Russia’s Exved Unveils Cross-Border Crypto Payments Featuring Tether’s USDT

12:22 pm
December 8, 2023

Exved, a digital settlement exchange in Russia, has introduced a revolutionary cross-border payment service that allows local businesses to execute international settlements using Tether’s USDT stablecoin. This move marks a significant fusion of traditional finance and the cryptocurrency realm, presenting a streamlined solution for Russian firms involved in global transactions.

Cross-Border Crypto Payment Solution for Russian Entities

Exved’s new service represents one of the first platforms enabling local Russian businesses to engage in cross-border digital payment services with a focus on cryptocurrencies. Operating through a business-to-business (B2B) electronic system, the platform facilitates seamless offshore order placement and execution for Russian importers and exporters.

One of Exved’s key innovations lies in its support for Tether’s USDT stablecoin, offering a dependable cryptocurrency option for international settlements alongside the US dollar and offshore ruble.

Exved’s Compliance and Regulatory Approval

Exved has secured regulatory approval from the Bank of Russia and the Federal Financial Monitoring Service of the Russian Federation, lending credibility to its operations. The platform strictly collaborates with legal entities and upholds Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) measures, aligning with Russia’s regulatory framework.

Although Exved primarily targets the Russian market, its cross-border payment solution aims to demonstrate efficiency by enabling transactions with lower fees, typically 2–3% compared to the standard 6–7%. Additionally, Exved offers supplementary services for legal transaction documentation and acts as an escrow agent to simplify international payments.

By involving reputable brokers and technical specialists, Exved positions itself as a major player in the cross-border payment market, leveraging cryptocurrencies to enhance the efficiency and cost-effectiveness of financial transactions for Russian businesses.

Sources

Original article: Coin Journal

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FAQs

What is Exved?

Exved is a Russian digital settlement exchange that has recently launched a cross-border payment service allowing local businesses to conduct international settlements using Tether’s USDT stablecoin.

How does Exved’s cross-border payment solution work?

Exved’s cross-border payment service operates through a business-to-business (B2B) electronic system, enabling Russian importers and exporters to seamlessly place and execute offshore orders using cryptocurrencies, specifically Tether’s USDT stablecoin.

What regulatory approval has Exved obtained?

Exved has garnered regulatory approval from the Bank of Russia and the Federal Financial Monitoring Service of the Russian Federation, ensuring its compliance with the country’s financial regulations and Anti-Money Laundering and Counter-Terrorist Financing measures.


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