Huobi Opens First Russian Office in Partnership with State Bank’s Digital Tech Center

Singapore-based cryptocurrency exchange Huobi has officially launched its first branch in Russia on Thursday, Dec. 6, according to a press release shared with Cointelegraph today.

The Moscow-based exchange, dubbed Huobi Russia, is established in partnership with the state-owned Russian Development Bank’s (VEB) Digital Transformation Center and supported by Huobi’s regional exchange partnership program, Huobi Cloud.

The Center of Digital Transformation was created by VEB to promote blockchain and other crypto-related technologies, as its website states.

Back in September of this year, Huobi first joined Russia’s VEB Innovation Fund and became a resident of the Digital Transformation Center to share experience on crypto regulation, with the fund’s CEO claiming that Huobi’s expertise will assist in building a “legal basis that could compete with current promising jurisdictions.”

Speaking at a private event on Thursday, Huobi senior business director David Chen claimed that the launch of Huobi Russia will help to promote the company’s “leading technology and trading expertise to Russian users,” including such skills as “unmatched safety, stability, and user experience.”

Huobi Russia CEO Andrei Grachev also noted the increasing volumes of crypto trading in Russia, claiming that the volumes have “recently exceeded US $20 million in a single day,” regardless of the current bear market.

Russia’s VEB Innovation Fund, created in 2011, is reportedly the “first” Russian specialized center for support and development of disruptive technologies in the fields of management and the functioning of enterprises and government corporations, according to the center’s website.

The innovation center is exploring and implementing various blockchain projects, and houses more than 20 branches of major blockchain and tech companies such as the Ethereum Foundation, Bitcoin (BTC) tech company Bitfury, PricewaterhouseCoopers (PwC), and others.

Vladimir Demin, chairman of VEB’s Innovation Fund, claimed that Russia is “actively promoting the blockchain market,” with VEB willing to play an “important role as a leader in blockchain research and legislation,” as reported in the press release.

Founded in 1922, VEB bank, or “the state corporation Bank for Development and Foreign Economic Affairs,” is the first international bank of the Soviet Union, originally named Roskombank. The bank is responsible for developing the Russian economy, as well as managing Russia’s state debts and pension funds.

Other Russian banks have also shown an interest in blockchain technology.

Recently, major Russian state-backed bank Sberbank conducted an over-the-counter (OTC) monetary repurchase agreement based on blockchain technology. And earlier in November, the Russian branch of Raiffeisen Bank International teamed up with local state oil giant Gazprom Neft to issue a blockchain-enabled bank guarantee.

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Third Largest Crypto Exchange Huobi Opens Deposits for New ‘Stablecoin Solution’ HUSD

Singapore-headquartered cryptocurrency exchange Huobi announced the creation of what it calls a “stablecoin solution” in a blog post Friday, Oct. 19.

Set to go live from Friday, the project, known as HUSD, will consist of Huobi’s own stablecoin asset which investors can use as an go-between to interact with four USD-backed stablecoins currently listed on the exchange.

Specifically, Huobi will accept and store Paxos Standard (PAX), True USD (TUSD), USD Coin (USDC) and Gemini Dollars (GUSD), giving users a balance in HUSD as a kind of aggregator of all four.

According to Huobi’s post, users can then cash out the same stablecoin they deposited or select from any of the other three.

HUSD will also be tradeable against other cryptocurrencies, beginning with controversial stablecoin Tether (USDT), followed by Bitcoin (BTC) and Ethereum (ETH).

Commenting on the project, Huobi said it would expand it to cover other stablecoins in future.

“We will keep a close watch on new stablecoins that appear on the market and optimize the HUSD standards,” executives wrote:

“We look forward to more stablecoins being involved in the HUSD system.”

Huobi announced the listing of the above four USD-backed stablecoins earlier this week, following a similar move by OKEx.

Huobi is currently the third largest crypto exchange globally by daily trading volumes, seeing about $416 million in trades on the day to press time.

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Gibraltar Stock Exchange’s Blockchain Platform Opens to Public Trading

The UK Overseas Territory of Gibraltar launched its Gibraltar Blockchain Exchange (GBX) July 23, a press release confirmed, opening up cryptocurrency trading.

The GBX was first announced by the Gibraltar Stock Exchange at BlockShow Asia conference in November 2017

GBX, which will ultimately function as a multifaceted ICO and trading ecosystem, currently offers three crypto-to-fiat pairs: Bitcoin (BTC), Ethereum (ETH) and its own Rock (RKT) token to USD. CEO Nick Cowan commented in the release:

“The launch comes at a time when the cryptocurrency and token markets are reaching a new stage of maturity.”

The move preempts Gibraltar’s plans to enact formal ICO regulations which could open up the tiny peninsula to a host of ICO activity.

In March, GBX claimed it had already received interest from around 200 ICO operators, a number almost equal to the entire ICO cohort of 2017.

Gibraltar has also been active in blockchain regulation, with the Gibraltar Financial Services Commission (GFSC) in December announcing what it described as “the first instance of a purpose-built legislative framework for businesses” which are “craving” regulatory support.

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