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Kraken Futures to Expand Into Russia

Tarulika Jain by Tarulika Jain - 01:14 PM Jan 14, 2020
Kraken Futures to Expand Into Russia

Kraken Futures (the combination of Kraken and acquired Crypto Facilities), a global leader in futures trading recruited Aleksey Bragin from Russia to diversify their presence in the country. For increasing its engagements in Russia, in-person visits and Russian- language social media groups have also been formed to inform the masses.

Kraken Realises the Potential of Russians

Russia is one of the most undervalued markets in the crypto world as per Kevin Beardsley, head of Business development at Kraken Futures. But Aleksey (who was the co-founder of the first Bitcoin futures market) believes that Russia has an abundance of crypto tech talent which makes the country attractive for cryptocurrency. As two examples, Kraken cited that Telegram and TradingView (digital platforms) have teams majorly from Russia and surrounding nations.

Favourable Vibes for Digital Currency

According to Bragin, Russian traders are showing interest in cryptocurrency alongside commodities and currencies. The rapidly increasing number of individual traders and growing acceptance for digital trading currency represents the optimistic market for Cryptocurrency Futures trading in Russia. Trading experts are also expecting the growth of Cryptocurrency Derivatives in Russia. Kraken aims for low risk of money laundering while expanding its market. Thus, Russian expansion for Kraken will not include spot trading or any fiat on-ramps for Russian Ruble. To enter the crypto market, trading of Crypto-to-crypto futures will be promoted as it is considered as one of the safest ways of the crypto world.

Global Exchanges Diversifying in Russia

Few major global exchanges are already paying attention to Russia. Among the exchanges, Huobi opened its office in Russia (2018), Binance launched a fiat on-ramp for Russian Ruble. Also, Russian crypto enthusiasts are involved in trading crypto derivatives. According to sources, 10-15 per cent of the total trading volume on significant crypto derivatives exchanges like Debit, BitMEX and Kraken includes professional Russian traders. Thus, it can be concluded that Kraken will face serious competition in the Russian crypto market. But, it would undoubtedly increase trading on Kraken in bitcoin futures trade according to Bitcoin analysis by the experts.

About The Author
Tarulika Jain

Tarulika JainAn engineering graduate, focussing on latest trends of cryptocurrency. As an economic enthusiast, she likes to read about the changing economies of world.

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