Last month, Singapore-based cryptocurrency exchange Huobi announced that it was expanding across the Middle East and Africa. That is just part of a global expansion plan currently being undertaken by the third-largest crypto exchange – based on trading volumes – and is in addition to its goal to set up an office in Russia. That goal has now been reached, but the company says that it has much higher ambitions for the country than just offering an exchange.
Huobi is the first major crypto exchange to have a physical presence in Russia, complete with a Russian-speaking call center. Looking past the trading options, the company wants to also offer lending and space rentals to miners, provide an educational platform for blockchain and crypto innovation and also to help shape the country’s crypto regulations.
While several other exchanges, including Bitfinex, Binance and OKEx, offer a platform for Russian traders, and even have Russian interfaces, not one provides real-time support in Russia. Customers of those platforms who don’t speak Korean, Chinese or English are simply out of luck to finding immediate answers to their questions.
Huobi opened its new office in Moscow, complete with 30 staff members, about a week ago. The office includes the call center, as well as back-office support for over-the-counter listing and trading, as well as personal managers for certain high-end customers. The office manager, Andrew Grachev, told CoinDesk, “If someone wants to start trading with $1,000, he can come to the office and register with the help of a personal manager.”
Huobi Russia is running a campaign that offers commissions below 0.1% in an effort to drum up new business. The rate is applicable to anyone who trades over 50 Bitcoin Core (BTC) within a two-week period this month and is accompanied by a cash back reward that gives traders 20% back on trading fees in the form of Huobi’s own crypto, Huobi tokens.
While Russia is still trying to figure out if it’s in or out of the cryptocurrency ecosystem, the platform won’t be able to accept rubles for deposits. The head of the Center of Digital Transformations for the Vnesheconombank development bank said, “[Huobi officials] consulted with us a lot, and in the end, I think, we made them feel disappointed. They were interested in providing fiat operations, but we told them it’s impossible.”
In the meantime, Huobi will push forward with its other plans. It will offer blockchain training through a special course at Plekhabov University of Economics and will also provide laons to miners so that they can purchase equipment. It will also rent space to miners, with all of the new plans more than likely beginning in the first quarter of next year.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
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Huobi MENA co-founder Mohit Davar: Huobi Group Reveals Middle East, Africa, And South Asia Expansion Plans
DUBAI, United Arab Emirates – October 24, 2018 At the World Blockchain Summit – Dubai today, Huobi MENA co-founder Mohit Davar revealed details of Huobi Global’s plans to expand into the Middle East, Africa, and South Asia markets.
“We are very excited to bring the Huobi blockchain and digital asset ecosystem to the Middle East, Africa, and South Asia. As Dubai is leading the blockchain effort in the region, it made sense for us to set up our Regional Head Office here,” said Davar, known to most as “Mohit”.
Mohit announced that the Singapore-based digital assets exchange has established a Dubai-based operations team to cover the three regions in order to replicate its successful eco-system model. In total, this will include OTC trading, token-to-token trading, blockchain projects incubation, community development, and an educational center. Token-to-token and OTC trading is already live via a beta version. The end goal will be to provide safe and reliable digital asset trading services for millions of regional users in the Middle East, Africa and South Asia.
Huobi MENA is in the process of establishing partnerships with regional players, starting with AI Traders, an artificial intelligence digital asset trading solutions company. Discussions are in place currently for partnerships with other big names in the blockchain industry with the objective of offering regional traders a safer, faster and more convenient trading experience.
The World Blockchain Summit, held in the Jumeirah Emirates Towers, is one of the most influential summits in the region with over 1,000 participants.
About Huobi Group:
Consisting of ten upstream and downstream enterprises, Huobi Group is the world’s leading blockchain company. Establishment in 2013, Huobi Group’s accumulative turnover exceeds $1 trillion. It proudly provides safe, secure, and convenient cryptocurrency trading and asset management services to millions of users in 130+ countries.
For more information on Huobi MENA: https://www.huobimena.com
For enquiries please contact: [email protected]
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