PRESS RELEASE. LBank; a leading token-to-token crypto exchange, has partnered with Encryptus Europe UAB; a licensed crypto and fiat infrastructure company, to streamline their crypto to payouts in 100+ countries.
After this integration, LBank will be able to offer to their users off ramps in the form of bank wires, gift cards, mobile top-ups and data plans without having to invest significant time and resources into product development, market research and regulatory compliance. Instead, they can focus on other areas of their business, such as user acquisition and retention, while still offering a use case for stable coins to their users in the form of off-ramps.
LBank’s 9 million users across Africa, Asia and Europe will be able to access Encryptus’ sophisticated payout network, enabling them to make payouts in a compliant and secure manner. In Phase 1 of the launch, users from Vietnam, India, Indonesia, Philippines, Kenya, Tanzania, Mexico, Brazil and 30 other countries will be able to receive bank wires. In 100+ countries, users will be able to get gift cards, airtime top-up and internet data plans against USD Coin (USDC) and Tether (USDT). Sanctioned countries, Japan and the US will be excluded for bank wires.
Remittance is a vital source of income for many developing countries and has been steadily increasing in recent years, with low and middle income countries (LMICs) growing an estimated 5% to $626 billion, according to the World Bank. Remittance is expected to expand at a compound annual growth rate (CAGR) of 15.6% from 2023 to 2030.
“We are excited to partner with LBank to provide a more dependable payout infrastructure for stablecoins,” said Shantnoo Saxsena, Founder and CEO of Encryptus. “We consider this agreement to be an important step in the B2B2C space in bringing a use case for crypto assets. Encryptus will continue to build a solid and scalable infrastructure to support crypto companies in the background.”
Kaia Wong, CMO of LBank, sounded excited about the partnership and commented, “LBank is thrilled to be working with Encryptus to offer payout to our users. Bank wires, gift cards, mobile data plans and mobile minutes is just the start. Through this partnership, LBank will be able to offer additional services to our users. We are an ecosystem company and this partnership proves that.”
Kristina Vanacova, Product and Operations Manager for Encryptus, commented, “We are committed to deliver innovative yet compliant solutions to assist the crypto community with use cases. We will be rolling out additional payout options for our partners to scale up.”
A significant element of the partnership is the One-API-Connects-All feature, which integrates compliance, onboarding, dashboards and payouts in one place. This means that LBank’s users can complete their transactions more efficiently without worrying about navigating different systems or dealing with multiple providers. The simplicity and convenience of this system will undoubtedly make it more attractive to clients, especially those new to cryptocurrency.
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