Huobi global exchange, one of the biggest exchange firms in the globe has announced plans to improve its presence and expand its activities in Russia.
Towards achieving this goal, the firm would partner Huobi Russia, another independent arm that has been operating in Russia since 2018 and appointed Vladimir Demin has been appointed as the company’s chief advisor to facilitate this process.
Demin’s primary responsibility is to help develop the company’s market in Russia as he was previously a partner and CEO for Huobi Russia.
Demin also believes in Huobi global exchange project to expand operation in Russia as he explains that market opportunity for crypto and blockchain is huge and hopes to help Huobi global exchange expand high demand for crypto products in Russia.
Huobi global exchange operation plan
Huobi Russia would remain independent amidst Huobi global plans to expand in the country. However, it would be able to access liquidity and technology of Huobi global to facilitate this expansion.
The VP of Huobi Global Market, Ciara Sun, in her comment regarding this expansion said Huobi Global would carefully manage the issue of user migration from Huobi Russia to Huobi Global. To do that, they had created a simple one-click migration option on the user interface along with their brand upgrade campaign.
According to Sun, Huobi Global would offer various benefits and preferential treatment to Huobi Russia users who opted to migrate to Huobi Global.
The firm has been impressed by Russia’s crypto market and delighted with Huobi Russia that built a leading brand position in Russia’s market.
Russia and crypto
In Russia, the crypto space has continued to face major setbacks as authorities in the country continue to have reservations about the digital asset.
Previously, the country’s central bank has said they would place a total ban on crypto. The country’s legislative arm of government, on the other hand, stopped the move and gave legal recognition to crypto as property and placed a ban on using crypto to make payment for goods and services.