as the first international bank in the Soviet Union. In 2007, Russia passed a law stipulating that VEB should support and develop the Russian economy and manage Russia’s national debt and pension funds.