LBank, a leading token-to-token crypto exchange platform, has recently partnered with Encryptus Europe UAB, a licensed crypto and fiat infrastructure company based in the U.K., to further streamline their crypto to payouts in more than 100 countries.
After this integration, LBank will also be able to offer off-ramps to their users 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 now focus on other areas of their business, such as user acquisition and retention, while still offering a use case for stablecoins to their users in the form of off-ramps.
In Phase 1 of the launch, users from the Philippines, Vietnam, India, Indonesia, Kenya, Tanzania, Mexico, Brazil, and 30 other countries will be able to receive bank wires. Users will also be able to get gift cards, airtime top-ups as well as internet data plans against USD Coin (USDC), and Tether (USDT) in more than 100 countries.
Sanctioned countries Japan and the U.S., meanwhile, will be excluded from bank wires.
Partnership to offer a more dependable payout infrastructure for stablecoins
“We are very excited to partner with LBank to provide a more dependable payout infrastructure for stablecoins,” said Shantnoo Saxsena, Founder and CEO of Encryptus, in a press release. “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, also expressed excitement about the partnership, saying, “LBank is thrilled to be working with Encryptus to offer a payout to our users. Bank wires, gift cards, mobile data plans and mobile minutes are just the start.”
“Through this partnership, LBank will now be able to offer additional services to our users. We are an ecosystem company and this partnership proves just that,” she adds.
For her part, Kristina Vanacova, Product and Operations Manager for Encryptus, said, “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.”
LBank’s 9 million users across Asia, Africa, and Europe will soon be able to access Encryptus’ sophisticated payout network, enabling them to make payouts in a compliant and secure manner.
A vital source of income for developing countries
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 at an estimated rate of 5 per cent or by US$ 626 billion, according to the World Bank.
Remittance is also expected to expand at a compound annual growth rate (CAGR) of 15.6% from 2023 to 2030.
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.
According to Encryptus, “the simplicity and convenience of this system will undoubtedly make it more attractive to clients, especially those new to cryptocurrency.”