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Encryptus, a prominent provider of cryptocurrency solutions, announced today at the Coindesk Consensus event the introduction of a leading payout product. This offering enables crypto exchanges, wallet providers, Web3, gaming, and other B2C crypto enterprises to convert to Bank Wires, Mobile Wallets, Mobile Top-ups, and Gift Cards through APIs.
The payout network spans 79 countries for Bank Wires in 75 currencies, 39 countries for Mobile Wallets, and over 115 countries for mobile top-ups and gift cards. Encryptus’s payouts feature more than 7,500 different types of gift cards and prepaid airtime from 307 mobile operators. Notable Mobile Wallets such as AliPay, GoCash, and M-Pesa are included among the options.
In line with its dedication to regulatory compliance, Encryptus does not offer off-ramps to sanctioned nations and clients. Furthermore, the services are unavailable to residents and citizens of the US, Canada, and Japan. Nevertheless, the new Encryptus product is especially advantageous for users aiming to convert crypto to fiat (national currencies) for deposit into their bank accounts or to acquire gift cards or mobile plans in over 100 countries. The payouts will be accessible in 98 currencies. The services can be utilized via APIs, with the company set to introduce their widget shortly.
Encryptus’ payout product is entirely automated, featuring compliance monitoring tools to detect PEP and sanctioned users, as well as tracking illicit coins through coin monitoring integrated into its APIs.
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“We are excited to launch our payouts; QuickRemit. Our payout network is not just the largest but offers the widest form of payments in the crypto industry. The API offers payout as a service and also keeps compliance as a core offering. Our vision is to further expand our payout coverage with a commitment to reduce the costs of payouts for the users”
stated Shantnoo Saxsena, CEO of Encryptus.
Shantnoo further elaborated that genuine crypto adoption will not solely rely on effective pay-in networks, but also on extending multiple payout options. Exchanges and crypto firms must not only concentrate on attracting users to their platforms but also provide sufficient freedom for users to cash out.
Encryptus has competitively priced global bank wires at 1.5% and maintains a revenue share reserve from this amount for their partners. The accepted cryptocurrencies will be limited to USDT and USDC.
The company pledges to streamline global mobile wallet payouts and business payments in the upcoming months.
In summary, the launch of the new payout product by Encryptus marks a significant advancement in the development of blockchain-based payment solutions. By offering a secure, automated, and cost-effective method to convert crypto holdings into various payment forms, Encryptus is contributing to the broader adoption of cryptocurrencies and fostering innovation within the fintech sector.
