Exved, a cross-border payment platform in Russia, has officially launched its services, enabling local legal entities to process international settlements using cryptocurrency. The platform, described as a “digital counterparty search system,” aims to simplify foreign exchange operations and foreign economic activity for Russian importers and exporters.

Exved allows cross-border transactions using Tether USDT stablecoin, alongside the offshore ruble and the U.S. dollar. The platform operates exclusively with legal entities and complies with Anti-Money Laundering and Counter-Terrorist Financing measures.

The project’s goal is to facilitate cross-border payments for Russian legal entities without intermediaries, at minimum market rates. Exved has partnered with major industry players, including InDeFi Bank, which launched the decentralized crypto ruble project last year.

The platform’s internal mechanics have been tested and approved by the Central Bank and the Federal Financial Monitoring Service of the Russian Federation. Sergey Mendeleev, co-founder and CEO of InDeFi Smart Bank, stated that the project aims to offer specific mechanisms for implementing payment requests and demonstrate the potential for lower transaction costs.

In September 2022, the Russian central bank and the Ministry of Finance reached an agreement allowing cross-border settlements in cryptocurrencies.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	Europe
Countries
Sentiment	positive
Relevance Score	1
People	Sergey Mendeleev
Companies	InDeFi Bank, Central Bank, Exved, Federal Financial Monitoring Service of the Russian Federation
Currencies	Tether, Unidef, Russian Ruble
Securities	None