Huobi & Vnesheconombank To Open Crypto Exchange In Russia

On 12 November, the Russian branch of the Huobi crypto exchange will be opened with a Russian-language website and regional support services. In addition to the introduction of an educational program, the international cryptocurrency firm wants to back Russian start-ups and mining projects.

The inauguration date of the cryptocurrency exchange was announced by Huobi Global Senior Director Edward Chen and Andrei Grachev, head of the Russian Office during the Blockchain Life Conference in Saint Petersburg. They further revealed that the branch will offer online support 24 hours a day and run a call center with Russian speakers.

Huobi, right now the third largest cryptocurrency exchange, intends to establish a blockchain venture accelerator. In affiliation with a group of regional chambers of commerce across the Russian Federation, the incubator will scout for start- ups with potential.

According to Grachev, the Plekhanov University of Economics, Russia’s oldest business school and the prestigious Moscow State Institute of International Relations already belong to its partners.

Students are prepared in crypto currency management and are educated about Huobi’s mechanical and algorithmic trade services. The office of Huobi will also open an education program centering on cryptocurrency and distributed ledger technologies. This exchange will work together on the proposal with top Russian universities and other organizations.

The company based in Singapore will also venture into the establishment of so-called mining hotels in Russia. In recent months, the number of such services has increased exponentially, offering comparatively cheap accommodation for small mining farms, which tend to be too loud and starving for energy to be housed in offices and homes.

Rental rates depend on the power classification of the mining hardware. For example, ASIC and GPU power plants can be employed in a hotel in Moscow for between $17 and $ 48 plus $ 0.08 per kWh of electricity expended.

Global Expansion

The report about the Russian office follows the recent announcement by Huobi of plans to spread out its operations to new cryptocurrency markets around the world, including Africa, South Asia and the Middle East. The company informed its intention last month to launch a provincial headquarters in Dubai.

Similar to the Russian office, the UAE branch will not only offer cryptocurrency trading facility, but will also concentrate on incubation and educational services for blockchain ventures for clients in the three regions.

The company with Chinese roots publicized earlier this year that in partnership with local organizations and companies, it will also introduce platforms in the Philippines, Taiwan, Indonesia and Canada. The state-owned development bank Vnesheconombank is its Russian Federation partner.

Huobi announced the launch of a new cryptocurrency trading service targeting institutional investors this last summer. And in August, it presented Huobi Cloud is a stage that empowers other companies to offer crypto currency trading services using the prevailing framework of one of the world’s leading exchanges.