A New Cross-Border Payment System for Russian Legal Entities
In a recent announcement, Exved, a digital settlement platform in Russia, introduced its cross-border payment system. This platform aims to provide a solution for local legal entities engaged in international trade by allowing them to use cryptocurrencies like Tether (USDT) alongside the offshore ruble and the US dollar.
A Multifaceted Approach to Empower Russian Legal Entities
Exved’s project aims to empower Russian legal entities by facilitating direct cross-border payments at minimal market rates, eliminating the need for intermediaries. The platform is exclusively designed for legal entities and adheres to anti-money laundering (AML) and combating the financing of terrorism (CFT) procedures.
Complimentary Services and Industry Partnerships
In addition to connecting counterparties, Exved’s platform will offer complimentary services such as assisting in the legal registration of transactions and providing an escrow service for added security. The project has collaborated with industry partners like InDeFi Bank, known for leading the decentralized crypto ruble project in 2022.
Russian Rubles No Longer Accepted on Largest Cryptocurrency Exchange
The world’s largest cryptocurrency exchange has stopped accepting deposits in Russian rubles since November 15th. However, users can still withdraw their funds until January 31st. Those holding fiat balances in Russian rubles can transfer their funds to CommEX without any charges.
Embracing Cryptocurrency Operations in Russia
While some entities are distancing themselves from cryptocurrency operations in Russia, local companies like Exved continue to embrace them.
Hot Take: Exved Facilitates Cross-Border Crypto Payments for Russian Legal Entities
Exved’s new cross-border payment system is set to revolutionize the way Russian legal entities engage in international trade. By providing a platform that supports cryptocurrencies like Tether, the offshore ruble, and the US dollar, Exved enables direct cross-border payments at minimal market rates, eliminating the need for intermediaries. With additional services such as transaction registration assistance and escrow service, Exved ensures secure and efficient financial dealings. This initiative showcases Russia’s continued support for cryptocurrency operations despite recent developments in the industry.
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