Russian Platform Exved Launches, Facilitating Cross-Border Cryptocurrency Transactions
Summary:
Exved, a Russian digital settlement platform, has officially launched aiming to facilitate national legal bodies to conduct international cryptocurrency transactions. The company aspires to simplify "foreign exchange activities and international economical tasks" for Russian importers and exporters. Exved conducts its operations in compliance with Anti-Money Laundering and Counter-Terrorist Financing regulations, offering functionality to handle cross-border transactions with USDT stablecoin, offshore ruble and the US dollar.
Exved, a pioneering cross-border transaction platform from Russia, has officially kick-started its operations. The platform aims to enable national legal bodies to conduct international transactions via cryptocurrency. Branded as a "digital matchmaking system," Exved introduced its services on December 7. The solution is designed to aid Russian importers and exporters by streamlining "foreign exchange activities and international economical tasks."
Exved has explicitly stated that its platform will offer the functionality of handling cross-border transactions employing USDT stablecoin in combination with the offshore ruble and the US dollar. The official press release reads, "Exved commits to operate solely with legally recognized bodies and strictly abides by Anti-Money Laundering and Counter-Terrorist Financing regulations."
Exved further detailed its mission, "our objective is to streamline transnational payments for legal Russian entities by eliminating middlemen and offering competitive market rates.” The launch of Exved was supported by prominent industry collaborators such as InDeFi Bank, which introduced the decentralized crypto ruble initiative in 2022.
Sergey Mendeleev, co-founder and CEO of InDeFi Smart Bank, revealed to Cointelegraph on December 7 that the operational mechanics of Exved have been scrutinized and validated by the Bank of Russia and the Federal Financial Monitoring Service of the Russian Federation.
Mendeleev stated, "this project is essentially a private effort; primarily it seeks to demonstrate the possibility for individuals to pay lower rates of 2–3% in place of 6–7%, and to provide specific procedures for executing payment requests." It is worth recollecting that the Russian central bank and the nation’s Ministry of Finance approved cross-border transactions in cryptocurrencies in September 2022.
Published At
12/7/2023 10:50:08 PM
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