Russian Vnesheconombank Refutes Reports on Launch of Crypto Exchange in Partnership with Huobi Group

News and Analysis

Russia’s state development bank Vnesheconombank, also known as VEB, confirmed partnership with Chinese Huobi Group, operator of the world’s third largest cryptocurrency exchange by daily trading volume, however stressed that this collaboration does not provide for any trading platform initiatives.

Citing the bank’s press office, local publication says that the organization’s Center for Digital Transformation is already developing a number of projects together with Huobi Group, including launch of a joint R&D laboratory and exchange of best practices and experience.

“However, it is important to note that the collaboration will not involve cryptocurrency exchange platforms or any other initiatives related to cryptocurrency,” a spokesman for Center for Digital Transformation said, adding that reports on VEB taking part in launch of a cryptocurrency exchange in Russia does not reflect the actual situation.

The bank’s spokesman also said that a memorandum of understanding was signed during the recent visit of Huobi Group’s representatives.

“Huobi is an important player within the global ecosystem, and its established practices are of professional interest for the experts and blockchain community residents”.

Earlier South China Morning Post reported that Huobi has chosen five to open their own platforms through its Huobi Cloud service.

The company reportedly said it selected Yatai International Holding Group, Vnesheconombank, Chi Fu Group, Asia International Finance Holdings and Dbank Group to each set up a new cryptocurrency exchange in the Philippines, Russia, Taiwan, Indonesia and Canada, respectively.

Huobi Cloud, which was introduced last month, enables users to build their own Huobi-like digital currency trading platforms, which include wallet and asset-management clearing functions, according to the company.

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