Huobi Crypto Exchange Expands to Russia

Bitcoin

Huobi Exchange is a very popular cryptocurrency exchange platform, which has been in operation since 2013. Huobi deals in Bitcoin, Ethereum, Litecoin, and Ripple, amongst others. Cointelegraph reported that the ever-growing exchange has now opened shop in Russia by bringing its mobile app into the country.

Huobi announced on 23 September that Russian users will now be able to trade major cryptocurrencies on the app. Huobi has reportedly been focused on expanding their market to places in which the exchange is especially popular. This is true for Russia, whose users make up about 10% of the crypto exchange’s total trading volume.

Huobi Global is the international body of the Huobi exchange group. It wants to incorporate its regional body, Huobi Russia, into the mother body. This comes as the Kremlin recently passed new regulations legitimising cryptocurrency and making Russia a more stable environment to deal in digital assets.

Huobi competes for dominance

Huobi has notedly also been on a crusade to achieve dominance in China, reported Coindesk. Its main competitor in that region, OKEx, has been at the forefront of a power battle between the two exchange companies. Chinese-run OKEx, based in Malta, is the world’s largest crypto derivatives exchange and is thus supremely important in the industry.

China and Russia have both been increasingly welcoming to the further influence of digital assets on their markets. They have also both been welcoming to the technological progression brought by blockchain technology. It is thus understandable why Huobi Exchange would want to further its ventures into these two lucrative cryptocurrency markets, where there is an emerging interest from large portions of the respective populations. China and Russia both have very important and strategic economies, which are well placed to keep growing in future times. Therefore, they represent ideal places for a company to set up shop in the volatile market brought about by the global pandemic.

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Raïs Tarek 87 Articles
Journalist and lawyer, with a passion for global politics, economics and current affairs.