Crypto assets continue to integrate into daily life as significant developments occur in the cryptocurrency market. Accordingly, Exved, one of the first cross-border payment platforms to operate in Russia, has officially announced its launch. Company officials stated that it will make it easier for legal entities in the country to handle international agreements with crypto assets.
Exved Launch Draws Attention
Describing themselves as a local digital payment platform that acts as a crypto counterparty search system, Exved announced on December 7th that Russian importers and exporters can now use the business-to-business (B2B) solution to facilitate foreign exchange transactions and external economic activity processes.
The announcement states that the Exved platform specifically allows cross-border transactions using offshore ruble, U.S. dollar, and Tether stablecoin. Exved officials made the following statements on the matter:
“The platform only works with legal entities in compliance with Anti-Money Laundering and Counter-Terrorist Financing measures. The project aims to help Russian legal entities make cross-border payments at minimal market rates without intermediaries.”
Green Light for Exved
According to the statements in the announcement, major financial partners, including InDeFi Bank, which launched the decentralized crypto ruble project last year, are also involved in the launch of Exved. Sergey Mendeleev, the founder and CEO of InDeFi Smart Bank, stated on December 7th that the internal workings of Exved have been tested and approved by the Central Bank and the Federal Financial Monitoring Service of the Russian Federation. Mendeleev commented on the matter as follows:
“The project is, of course, primarily a private venture; it aims to demonstrate to people that they can pay 2-3% instead of 6-7% and to provide specific mechanisms for implementing payment requests.”
In September 2022, the Central Bank of Russia and the Ministry of Finance reached an agreement to allow cross-border payments in cryptocurrencies. Following this development, the Central Bank of Russia took significant steps towards the central bank digital currency (CBDC) project, and the pilot phase of the digital ruble is ongoing.
