Exved's Innovative Solution
Exved, a local digital settlement platform in Russia, has officially launched its cross-border payment platform, enabling local legal entities to process international settlements using cryptocurrency. The platform aims to simplify foreign exchange operations and foreign economic activity for Russian importers and exporters.
Using Tether Stablecoin
The Exved platform allows users to conduct cross-border transactions using Tether (USDT) stablecoin, alongside the offshore ruble and the U.S. dollar. The goal is to help Russian legal entities make cross-border payments without intermediaries and at minimum market rates.
Industry Partnerships
Exved's launch has involved major industry partners, 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.
Private Initiative to Reduce Costs
The project is a private initiative aimed at showing people that they can make payments at lower rates, offering specific mechanisms for implementing payment requests. By using Exved, users can pay 2-3% instead of 6-7% for cross-border transactions.
Russian Government's Support
In September 2022, the Russian central bank and the country's Ministry of Finance reached an agreement allowing cross-border settlements in cryptocurrencies. This move demonstrates the government's support for the adoption of digital currencies in the country.
