Singapore-based Chinese cryptocurrency exchange Huobi has expanded its presence on the Russian market with a new regional crypto exchange — Huobi Russia, according to the official announcement by Huobi Group.
The opening of the exchange was held at a by-invitation-only event in Moscow.
Huobi Russia CEO Andrei Grachev said that despite the current bearish market, the trading volume of Huobi Russia is growing and event exceeded $20 million per day. Grachev hopes the Russian subsidiary will succeed to reach $200 million in a year. It’s expected that Huobi Russia will also provide crypto-fiat service with the help of over-the-counter market.
Huobi gradually continues to expand its services by all means. Previously, the BHEX cryptocurrency project attracted approximately $15 million in investment from Huobi Global for its own trading service.
What’s more important is that earlier Huobi received a license for the provision of services in the field of distributed registry technology (DLT) from the authorities of Gibraltar.
However, the most important event happened on November 21, when Huobi Global announced launching a beta version of the cryptocurrency derivatives trading platform. The new tool, which is titled Huobi DM allows its users to perform operations with short and long positions to generate income from the increasing volatility of prices for bitcoin and altcoins.
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