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Crypto Exchange LBank Signs with Crypto for Crypto to Payout Infrastructure – Press Release Bitcoin News
press release
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 payments in 100+ countries.
After this integration, LBank will be able to offer its users exit ramps in the form of bank transfers, gift cards, mobile top-ups and data plans without having to invest significant time and resources in product development, market research and compliance with regulations. Instead, they can focus on other areas of the business, such as user acquisition and retention, while also offering a stablecoin utility to users in the form of spin-offs.
LBank’s 9 million users across Africa, Asia and Europe will gain access to Encryptus’ sophisticated payment network, enabling them to make payments 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 transfers. In over 100 countries, users will be able to get gift cards, airtime top-ups and internet data plans against USD Coin (USDC) and Tether (USDT). Sanctioned countries, Japan and USA will be excluded for bank transfers.
Remittances are an important source of income for many developing countries and have increased steadily in recent years, with low- and middle-income countries (LMICs) growing an estimated 5% to $626 billion, according to The World Bank. Remittances are expected to increase 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 reliable 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 to bring 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, commenting: “LBank is excited to work with Encryptus to offer payouts to our users. Bank transfers, gift cards, mobile data plans and mobile 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 it.”
Kristina Vanacova, Head of Product and Operations for Encryptus, commented: “We are committed to delivering innovative yet compatible solutions to help the crypto community with use cases. We will launch more payout options for our partners to scale up.”
An important element of the partnership is the One-API-Connects-All function, which integrates compliance, onboarding, dashboards and payments in one place. This means that LBank’s users can carry out their transactions more efficiently without worrying about navigating different systems or dealing with several suppliers. The simplicity and convenience of this system will undoubtedly make it more attractive to customers, especially those new to cryptocurrency.
This is a press release. Readers should do their own due diligence before taking any action related to the Promoted Company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
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