Regulated futures platform Kraken Futures (formerly Crypto Facilities), acquired by the Kraken exchange last year, plans to expand its platform in Russia.
In Russia, the exchange will be represented by Alexey Bragin, already known in the cryptocurrency industry. Expansion in the local market will be carried out through personal meetings and promotion through social networks.
Kevin Beardsley, head of commercial development at Kraken Futures, believes that Russia is currently the most undervalued market in the cryptocurrency industry. Despite the large number of technical specialists in the United States, China, Japan and Korea, Russia is also among the leaders in creating infrastructure. However, the audience coverage is relatively small, and the Russian market does not lose its attractiveness. Beardsley gave examples of companies Telegram and TradingView, whose teams consist mostly of Russian-speaking developers.
However, Beardsley said that the new Kraken division will not provide for spot trading and replenishment of accounts in Russian rubles. Management believes that trading cryptocurrency futures is the safest way to enter a new market due to the relatively low risks of money laundering.
Alexey himself Bragin believes that the number of cryptocurrency traders in Russia is constantly growing, and this is a good prerequisite for the development of cryptocurrency futures trading in the country.
“Despite the youth of the Russian derivatives market, it is beginning to gain momentum. In 2018, traders started switching to derivative financial instruments from the classic futures market. in 2019, we saw the rapid development of cryptocurrency derivatives, so the trend will continue in 2020, ” said Alexey Bragin, a representative of Kraken Futures.
Recall that last month, Kraken acquired a platform for over-the-counter cryptocurrency trading from the payment company Circle, and in March introduced two-factor authentication and created a division of Kraken Security Labs aimed at improving the security of its own products.