The post Russia’s Exved Launches Cross-Border Payments in Tether Stablecoin appeared on BitcoinEthereumNews.com.

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…

---

Filed under: News - @ December 7, 2023 8:08 pm