Singapore cryptocurrency exchange Huobi has officially opened its first branch in Russia.
Exchange called Huobi Russia was created with the support of the Digital Transformation Center, owned Vnesheconombank (VEB), and regional partnership program Huobi Cloud. Digital Transformation Center was established by Vnesheconombank to promote the blockchain and other cryptographic technologies.
In September of this year, Huobi for the first time joined Russia's Innovation Fund VEB and became a resident of the Digital Transformation Center for the exchange of experience in the field of regulation of cryptocurrency. According to the chief executive officer of the Fund, Huobi will help to create a legal framework that will compete with the current prospective jurisdictions.
Speaking at a private event on Thursday, Huobi's commercial Director David Chan said that the launch of Huobi Russia "will contribute to the promotion of leading technologies and the transfer of expertise on trade to Russian users."
Huobi Russia CEO Andrei Grachev also noted an increase in the volume of cryptocurrency trading in Russia. According to him, the daily trading volume recently surpassed $ 20 million, despite the downturn of the global crypto market.
Russian Innovation Fund of Vnesheconombank, was established in 2011, is positioned as Russia's first specialized center for support and development of technologies in the field of management and functioning of enterprises and government corporations.
The innovation center engaged in the study and implementation of various blockchain projects. Today there are more than 20 branches of large technology and blockchain companies: Ethereum Foundation, Bitfury, PricewaterhouseCoopers etc.
Chairman of the Innovation Fund of Vnesheconombank Vladimir Demin said that "Russia is actively promoting the blockchain market, and VEB is ready to play an important role in studies of the blockchain and the development of an appropriate legislative framework".
Vnesheconombank , aka "Bank for Development and Foreign Economic Affairs", was established in 1922 as the first international Bank of the USSR. The Bank is responsible for the development of the Russian economy, as well as managing state debts and pension funds.
It is noteworthy that other Russian banks also show interest in blockchain technology. Recently, Sberbank has entered into over-the-counter agreement to repurchase cash based on the blockchain technology. In early November Russian branch of Raiffeisenbank merged with the company "Gazprom Neft" for issuance of Bank guarantees using the blockchain.