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The Huobi Group recently announced the inauguration of its Russia offices and the launch of a new local exchange- Huobi Russia. The exchange will be supported by the Huobi Cloud, its regional exchange partnership program. It will be partnering with VEB Digital Transformation Center and Russian experts in blockchain and exchange trading.

Huobi’s Russia Launch

The new exchange in Russia will help Huobi create a local footprint and expand into new markets. David Chen, senior business director of Huobi, said:

“The launch of Huobi Russia will bring the Huobi’s leading technology and trading expertise to Russian users. Huobi Russia gives Russian traders, and cryptocurrency enthusiasts access to Huobi’s unmatched safety, stability, and user experience.”

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Andrei Grachev is the new CEO of Huobi Russia. Commenting on the beginning of a new Russia project, he said that the trading volume of Huobi Russia is growing despite the current market conditions. The trade volume for the platform exceeded $20 million in just one day. He noted that the platform would be exploring ways to provide blockchain and business development services to users in Russia.

Getting the Nod From VEB Bank

Founded in 1922, the first international bank of the erstwhile Soviet Union, VEB Bank was entrusted with the task to develop and support the Russian economy in 2007. It was also given the responsibility to manage the pension funds and the national debt of Russia via a new law.

Huobi Russia and Huobi Cloud will collaborate with the VEB Digital Transformation Center for blockchain research, training, and legislative and regulatory initiatives. VEB Innovation Fund chairman Demin Vladimir Igorevich commented that Russia is actively promoting the blockchain market. As a well-known bank owned by the Russian government, VEB seeks to play an important role as a leader in blockchain research and legislation.

He also said that Huobi is one of the largest digital asset trading platforms in the world and has both experience and advanced technology. VEB, according to Igorevich, will continue working with Huobi for education and development initiatives.

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