Press release
PRESS RELEASE. LBank; a leading token-to-token crypto exchange, has partnered with Encryptus Europa UAB; a company licensed for fiat and crypto infrastructure, to optimize your crypto for payments in over 100 countries.
Following this integration, LBank will be able to offer its users on-ramps in the form of bank transfers, gift cards, mobile recharges and data plans without having to invest significant time and resources in product development, market research and regulatory compliance. . Instead, they can focus on other areas of their business, such as user acquisition and retention, while also offering a use case for stablecoins to their users in the form of on-ramps.
LBank’s 9 million users in Africa, Asia and Europe will be able to access Encryptus’ sophisticated payment network, allowing them to make payments safely and compliant. In Phase 1 of the rollout, users in Vietnam, India, Indonesia, the Philippines, Kenya, Tanzania, Mexico, Brazil and 30 other countries will be able to receive bank transfers. In more than 100 countries, users will be able to get gift cards, airtime recharges and Internet data plans against USD Coin (USDC) and Tether (USDT). Sanctioned countries, Japan and the US will be excluded from bank transfers.
Remittances are a vital source of income for many developing countries and have risen steadily in recent years, with low- and middle-income countries (LMICs) growing by about 5% to $626 billion, according to the world Bank. Remittances are expected to expand at a compound annual growth rate (CAGR) of 15.6% between 2023 and 2030.
“We are excited to partner with LBank to provide a more reliable payment infrastructure for stablecoins,” said Shantnoo Saxsena, founder and CEO of Encryptus. “We view this agreement as an important step in the B2B2C space to present a use case for crypto assets. Encryptus will continue to build a robust and scalable infrastructure to support encryption companies behind the scenes.”
Kaia Wong, CMO at LBank, was enthusiastic about the partnership, commenting: “LBank is delighted to be working with Encryptus to offer payments to our users. Bank transfers, gift cards, mobile data plans and mobile minutes are just the beginning. Through this association, 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 at Encryptus, commented: “We are committed to delivering innovative yet compliant solutions to help the crypto community with use cases. We will implement additional payment options for our partners to scale up.”
An important element of the partnership is the One-API-Connects-All feature, which integrates compliance, onboarding, dashboards, and payments in one place. This means LBank 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 certainly make it more attractive to clients, especially those who are new to the world of cryptocurrencies.
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.
image credits: Shutterstock, Pixabay, Wiki Commons
