Exved Launches as Russia's First Cross-Border Cryptocurrency Payment Platform
Summary:
Russian digital settlement platform, Exved, has officially launched, offering local legal entities a method for processing international transactions in cryptocurrency. The platform utilizes a business-to-business solution, permitting transactions with Tether, offshore ruble, and U.S. dollar. This initiative is in compliance with Anti-Money Laundering and Counter-Terrorist Financing regulations.
Exved, one of Russia's pioneering cross-border payment systems, has officially made its debut. The platform will empower local legal establishments to carry out international finance transactions using cryptocurrency. This digital settlement platform, also known as a "digital counterparty exploration system," unveiled its launch on December 7. Russian importers and exporters can now utilise Exved's business-to-business (B2B) product to streamline "foreign exchange transactions and overseas economic activity". Compliant with Anti-Money Laundering and Counter-Terrorist Financing regulations, the platform transacts using the Tether (USDT) stablecoin, offshore ruble, and U.S. dollar.
Exved has stressed that its operation is confined to legal entities. The project's ambition, Exved underscored, is to enable Russian legal bodies to execute cross-border payments without the need for middlemen and at the most competitive market rates.
Exved's launch was backed by prominent industry collaborators, such as InDeFi Bank, which last year pioneered the decentralized crypto ruble initiative. Sergey Mendeleev, InDeFi Smart Bank's co-founder and CEO, informed Cointelegraph on December 7, that Exved's internal workings have received the green light from the Central Bank and the Federal Financial Monitoring Service of the Russian Federation.
Mendeleev stated that the project, generally speaking, is a private venture aimed primarily at demonstrating to the public that they can save by paying 2-3% instead of 6-7% and providing specific mechanisms for carrying out payment demands.
It's worth mentioning that, as reported earlier, the Russian central bank and the country's Finance Ministry gave the nod to cross-border transactions in cryptocurrencies in September 2022.
Published At
12/7/2023 2:28:38 PM
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