Dec 7, 2023
Exved, one of Russia's pioneering cross-border payment platforms, has officially launched, heralding a new era for local legal entities engaged in international settlements with cryptocurrency. Describing itself as a "digital counterparty search system," Exved aims to streamline foreign exchange operations and foreign economic activity for Russian importers and exporters.
As of its December 7 announcement, Exved enables local businesses to utilize its business-to-business solution for cross-border transactions, offering compatibility with Tether (USDT) stablecoin, the offshore ruble, and the United States dollar. The platform emphasizes its strict adherence to Anti-Money Laundering and Counter-Terrorist Financing measures, exclusively catering to legal entities."The goal of the project is to help Russian legal entities make cross-border payments without intermediaries at minimum market rates," highlights Exved in its announcement. The inclusion of the Tether stablecoin in cross-border transactions aligns with the platform's commitment to innovation in the digital finance space.
Major industry partnerships underscore Exved's significance, with InDeFi Bank, known for launching the decentralized crypto ruble project in 2022, being a notable collaborator. Sergey Mendeleev, co-founder and CEO of InDeFi Smart Bank, confirmed that Exved's internal mechanics have undergone rigorous testing and approval by the Bank of Russia and the Federal Financial Monitoring Service of the Russian Federation.
While Exved is a private initiative, Mendeleev emphasizes its broader purpose: demonstrating the potential for reduced transaction costs, offering specific mechanisms for payment requests, and promoting a more efficient payment landscape. This initiative aligns with the backdrop of the Russian central bank and the Ministry of Finance's agreement in September 2022, enabling cross-border settlements in cryptocurrencies. As Russia embraces the potential of blockchain-based financial solutions, Exved stands as a testament to the ongoing digital transformation in the country's financial landscape.
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