Huobi, the exchange with the second highest daily volume (after Binance) has just announced a major step in their global expansion – users can now directly send and receive rubles to the exchange. As per the press release, the new feature “enables users to purchase popular cryptocurrencies like BTC, ETH, LTC, USDT, EOS, BCH, ETC, BSV, DASH, HT and HPT with ruble, and works in collaboration with AdvCash — a leading fiat and crypto payment solutions provider”.
The partnership makes sense for both parties, as AdvCash is already servicing the largest cryptocurrency exchange in the world – Binance, while for Huobi, Russian residents make up 10% of all spot trading volume.
As expected, KYC requirements are strict. Still, the on-ramping is straightforward – the only additional step is the creation of an AdvCash account, with website redirections being integrated in a user-friendly way. To encourage users to take advantage of the new feature, some fees will be lowered, and others – removed entirely for a period of time.
The Russian market has been of strategical importance to Huobi for years, and many events have lead up to today’s news. The exchange has an active Russian-speaking telegram group, as well as a newsletter in Russian.
Based on official data from http://www.cbr.ru/, the current monetary supply of Russian rubles is just above 56 trillion, meaning that at the time of writing, Bitcoin and the Russian ruble have near identical “market capitalisations” – with rubles leading with less than 6%.