Huobi Global takes another step towards expanding its services in the Commonwealth of Independent States.
According to an official press release, Huobi Global has entered into a cooperation with Huobi Russia, an entity that has been acting independently in Russia since 2018.
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The Russian partner will reportedly retain the privilege rights to continue developing its own digital platforms and solutions as well as liquidity of Huobi.
Huobi Russia CEO Vladimir Demin has also been appointed as the Chief advisor of Huobi Global to consult the development of the Russian market.
Demin claims the Russian market has "huge opportunities" for the crypto and blockchain area.
"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," Demin added.
Huobi states the trading volume from Huobi Russia alone "reached 10 percent of Huobi Global's." The Russian market already contains 4,000 customers and has "a wide range of services such as OTC, spot trading, margin trading, and custody."
iHodl previously reported that a Russian financial institution Expobank became the first bank in Russia to issue loan secured by cryptocurrency.
The loan was given to a Russian entrepreneur Mikhail Uspensky through the conclusion of an individual bank loan agreement secured by the WAVES tokens.
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