Crypto exchange LBank collaborates with the payment infrastructure company Encryptus
LBank exchange to take advantage of 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 payments in over 100 countries.
After this integration, LBank will offer its users exits 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 their business, such as user acquisition and retention, while offering a use case for stablecoins to users in the form of spin-offs.
LBank’s 9 million users across Africa, Asia and Europe will gain access to Encryptus’ sophisticated payout network, enabling them to make payouts compatible 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 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). Japan, USA and sanctioned countries will be excluded from bank transfers.
Remittances are an important source of income for many developing countries. It has risen steadily 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 increase 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 reliable 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 cryptoassets . Encryptus will continue to build a solid and scalable infrastructure to support crypto companies in the background.”
Kaia Wong, head of marketing at LBank, sounded excited about the partnership, commenting:
“LBank is excited to work with Encryptus to offer payments to our users. Bank transfers, 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 it .”
Kristina Vanacova, product and operations manager 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 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 customers, especially those new to cryptocurrency.
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