Huobi Group has become the first cryptocurrency exchange to open a business in Russia and is looking to expand its business.
Huobi Russia started its business in Moscow on the 12th. It has about 30 employees and provides coin transactions and OTC (Over The Counter) transactions. Although there are exchanges that provide Russian service on their websites, Huobi Group is the first one to actually open a business in Russia.
Huobi Russia is planning to set up a call center soon and start legal tender transaction service and launch other financial products. It is also planning to start ‘Mining Hotel’ service that either lends equipment or provides loans at low cost for small mining places that have difficulties in selecting locations due to huge power consumption and noise.
Mining Hotel service is a service that provides a place for a mining company that has its own servers and equipment. Mining companies need to pay for electricity that is consumed by their equipment separately.
Besides these services, Huobi Russia is planning to start blockchain-related courses at Plekhanov Russian University of Economics to develop local talents and focus on establishing an accelerator that assist with local blockchain projects and a Russian corporate.
“We are going to focus on developing talents and forming a blockchain ecosystem to help local economy in Russia.” said Department Head Oh Sae-kyung of Huobi Korea’s Communication Department.
Staff Reporter Gil, Jaeshik | osolgil@etnews.com