Crypto exchanges continue to expand across the globe and popular crypto trading platform Huobi Global is making some major moves to deepen its roots within the Russian crypto market. As a part of the expansion plan, the company has appointed a new CEO.
According to an announcement on August 21, Huobi Global has appointed Vladimir Demin as the chief advisor of Huobi Global. Demin has been serving as the partner and CEO of Huobi Russia and would now assist with the development of the Russian market.
Huobi Russia was launched in 2018 and has been the only Huobi partner in Russia. The company is very optimistic about the crypto market in the nation and hence plans on leveraging the Huobi Global brand name to capture the market.
Despite the partnership, the announcement adds that Huobi Russia would “retain the privilege rights” to develop its own platform while also being able to take advantage of the technological infrastructure and the liquidity of Huobi Global.
Demin expressed his optimism for the Russian market stating:
“The market opportunities in Russia for crypto and blockchain are huge and I think that experience, technology and approach of Huobi will help us to develop unique products highly demanded in Russia and in the whole world.”
Huobi Russia’s trading volume recently reached almost 10% of Huobi Global’s total volume, taking into account that the exchange currently has a customer database with just over 4,000 users.
The exchange currently provides a wide range of services such as OTC, spot trading, margin trading, and custody.
Ciara Sun, vice president of Huobi Global Markets, added that the company will provide a one-click migration option from Huobi Russia, adding:
“We are positively impressed with the crypto market in Russia and thanks to our Russian partner we have built a strong leadership position on the market. I am absolutely sure that we will keep developing the market in Russia for a very long time.”
The news comes just days after the Seychelles-based exchange launched its cryptocurrency savings accounts. The savings account will pay out daily interests the customers’ accounts with support for real-time settlement.
Customers from eligible jurisdictions that meet the KYC requirements would be able to apply for these accounts.