Exved, one of the first cross-border payment platforms in Russia, has officially announced its launch on December 7. The platform aims to facilitate local legal entities in processing international settlements using cryptocurrencies, marking a significant step forward in the realm of digital finance.
Exved, described as a “digital counterparty search system,” unveiled its business-to-business (B2B) solution, enabling Russian importers and exporters to streamline foreign exchange operations and foreign economic activities. The platform’s unique feature lies in its compatibility with various currencies, allowing companies to transact using the Tether stablecoin, the offshore ruble, and the U.S. dollar.
The platform’s announcement emphasized its commitment to compliance with Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) measures, ensuring secure and legal transactions. Exved’s objective is to empower Russian legal entities to conduct cross-border payments without intermediaries, offering competitive rates in the market.
Major industry partners back exved, central bank approval
Exved’s launch has garnered support from major industry players, including InDeFi Bank, known for its decentralized crypto ruble project initiated last year. Sergey Mendeleev, the co-founder and CEO of InDeFi Smart Bank, confirmed that Exved’s internal mechanics underwent rigorous testing and received approval from the Central Bank and the Federal Financial Monitoring Service of the Russian Federation.
Mendeleev offered detailed insights into the overarching goals and strategic vision behind the Exved project, emphasizing its distinctive private initiative nature. At the core of this initiative is a concerted effort to showcase the inherent cost-effectiveness of utilizing the platform for cross-border transactions. By operating outside the conventional financial paradigms, Exved aims to demonstrate that businesses can substantially enhance their bottom line by embracing this digital solution.
The platform’s commitment to driving efficiency is notably reflected in its mission to substantially reduce transaction costs. Mendeleev highlighted that Exved has the potential to cut through the bureaucratic layers and streamline processes, leading to a significant reduction in transaction expenses. Traditionally, businesses may incur hefty fees amounting to 6-7% of the transaction value. Exved, however, promises a more economical alternative, with transaction costs lowered to a highly competitive 2-3%. This financial efficiency is poised not only to benefit enterprises directly involved in international trade but also to contribute to the broader economic landscape by fostering a more cost-effective and agile financial ecosystem
A crypto-friendly Russia opening new avenues
The recent development follows Russia’s strategic move in September 2022 when the central bank and the Ministry of Finance reached an agreement, permitting cross-border settlements in cryptocurrencies. This regulatory shift signaled a proactive approach toward integrating digital currencies into the nation’s financial landscape. Exved’s decision to incorporate Tether stablecoin into its cross-border payment system reflects a broader trend of embracing digital assets within traditional financial frameworks, marking a significant step towards modernizing international financial transactions.
As Exved endeavors to revolutionize international settlements, its impact may extend beyond Russia’s borders. The global financial community will be closely observing how this initiative shapes and influences other nations’ approaches to cross-border payments and their stance on the adoption of cryptocurrencies. The platform’s success in providing efficient and secure cross-border transactions using Tether may catalyze similar innovations and transformations in the international financial arena.
Conclusion
In launching Exved, Russia has taken a bold stride into the future of cross-border payments, embracing the potential of cryptocurrencies, notably the Tether stablecoin. The platform’s commitment to compliance, collaboration with industry leaders, and approval from regulatory bodies underscore a new era in digital finance within the country.
As Exved pioneers streamlined B2B solutions for international settlements, it not only showcases the efficiency gains for businesses but also positions Russia as a crypto-friendly environment. With the backing of major partners and regulatory approval, Exved’s journey symbolizes a broader trend toward integrating digital assets into traditional financial systems.
