Press Release
Press Release LBank ; Leading token to token crypto exchange has partnered with Encryptus Europe UABpartnered with ; a licensed crypto and fiat infrastructure company, streamlining crypto to payments in over 100 countries.
This integration will allow LBank to offer off-ramps to users in the form of bank transfers, gift cards, mobile top-ups, and data plans without spending significant time and resources on product development, market research, and regulatory compliance. Instead, they can focus on other areas of their business, such as user acquisition and retention, while providing users with a stable of coin use cases in the form of off-ramps.
LBank’s 9 million users across Africa, Asia, and Europe will have access to Encryptus’ advanced payout network and will be able to make payments in a compliant and secure manner. In Phase 1, users in Vietnam, India, Indonesia, the 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 receive USD Coin (USDC) and Tether (USDT) will be able to get gift cards, airtime top-ups, and Internet data plans. Sanctioned countries, Japan and the United States are not eligible for bank transfers.
Remittances are a vital source of income for many developing countries and have steadily increased in recent years, with low- and middle-income countries (LMICs) reporting an estimated 5% increase to $626 billion, according to the World Bank . Remittances are expected to expand at a compound annual growth rate (CAGR) of 15.6% from 2023 to 2030.
Shantnoo Saxsena, founder and CEO of Encryptus, said, “We are pleased to partner with LBank to provide a more reliable payment infrastructure for stabled coins. “We see this agreement as an important step in the B2B2C space of bringing use cases for crypto assets, and Encryptus will continue to build a robust and scalable infrastructure to support crypto companies in the background.”
Kaia Wong, CMO of LBank, expressed excitement 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 beginning. This partnership will allow LBank to offer even more services to our users. We are an ecosystem company and this partnership is a testament to that.”
Kristina Vanacova, Product Operations Manager at Encryptus, commented, “We are committed to providing innovative yet compliant solutions to support the use cases of the crypto community. We are committed to providing innovative yet compliant solutions to support the use cases of the crypto community. We plan to roll out additional payout options for partners to scale up.”
A key element of the partnership is the One-API-Connects-All feature that integrates compliance, onboarding, dashboards and payouts in one place. This will allow LBank users to complete transactions more efficiently without having to worry 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 cryptocurrencies.
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