LBank exchange to benefit from Encryptus’ off-ramp infrastructure, including compliance and fiat liquidity.
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 offer 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 offering a use case for stablecoins 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 compliant and secure. In phase one 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-ups and internet data plans against USD Coin (USDC) and Tether (USDT). Japan, the United States and sanctioned countries will be excluded from bank wires.
Remittance is a vital source of income for many developing countries. It has been steadily increasing in recent years, with low and middle-income countries growing an estimated 5% to $626 billion, according to the World Bank. Remittances are expected to expand at a compound annual growth rate of 15.6% from 2023 to 2030.
Shantnoo Saxsena, founder and CEO of Encryptus, said:
“We are excited to partner with LBank to provide a more dependable payout infrastructure for stablecoins. We consider this agreement to be an important step in the business-to-business-to-customer 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, chief marketing officer of LBank, sounded excited about the partnership and commented:
“LBank is thrilled to be working with Encryptus to offer payouts to our users. Bank wires, gift cards, mobile data plans and minutes are 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 delivering 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 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.