Companies using the Exved system can conduct cross-border transactions utilizing the Tether stablecoin, the U.S. dollar, and the offshore ruble. debuting as one of Russia’s first cross-border payment platforms.
On December 7, Exved, a local digital settlement platform that bills itself as a “digital counterparty search system,” declared its business-to-business (B2B) solution available for Russian importers and exporters. The platform stated that the solution would streamline “foreign exchange operations and foreign economic activity.”
According to the announcement, the Exved platform enables users to conduct cross-border transactions utilizing the Tether stablecoin, the U.S. dollar, and the offshore ruble.
“Exved emphasized that the platform operates solely with lawful entities in adherence to anti-money laundering and counter-terrorism financing protocols,” further stating:
“The goal of the project is to help Russian legal entities make cross-border payments without intermediaries at minimum market rates.”
The announcement states that significant industry partners, including InDeFi Bank, which launched the decentralized cryptocurrency ruble project last year, have participated in Exved’s launch.
Sergey Mendeleev, co-founder and chief executive officer of InDeFi Smart Bank, informed Cointelegraph on December 7 that the Central Bank and the Federal Financial Monitoring Service of the Russian Federation have tested and authorized Exved’s internal mechanisms.
“Of course, the project is primarily a private initiative,” Mendeleev explained. “Its primary objective is to demonstrate that individuals can make payments of 2% to 3% as opposed to 6% to 7% and to provide specific mechanisms for executing payment requests.”
September 2022 marked the conclusion of a mutual understanding between the Russian central bank and the Ministry of Finance, which would permit cross-border cryptocurrency settlements.