In a December 6 post on Telegram, Russian digital settlement platform Exved shared the announcement of its cross-border payment system, which will offer a solution for local legal entities involved in international trade to use cryptocurrencies.
Exved’s platform will allow Russian importers and exporters to use the Tether (USDT) stablecoin alongside the foreign ruble and US dollar.
A multifaceted approach
As stated in Exved’s announcement, the newly launched project aims to empower Russian legal entities by facilitating direct cross-border payments at minimum market rates, eliminating the need for intermediaries. The exchange exclusively serves legal entities and says it is committed to upholding anti-money laundering (AML) and combating the financing of terrorism (CFT) procedures.
Beyond its main objective of connecting counterparties, the platform will also offer complementary services, such as assistance in the legal registration of transactions and escrow service, acting as a reliable guarantor for greater security in financial transactions.
Exved’s inception has seen collaboration from notable industry partners, including InDeFi Bank, which was recognized for spearheading the decentralized crypto ruble project in 2022.
Elimination of rubles
As reported in a previous update from November, the world’s largest cryptocurrency exchange stopped accepting deposits in Russian rubles as of November 15.
However, withdrawals will remain possible until January 31. Users who have trust balances in Russian rubles can transfer their funds to CommEX free of charge, as described in the announcement.
While some are moving away from cryptocurrency trading in Russia, local businesses continue to embrace it.
