Key Insights
- Russia launches Exved platform for corporate cross-border crypto settlements using Tether
- Enables domestic firms to ease B2B forex and trade via stablecoins, USD, offshore rubles
- Comes after Russia’s finance regulators permitted crypto for international transactions
MOSCOW — A new Russian digital settlements system called Exved launched this week, allowing domestic companies to leverage cryptocurrency for simplified business-to-business cross-border payments and foreign trade activity.
Exved pitches itself as an intermediary-free venue for Russian entities to conduct international transactions more affordably using stablecoins, foreign currencies and offshore rubles. The company claims oversight from local financial regulators.
The platform specifically facilitates utilization of Tether’s USDT, the U.S. dollar or offshore rubles for settlements. Exved founder Alexey Blagirev says the goal is helping firms bypass middlemen through direct counterparties when exporting or importing goods.
InDeFi Bank, which pioneered a decentralized crypto ruble last year, aided Exved’s development. The launch comes after Russia’s central bank and Finance Ministry greenlit broader crypto adoption for cross-border commerce in September.
Early partner InDeFi Bank CEO Sergey Mendeleev said Exved illustrates to companies they can save significant percentages points on global settlements by incorporating cryptocurrency into existing banking relationships.
So while Exved itself is a private sector initiative, Russian authorities appear supportive of cautiously opening avenues for wider blockchain technology use between businesses, especially for alleviating economic frictions.