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Huobi's trading operations in Russia are just the beginning

18 Nov, 2018
by Richard Allen
News
Huobi's trading operations in Russia are just the beginning

Huobi, the world’s third-largest cryptocurrency exchange by trading volume, opened offices in Moscow on November 12. Now, reports indicate that the Singapore-based exchange has plans that stretch far beyond crypto trading.

According to CoinDesk, Huobi is planning on extending its services into lending and renting space for Russian cryptocurrency miners, training local blockchain talent, and even going so far as to have a hand in shaping the country’s regulatory framework.

It was impressive when Huobi opened an office in Moscow with a Russian-language call enter. Many of its competitors like Binance, OKEx and Bitfinex have since incorporated Russian into their user interface, but it doesn’t quite trump real-time support in your own language.

Huobi’s original plans also included wanting to enable deposits in Russian roubles, but local experts warned against this and Huobi wisely decided to reevaluate.

“They consulted with us a lot, and in the end, I think, we made them feel disappointed,” Vladimir Demin, head of the Center of Digital Transformations said. “They were interested in providing fiat operations, but we told them it’s impossible.”

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