Exved, one of cross-border payment systems pioneered by Russia platforms was officially launched on the 7th December. This innovative platform aims to streamline international settlements in cryptocurrency for local legal entities engaged in foreign economic activities.
Simplifying Foreign Exchange Operations
Exved, positioned as a “digital counterparty search system,” offers a robust business-to-business solution. Russian importers and exporters can now seamlessly navigate foreign exchange operations and foreign economic activities through the platform.
Unlike traditional platforms, Exved introduces versatility in cross-border transactions. Users have the option to conduct transactions using the Tether stablecoin, the U.S. dollar, and the offshore ruble.
Rigorous Compliance Measures and Industry Partnerships
Highlighting its commitment to legal compliance, Exved exclusively engages with legal entities, adhering to Anti-Money Laundering and Counter-Terrorist Financing measures. The platform’s objective is clear: further empower Russian legal entities to conduct cross-border payments without intermediaries, all at minimal market rates.
Exved’s launch is backed by significant industry partnerships, including collaboration with InDeFi Bank. Notably, InDeFi Bank, known for launching the decentralized crypto ruble project in 2022, stands as a key player in endorsing Exved’s capabilities.
Sergey Mendeleev, Co-founder, and CEO of InDeFi Smart Bank, revealed that Exved’s internal mechanics underwent rigorous testing and approval by the Bank of Russia and the Federal Financial Monitoring Service of the Russian Federation. The platform’s adherence to regulatory standards further ensures a secure and compliant environment.
Mendeleev further emphasized that Exved is a private initiative aimed at showcasing cost-effective alternatives to the masses. By enabling payments at 2–3% instead of the conventional 6–7%, Exved presents concrete mechanisms for implementing payment requests.
Notably this initiative aligns with the agreement reached between the Russian central bank and the Ministry of Finance in September 2022, allowing cross-border settlements in cryptocurrencies. The collaborative effort between the public and private sectors signifies a pivotal moment in the evolution of cross-border payments in Russia.