Kraken Futures, a cryptocurrency exchange founded in 2011, brought on Aleksey Bragin previous month to ramp up its operations in Russia by land mass with in-person visits and Russian-language social media groups. Kraken Futures aims at increasing the adoption of cryptocurrency so that people around the globe can achieve financial freedom and inclusion. Their presence with abundance of tech talent, especially in crypto, in Russia, which is taken as the most under-appreciated market in crypto, will be able to allure residents of the country.
Even Russia being objectively a leader in the infrastructure building and having a massive community, the market of crypto has a very little coverage in that country but in that case U.S. and China are dominating. Bragin, who founded ICBIT, peer-to-peer crypto futures exchange, has experience in the field and joined the company. Traders in Russia take cryptocurrency as just another asset class and a positive effect is descending upon crypto market in Russia just because of rapidly increasing acceptance of trading currencies indeed. But it is well-known to Bragin that the derivatives market in Russia is still very young.
An increasing demand on crypto has been seen in 2019 which is comparatively higher than 2018 that strongly indicates the crypto market in 2020 is going to see a positive response that might be higher compared to previous year. Kraken wants to enter the market with only crypto-to-crypto futures trading but the entrance won’t involve spot trading because it lowers the risk of money laundering. Reportedly, few global exchanges have paid special attention to Russia and Russians are trading crypto derivatives quite actively indeed.
Reportedly, between 10 percent to 15 percent of the trading volume on the most popular crypto derivative exchanges like BitMEX, Deribit and Kraken come from Russian traders, most of whom are professionals. Kraken is expected to face serious competition in Russia.