The Singapore-based crypto exchange Huobi has officially launched its new Russian branch - Huobi Russia.

Huobi’s new milestone comes as a result of its partnership with Russian Blockchain experts and state-owned VEB’s Digital Transformation Center. The exchange operates under Huobi’s regional exchange program known as Huobi Cloud.

Huobi Senior Business Director David Chen said that Huobi Russia would open the door for Russian users to enjoy the company’s trading expertise and leading technology: "Huobi Russia gives Russian traders, and cryptocurrency enthusiasts access to Huobi's unmatched safety, stability, and user experience."

According to the CEO of Huobi Russia, Andrei Grachev, the Moscow-based exchange is growing rapidly to the point of exceeding $20 million in daily trades. He added: “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."

Supported by Huobi Cloud, Huobi Russia partnered with VEB’s digital transformation Center in blockchain research, legislative & regulatory initiatives, and training.

VEB’s Innovation fund chairman Demin Vladimir revealed that Russia is promoting the blockchain market. As a Russian state-owned bank, VEB plans to play a key role in blockchain legislation and research. He stated that VEB would continue cooperating with Huobi in the education and development fields to continue expanding in the blockchain market.

Launched in 1922, VEB Bank is the First International, a state-owned bank in the Soviet Union. VEB continues to support the Russian economy and also helps in managing Russia’s pension funds and national debt as passed by law in 2007.

Established in 2013, Huobi Group is among the world’s leading Blockchain companies with ten downstream and upstream enterprises. With a cumulative turnover of over $1 trillion, this group company provides a convenient, safe and secure crypto trading platform. It also provides asset management services to users across 130+ jurisdictions.

As part of Huobi’s global expansion plan, Huobi Cloud is looking out for reputable partners to establish local offices. The local partners will help Huobi to adapt quickly to local cultures and improve the services available in their local market. 

Huobi Cloud allows the company’s partners to quickly establish stable and secure digital asset exchanges using Huobi’s system and expertise. The partners can also access Huobi Global’s wallet system, order matching system, clearing, and asset management systems. Moreover, the partners will be able to share Huobi’s market data, liquidity, and depth.

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