CEX.IO Expands to Russia, Aims to Cater the Potentially Huge Bitcoin Market

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CEX.IO Expands to Russia, Aims to Cater the Potentially Huge Bitcoin Market

Though Russia has mixed history and reaction against Bitcoin and cryptocurrencies, CEX.IO seems to have been influenced by the great potential the country provides. Established in 2013 as the first cloud mining provider, CEX.IO has become a multi-functional cryptocurrency exchange, trusted by over 300,000 users. It now aims to expand in Russia as according to it there is huge potential for Bitcoin services in the country.

In an announcement through press release EX.IO says that it is stepping out to the Russian market by adding the BTC/RUB trading pair and partnering with QIWI. According to the company adding the Russian Ruble currency to the trading platform, implementation of the BTC/RUB trading pair, and partnering with QIWI, a popular payment system within the CIS, it will be able to generate new customer base in the country.

Nonetheless, with the Russian version of the website already available, CEX.IO is stepping out to the Russian-language market and all set to carve a niche for its services. The press release says that from now on, owners of QIWI wallets are able to fund their accounts on CEX.IO, buy Bitcoins and trade cryptocurrencies, as well as withdraw funds in RUB. The deposit commission for QIWI payments is 5.5%, while the withdrawal fee is only 1.5%.

Russia Provides Extensive Opportunities for the Company

Russia Provides Extensive Opportunities for the Company

CEX.IO which is brought by the team of the largest Bitcoin Mining Pool, GHash.IO, which now counts 60 employees and 40 remote contractors from all over the world, has always been mulling a plan to expand to new regions. As Russia provides the right target audience, the plan to expand this region according to the firm is going to pay dividends.

In the announcement, the company says:

Through our activity, we aim to spread knowledge about Bitcoin, grow the community and make Bitcoin accessible for everyone. Forming a solid network of various crypto services, we target a wide range of audiences, involving them into the world of Bitcoin and creating new possibilities for easy Bitcoin integration to their life and business.

The Bitcoin Company will enable users deposit up to RUB 25,000 (equivalent to $400) daily and up to RUB 120,000 ($2,000) monthly with simplified verification. However, if the users want to increase limits, they must complete identity verification according to the company’s KYC procedures.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com