LBank and Encryptus Team Up to Simplify Cryptocurrency Payouts in Over 100 Countries

LBank, a top token-to-token crypto exchange, has joined forces with Encryptus Europe UAB, a licensed crypto and fiat infrastructure company, to simplify crypto payouts in over 100 countries.

Through this integration, LBank can provide its users with off-ramps in the form of bank wires, gift cards, mobile top-ups, and data plans, without the need for extensive product development, market research, and regulatory compliance.

As a result, LBank can focus on other areas of its business, such as user acquisition and retention, while still providing stable coins to its users in the form of off-ramps.

LBank's 9 million users in Asia, Africa, and Europe will have access to Encryptus' advanced payout network, enabling them to make compliant and secure payouts. In the first phase of the rollout, users in Vietnam, India, Indonesia, the Philippines, Kenya, Tanzania, Mexico, Brazil, and 30 other countries will be able to receive bank wires.

In over 100 countries, users will be able to obtain gift cards, airtime top-ups, and internet data plans using USD Coin (USDC) and Tether (USDT). Bank wires will be unavailable in sanctioned countries such as Japan and the US.

According to the World Bank, remittance has become an increasingly important source of income for many developing countries, with low and middle income countries seeing a growth of 5% to $626 billion.