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 payouts in 100+ countries.

After this integration, LBank will be able to offer to their users off ramps in the form of bank wires, gift cards, mobile top-ups and data plans without having to invest significant time and resources into product development, market research and regulatory compliance. Instead, they can focus on other areas of their business, such as user acquisition and retention, while still offering a use case for stable coins to their users in the form of off-ramps.

LBank’s 9 million users across Africa, Asia and Europe will be able to access Encryptus’ sophisticated payout network, enabling them to make payouts 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 wires. In 100+ countries, users will be able to get gift cards, airtime top-up and internet data plans against USD Coin (USDC) and Tether (USDT). Sanctioned countries, Japan and the US will be excluded for bank wires.

Remittance is a vital source of income for many developing countries and has been steadily increasing in recent years, with low and middle income countries (LMICs) growing an estimated 5% to $626 billion, according to the World Bank. Remittance is expected to expand 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 dependable 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 in bringing 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 and commented, “LBank is thrilled to be working with Encryptus to offer payout to our users. Bank wires, gift cards, mobile data plans and mobile minutes is 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 that.”

Kristina Vanacova, Product and Operations Manager for Encryptus, commented, “We are committed to deliver innovative yet compliant solutions to assist the crypto community with use cases. We will be rolling out additional payout options for our partners to scale up.”

A significant element of the partnership is the One-API-Connects-All feature, which integrates compliance, onboarding, dashboards and payouts 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 clients, especially those new to cryptocurrency.

This is a press release. Readers should do their own due diligence before taking any actions 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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LBank Labs is the venture capitalist and blockchain accelerator arm of global crypto exchange LBank.

Spearheaded by investor Czhang Lin, LBank Labs is entering the market with a 100 million USDT fund to propel the Web3 industry. He recently joined the Bitcoin.com News Podcast to talk about their investment strategy and the blockchain market:

Czhang Lin is a Taiwanese Canadian entrepreneur, investor, and crypto pioneer. In the last five years, Lin’s knowledge of digital investment strategies has contributed to over a hundred successful crypto and blockchain projects.

To learn more visit LBankLabs.com.

The Bitcoin.com News podcast features interviews with the most interesting leaders, founders and investors in the world of Cryptocurrency, Decentralized Finance (DeFi), NFTs and the Metaverse. Follow us on iTunes, Spotify and Google Play.

This is a sponsored podcast. Learn how to reach our audience here. Read disclaimer below.

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press release

PRESS RELEASE. Global crypto exchange LBank has registered as a Virtual Asset Provider with Italian regulator Organismo degli Agenti e dei Mediatori (OAM). The regulatory approval allows the exchange to offer a range of services and products to Italian users.

On the 1st of February 2023, LBank completed its registration with the OAM as a Virtual Asset Provider, as required by Italian legislation on crypto assets. The global crypto exchange with over 9 million users will now be able to offer services and products to Italian traders. The regulatory nod also allows LBank to open offices in Italy and expand its team.

By registering with the OAM, LBank joins a growing line-up of crypto exchanges who recently gained regulatory approval in Italy. After the official register of cryptocurrency traders was opened by the regulatory body on 18 May 2022, world’s largest crypto exchange Binance secured a spot just 9 days later. Other key industry players like Coinbase, Crypto.com, Bitstamp and BitMEX have also signed on since.

“We appreciate the efforts of the Ministry of Economy and Finance and the OAM in defining and enforcing industry standards in Italy to operate with full transparency. Which is an essential part of enforcing anti-money laundering rules and driving mainstream adoption of digital assets. This registration serves as a significant milestone in our journey to gain regulatory approval from jurisdictions around the globe,” said Eric He, co-founder and chairman of LBank.

LBank’s registration comes at a crucial time as European regulators prepare for the upcoming Markets in Crypto Assets (MiCA) regulatory framework. MiCA will define requirements for crypto issuers and service providers, such as exchanges like LBank. Bank of Italy Governor Ignazio Visco shared in a speech on the 4th of February that regulators in Italy are preparing a supervisory environment in anticipation of future EU crypto laws. Visco also added that the central bank found that about 2% of Italian households hold “modest amounts” of crypto.

This is a press release. Readers should do their own due diligence before taking any actions 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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Contact the Media team on [email protected] to talk about press releases, sponsored posts, podcasts and other options.

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