Exved Launches Cross-Border Payment Platform for Russian Legal Entities

Exved, one of the first cross-border payment platforms in Russia, has officially announced its launch. The platform aims to facilitate local legal entities in processing international settlements using cryptocurrency. Exved describes itself as a “digital counterparty search system” and offers a business-to-business (B2B) solution for Russian importers and exporters to simplify foreign exchange operations and foreign economic activity.

The announcement states that the Exved platform enables cross-border transactions using Tether (USDT) stablecoin, as well as the offshore ruble and the U.S. dollar. The platform strictly adheres to Anti-Money Laundering and Counter-Terrorist Financing measures to ensure compliance. The main goal of Exved is to assist Russian legal entities in making cross-border payments without intermediaries at the minimum market rates.

The launch of Exved has involved significant industry partners, including InDeFi Bank, which launched the decentralized crypto ruble project last year. Sergey Mendeleev, co-founder and CEO of InDeFi Smart Bank, emphasized that Exved’s internal mechanics have been tested and approved by the Central Bank and the Federal Financial Monitoring Service of the Russian Federation.

Mendeleev stated, “The project itself, of course, is generally a private initiative; it is intended, first of all, to show people that they can pay 2-3% instead of 6-7%, and to offer specific mechanisms for implementing payment requests.”

It is worth noting that the Russian central bank and the country’s Ministry of Finance reached an agreement in September 2022, allowing cross-border settlements in cryptocurrencies.