Singapore’s Huobi Exchange Opens ‘Huobi Russia’ Branch with State-Owned Development Bank

Huobi, which is a Singapore based crypto exchange has just launched its very first branch that will be based in Russia on the 6th of December; this is according to a release that was shared by the Cointelegraph.

The new exchanged has been dubbed as the Huobi Russia, which will be based in Moscow, has established itself in several partnerships especially with the Digital Transformation Center that is for the Russian Development Bank’s (VEB), which is state-owned. A center that will be a regional exchange partnership program that will be in the Huobi Cloud.

VEB is the company that went ahead to create the Center of Digital Transformation; it was established to ensure it adequately promotes the blockchain technology, together with other technologies that are within the crypto world.

The Huobi has a lot to offer the VEB platform

Taking a look back to September this year, this is when Huobi initially joined the VEB Innovation Fund, and from here they were able to be the resident of the famous Digital Transformation Center. They got onboard with the fund so that they could share the expertise they have gained over the years, as this will significantly help the platform in building a proper legal basis that will be able to compete with the current jurisdictions.

David Chen, who is the senior business director at Huobi, claimed that the recent launch they did for Huobi Russia would greatly help in promoting some of the essential services of the company and help the Russian users, this is the trading expertise they have been able to acquire together with the leading technology they have invested in.

The Russian users will also be able to enjoy skills like stability, the unmatched safety and the best user experience they can find in the market.

Andrei Grachev, who is the CEO of Huobi Russia went ahead to note that there has been an increasing volume in crypto trading in Russia. They have noticed that the trading volumes had recently exceeded the $20 million in just a day of transactions, this is regardless of the current bear market.

More on the VEB Innovation Fund

The fund was created in 2018, and has been considered to be the very first Russian specialized center that has been used for the development and support of the disruptive technologies that can be used in the fields of management, together with the functioning of the governments corporation and enterprises, this is according the fund website.

The chairman of the VEB Innovation Fund, Vladimir Demin stated that Russia has gotten on to the bandwagon to promote the blockchain technology market. Thus, VEB has taken the needed steps to play a role in being a leader in everything blockchain; this is from research to the legislation that is in place, as it was reported by a press release.

The VEB Bank was founded back n 1922, and has been considered to be the very first international bank that is within the Soviet Union. Initially, it was named Roskombank, and ever since its establishment, it has been responsible with a proper development of the Russian economy. But this is not all as it has also been managing the state debts together with the pension funds of the country.

With this move, it has made the other Russian banks to develop an interest with the growing blockchain technology. Just recently, Sberbank, which is considered as a significant state-backed bank, went ahead to conduct an over the counter monetary repurchase agreement, one that has been based on the blockchain technology.

When we look early November, the Raiffeisen Bank International branch that is located in Russia went ahead to team up with Gazprom Neft, which is the local oil giant, to help in the issue of a blockchain enabled bank guarantee, for sure, we should expect to see a lot of changes.

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