In a Dec. 6 post on Telegram, the Russian digital settlement platform Exved shared the announcement of its cross-border payment system, which is set to offer a solution for local legal entities engaged in international trade to use cryptocurrencies.
Exved’s platform will enable Russian importers and exporters to utilize the Tether (USDT) stablecoin alongside the offshore ruble and the United States dollar.
A multifaceted approach
As stated in the Exved announcement, the newly launched project aims to empower Russian legal entities by facilitating direct cross-border payments at minimal market rates, eliminating the need for intermediaries. The exchange exclusively caters to legal entities and says it is committed to upholding anti-money laundering (AML) and combating the financing of terrorism (CFT) procedures.
Beyond its primary objective of connecting counterparties, the platform will also offer complimentary services such as assisting in the legal registration of transactions and escrow service, acting as a trustworthy guarantor for added security in financial dealings.
Exved’s initiation has seen collaboration with notable industry partners, including InDeFi Bank, which was recognized for spearheading the decentralized crypto ruble project in 2022.
Removal of rubles
As reported in an earlier update from November, the world’s largest cryptocurrency exchange has ceased accepting deposits in Russian rubles since Nov. 15.
However, withdrawals will remain possible until Jan. 31. Users holding fiat balances in Russian rubles can transfer their funds to CommEX free of charge, as outlined in the announcement.
While some are straying away from cryptocurrency operations in Russia, local companies continue to embrace them.