LayerZero, a blockchain interoperability protocol, has announced plans to launch its native token in the first half of 2024. The protocol, known for its innovative technology, will reward users through an airdrop, generating renewed interest in its ecosystem projects. The registration for the token’s distribution is now open until December 15th, with the distribution amount based on wallet activity.
In a significant development for the intersection of traditional finance and the cryptocurrency landscape, Russian digital settlement exchange Exved has launched a cross-border payment service that allows local legal entities to conduct international settlements using Tether’s USDT stablecoin. This move offers a streamlined solution for Russian businesses engaged in global transactions.
Exved’s cross-border service is one of the first platforms empowering local legal entities in Russia to conduct cross-border digital payment services, with a focus on cryptocurrencies. The platform operates through a business-to-business electronic system, enabling Russian importers and exporters to seamlessly place and execute offshore orders.
Exved’s support for Tether’s USDT stablecoin provides a reliable cryptocurrency option alongside the US dollar and offshore ruble for international settlements. The platform has obtained regulatory approval from the Bank of Russia and the Federal Financial Monitoring Service of the Russian Federation, ensuring compliance with Anti-Money Laundering and Counter-Terrorist Financing measures.
With lower fees of typically 2-3% compared to the usual 6-7%, Exved aims to showcase the efficiency of its cross-border payment solution primarily to a Russian audience. The platform also offers complementary services for legal transaction documentation and acts as an escrow agent. With the involvement of well-known brokers and technical specialists, Exved positions itself as a key player in the cross-border payment market, leveraging cryptocurrencies to enhance the efficiency and cost-effectiveness of financial transactions for businesses in Russia.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Europe |
| Countries | |
| Sentiment | very positive |
| Relevance Score | 1 |
| People | None |
| Companies | Exved, LayerZero, Federal Financial Monitoring Service of the Russian Federation, Bank of Russia |
| Currencies | Tether |
| Securities | None |
