Encryptus, a leading cryptocurrency solutions provider, announced today at the Coindesk Consensus event the launch of industry leading payout product, which allows crypto exchanges, wallet providers, Web3, Gaming and other B2C crypto companies to off-ramp to Bank Wires, Mobile Wallets, Mobile Top-ups and Gift Cards with API’s.
The payout network has coverage in 79 Countries for Bank Wires in 75 currencies, 39 countries for Mobile Wallets and 115+ countries for mobile top ups and gift cards. There are over 7,500 different types of gift cards and prepaid airtime of 307 Mobile operators available with Encryptus’s payouts. Popular Mobile Wallets like AliPay, GoCash and M-Pesa are among the few available.
As part of its commitment to regulatory compliance, Encryptus does not provide off ramps to sanctioned countries and clients. In addition the services are not available to residents and citizens of the US, Canada and Japan. However, the new Encryptus product is particularly beneficial for users looking to cash out crypto to fiat (national currencies) to their own bank accounts or purchase gift cards or mobile plans in over 100 countries. The payouts combined will be available in 98 currencies. The services are available via APIs but the company will unveil their widget soon.
Encryptus’ payout product is fully automated, with compliance monitoring tools to identify PEP and Sanctioned users and dirty coins via coin monitoring being integrated into its APIs.
“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”
said Shantnoo Saxsena, CEO of Encryptus.
Shantnoo further explained that true crypto adoption will not just happen with good pay-in networks, but with an extension to multiple payouts. Exchanges and crypto companies must not just focus on bringing users to their platform, but they must offer their users enough freedom to cash out.
Encryptus has aggressively priced the global bank wires at 1.5% and have a revenue share reserve from this amount for their partners. The accepted crypto would only be USDT and USDC.
The company promises to simplify global mobile wallet payouts and business payments in the next few months.
Overall, the launch of the new payout product by Encryptus represents a significant milestone in the evolution of blockchain-based payments solutions. By providing a secure, automated, and affordable way to off-ramp crypto holdings into various forms of payments; Encryptus is helping to further expand the adoption of cryptocurrencies and drive innovation in the fintech industry.