Russia’s pioneering cross-border payment platform, Exved, has officially announced its launch, ushering in a new era for local legal entities to conduct international settlements using cryptocurrencies.
Describing itself as a “digital counterparty search system,” Exved unveiled its groundbreaking business-to-business solution on December 7th.
This development empowers Russian importers and exporters to streamline foreign exchange operations and international economic activities.
The Exved platform offers the capability to execute cross-border transactions employing the Tether stablecoin, alongside the offshore ruble and the United States dollar, as confirmed in their announcement.
Crucially, Exved places a strong emphasis on compliance with Anti-Money Laundering and Counter-Terrorist Financing measures, exclusively catering to legal entities.
Their overarching mission is to enable Russian legal entities to engage in cross-border payments sans intermediaries, all while benefiting from the most competitive market rates.
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Exved’s launch has enjoyed significant support from key industry partners, including InDeFi Bank, notable for initiating the decentralized crypto ruble project in 2022.
Sergey Mendeleev, the Co-founder and CEO of InDeFi Smart Bank, highlighted that Exved’s internal mechanics have undergone rigorous testing and received approval from both the Bank of Russia and the Federal Financial Monitoring Service of the Russian Federation.
Mendeleev expressed that Exved, primarily a private initiative, aims to educate individuals about the possibility of making payments at rates as low as 2-3% rather than the typical 6-7%.
It also offers specific mechanisms for implementing payment requests, fostering financial efficiency and transparency in cross-border transactions.
This milestone aligns with the Russian central bank and the Ministry of Finance’s historic agreement in September 2022, which permitted cross-border settlements using cryptocurrencies.
As the crypto landscape continues to evolve, Exved’s innovative platform promises to play a pivotal role in reshaping the way Russian businesses engage in international trade and payments.
In summary, Exved’s launch marks a significant step forward in the world of cross-border payments, opening up exciting possibilities for Russian legal entities to engage in cryptocurrency-based international settlements with unparalleled ease and cost-efficiency.
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