Huobi Russian Language Support Coming as Exchange Pivots to Nation

Huobi Russian Language Support Coming as Exchange Pivots to Nation

Huobi Russian language customer support is coming next week as the crypto exchange moves to solidify its presence in the country and extend its reach globally. The move comes on the heels of Huobi working closer with Russian bank VEB.

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‘Привет,’ or Hello, Says Huobi

As of Monday, November 12th, 2018, Singapore-based Huobi, the world’s third-largest crypto exchange by daily trading volume, will provide 24-hour support online and by phone in the Russian language.

That’s per Andrei Grachev, head of the company’s Russian office, who announced the support at the Blockchain Life conference in Saint Petersburg on November 8th.

So far, Huobi has been more active in Russia than any other major cryptocurrency exchange.

Huobi Russian
Huobi looks to Russia for expansion. Image via Huobi’s YouTube.

In September, it struck a partnership deal with Vneshekonombank (VEB), a state-run project financing bank, and became a resident of VEB’s center for digital transformation.

VEB said it plans to use Huobi’s international expertise with trade in digital assets, a dynamic that could inform the forthcoming regulatory base for crypto in Russia.

Huobi will also use VEB’s competence center to educate Russian investors on digital assets.

More Russian Projects in Play

The exchange’s other plans in Russia include establishing an accelerator for blockchain projects that will select promising startups all over the country in collaboration with local authorities.

Huobi also intends to launch an educational program focused on cryptocurrencies and blockchain technologies in collaboration with major Russian educational establishments. Currently, two leading institutions, Plekhanov Economics University and the Moscow State Institute for International Relations, have come aboard the initiative.

Finally, Huobi plans to take part in a “mining hotel” program in Russia. Facilities of this kind provide inexpensive “accommodation” for smaller mining farms that would have been too energy-intensive and noisy if located at homes or offices.

Over the last few months, this kind of business has been booming in the nation.

In a Moscow-based “mining hotel,” installing an ASIC or GPU rig would set the owner back between 1,100 rubles and 3,200 rubles a month ($17 USD to $48 USD) and 5 rubles ($0.08) per kWh will be charged for power. Outside the capital, prices are even lower than that.

Technically, crypto exchanges are outside the law in Russia, as current reigning legislation neither allows nor bans them. Meanwhile, an early arrival in the market and collaboration with state-run institutions is likely to ensure a smooth run for Huobi in Russia.

What’s your take? What exchange will have the biggest international presence in 10 years? Let us know what you think in the comments section below. 


Images via Huobi’s YouTube, Pixabay

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