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Huobi's global expansion continues with new Russian office

09 Nov, 2018
by David Robb
News
Huobi's global expansion continues with new Russian office

Leading cryptocurrency exchange Huobi has announced the opening of a new Russian office, scheduled for November 12, reports Finance Magnates. At an event in St.Petersburg, the company also told attendees that a Russian language website and customer support service will go live around the same time.

Based in Singapore, third-largest cryptocurrency exchange Huobi has been increasingly pursuing global expansion efforts in recent months. A recently-announced new location in Dubai is to serve as the company's headquarters for the Middle East, Africa, and South Asia, and the exchange also added support for local fiat currencies.

Read more: Huobi announce global expansion plans and a new partnership; Huobi expands its OTC trading platform with three local cryptocurrencies

Huobi's ties to Russia date back at least to September of this year, around the time of the country's first crypto seminar, when it also joined the VEB Innovation Fund. Launched in 2011, this is an initiative that has developed startups in Russia.

While it is far from being a crypto-friendly hub like Malta, Russia hasn't taken any explicit action at state level against crypto trading firms from doing business, and has even considered launched a state-backed crypto. The size of the market there could, therefore, prove highly profitable for Huobi if it manages to secure dominance over its key rivals like Binance. Introducing Russian language support is definitely likely to help its cause.

Read more: Russia is considering launching a state-backed cryptocurrencyRussian legislators remove "cryptocurrency" from draft law, Russians unperturbed

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