Huobi Opens Office in Russia

Huobi Opens Office in Russia, Plans Startup Accelerator and Mining Hotels

The Russian branch of electronic asset exchange Huobi is scheduled to start on Nov. 12 with a Russian-language website and local support providers. The global cryptocurrency provider wants to encourage Russian startups and mining projects, in addition to starting an educational program.

Huobi Global Senior Director Edward Chen and Andrei Grachev, head of the Russian office, announced the launching date throughout the Blockchain Life conference in Saint Petersburg this week. They disclosed that the branch will provide 24-hour online service and keep a call centre with Russian-speaking account managers. Huobi, which is now the third-largest cryptocurrency exchange by daily trading volume, intends to establish a accelerator for blockchain projects, Russian news outlet Bitnovosti reported. The incubator will look for promising startups in partnership with a network of regional chambers of commerce during the Russian Federation.

Huobi’s office will also launch an educational program that will focus on cryptocurrency and distributed ledger technology. The exchange will cooperate with top Russian universities and other businesses on the initiative. Plekhanov University of Economics, the oldest Russian business school, and the prestigious Moscow State Institute of International Relations are already among its partners, according to Grachev. Students will be trained in the specifics of digital asset management and educated about the algorithmic and automated trading services offered by Huobi.

The Singapore-based company also plans to participate in the progression of so-called mining resorts in Russia. Recently, the amount of those facilities has been growing exponentially, as they offer relatively cheap”lodging” for small mining farms, which tend to be overly noisy and energy-thirsty to be placed in homes and offices. Rental rates are determined by the power rating of these mining apparatus. By way of instance, ASIC and GPU rigs can be set up at a Moscow-based resort for involving 1,100 and 3,200 rubles per month (~$17 — $48) plus 5 rubles (less than $0.08) per kWh of consumed power.

The news about the Russian office comes after Huobi’s recent announcement of plans to expand its operations to new cryptocurrency markets across the world, such as Africa, South Asia and the Middle East. In October, the business revealed its intent to prepare a regional head office in Dubai. Much like the Russian division, the branch at the United Arab Emirates won’t only facilitate electronic asset trading, but also center on blockchain project incubation and instructional solutions for clients in the 3 areas.

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