The licensed futures provider that was bought off by Kraken late last year known as Crypto Facilities, has announced the hiring of Aleksey Bragin to expand its operations in Russia. The firm intends to intensify in-person visits as well as operate various social media groups using the Russian language.
According to CoinDesk, the subsidiary currently provides XRP, Litecoin, Bitcoin, Bitcoin Cash and Ether futures contracts. The company rakes in $17 million per day in volume coming from Bitcoin futures only.
According to Kraken Futures overall in charge of business development, Kevin Beardsley, Russia ranks top among the under-appreciated crypto markets today. He explained that the presence of well-trained tech developers dealing with the crypto industry makes Russia a highly lucrative crypto market.
Beardsley went ahead to say that the US and China and to a lesser extent Korea and Japan dominate the crypto conversation. However, Russia has proved itself as a leader, especially in the development of infrastructure and ranks high in terms of crypto community but gets much less coverage. Beardsley gave examples of Telegram as well as TradingView whose teams are made up of Russians and surrounding countries.
Bragin has a vast experience in the Russian crypto industry and in 2011 he started ICBIT, a crypto futures exchange which was later bought out by Safello, a Swedish crypto exchange, in 2016. He explained that Russian traders have highly adopted cryptos and take them like other currencies or commodities.
According to Bragin the number of persons trading cryptos is growing at a fast rate and there is a high crypto trading acceptance which makes Russia attractive destination for futures trading. He however admitted that Russian derivative market is still at its nascent stages but it’s quickly becoming a critical market. He explained that crypto derivatives began to attract traders in 2018 and developed rapidly in 2019 and analysts have predicted the trend will be maintained this year.
The Russian market is fast becoming an attraction to many renowned exchanges such as Huobi that launched its operations there in November 2018.