QuickRemit: Enabling Crypto to Real-World Asset Conversion Through an Extensive Payout Network
Meet Kristina: a crypto enthusiast and finance expert, leveraging a decade of experience in AT&T's BizOps to seamlessly unite business and technology. With a career defined by pursuit of innovation, Kristina joined Encryptus to bring to live a trailblazing off-ramp solutions that leverage the best of blockchain technology.
Can you give a brief explanation about the Encryptus payouts?
We have just launched a new innovative off-ramp , "QuickRemit" which is a crypto to fiat (Local currency) payout. “QuickRemit" can be integrated on Crypto exchanges, Wallet Providers, Web3, GameFi, DeFi and many others. via our API’s. Using our payouts crypto companies can offer their users payouts in the form of Bank Wires, Mobile Wallets, Gift Cards and Mobile Top-Ups. The payout network has coverage in Bank Wires in 79 countries and 41 currencies 39 countries for Mobile Wallets and 115+ countries for mobile top ups and gift cards. Gift Cards are available for more than 7000 brands including Apple, Amazon, Uber, Carrefour, Zalora, Reliance Digital, Grab, Payoo
2. What was the need for Encryptus to launch such a product ?
Crypto adoption can only happen when the loop closes in such a way where a user is not just able to buy cryptos, but are able to convert crypto back to “Real World Assets (RWA)”. As the crypto market continues to gain mainstream adoption, there's a growing demand for seamless and secure methods to convert crypto assets into a wide range of fiat currencies. QuickRemit provides an underlying infrastructure for Crypto companies with a wide range of payout ecosystems. The need to launch QuickRemit arose from the existing gap between crypto and traditional finance. As a company we are closing the open loop between Crypto to Fiat.
3. How do you differentiate your product against the competitors?
QuickRemit stands out by offering the most diverse and the widest payout network in the crypto industry. This makes us the largest off-ramp network provider in the crypto space. Our competitors focus has always been On-ramps and here we took another approach to offer Off-ramps to the crypto industry. In reality our network is not just limited to the end users, but also on-ramp companies who want to offer off-ramp as an additional product to their users. We are committed not just to offer a payout network but the most compliant and clean ecosystem to our partners. Additionally, our competitive fees and real-time exchange rates set us apart, as we strive to provide the best value possible to our partners and their users.
4. How do you protect the user's crypto assets?
We employ advanced security measures to safeguard user data and do not provide any crypto custodian service even though we have our custodian license from Lithuania. We offer instant settlements so none of user funds stays with us.
5. Which fiat and crypto do you support?
Currently, we offer PayIn from USDT and USDC only. Hopefully we will offer more stable coins and major crypto assets in future. The combined payout network will be available in 98 currencies in over 115 countries including emerging countries like India, Phillipines, Vietnam, Kenya, Brazil, Mexico, Turkey, etc.
6. How does Encryptus ensure compliance with regulations for cryptocurrency payouts?
Part of the Encryptus offering is regulatory compliance, our partners are provided with easy to follow Know Your Customer (KYC) guidelines and APIs to safeguard against suspicious activities and we collaborate on real-time monitoring of the platform. Encryptus is fully integrated with Industry leading KYC providers to verify users and to make sure that we are dealing with clean users who do not have negative media, they are not sanctioned or PEPed, etc. Encryptus does not provide services to sanctioned countries and clients. In addition the services are not available to residents and citizens of the US, Canada and Japan. The users must submit their government approved ID and an address proof before using our bank payout services. The partners get access to our APIs only after finishing their KYB (Know Your Business) with Encryptus.
7. Can you walk us through the process of client onboarding and how automation is utilized in this process?
Client onboarding is a streamlined process designed to minimize friction for users. It begins with registration, the collection of basic information and identification documents. We utilize automation through AI-driven solutions to verify user identity and the documents of each partner accessing our infrastructure and their users. The systems are well designed to restrict users whose status may change from low risk to high risk.
8. How do you make sure that clean users are using your payouts ?
Users are required to provide essential information, such as name, address, and identification documents. These details are validated against 3rd party databases to identify and filter out bad actors. Encryptus does not provide off ramps to sanctioned clients and clients residing in restricted jurisdictions. In addition, our system continually scans and analyzes transactions to detect and prevent fraudulent activities.
9. How do you ensure the reliability and scalability of your platform while providing free APIs?
We invest in cloud-based systems and have a team of skilled engineers to continuously develop, maintain, and improve our platform. Our infrastructure is built to scale and accommodate the growing user base and increasing transaction volumes. By constantly refining our systems, we can continue offering free APIs without compromising on reliability and performance.
10. How do you plan to expand your platform and offerings in the future while maintaining your commitment to providing free APIs?
We envision “QuickRemit” as a constantly evolving infrastructure that adapts to the changing landscape of the crypto industry. Our future expansion plans include adding on-ramp, more off-ramp countries, payment rails like card payments and exploring new use cases, for example global Business bank wires. We will continue to provide our service by optimizing our operational efficiency and leveraging strategic partnerships.
11. Can you tell us about any challenges you have faced while providing your APIs at low cost and how you have overcome them?
One of the key challenges we've faced while providing Payout was to keep the costs low for payouts. As soon as companies say they are a crypto company, the cost goes up for everything. We managed this very well I must say and today we offer the widest payouts at the most attractive rates in the crypto industry.
The 2nd challenge was to convince partner to offer payouts. Their initial thought was payout means a user is leaving our ecosystem. I must say that the mindset is slowly changing and crypto companies are slowly understanding the value of payouts. They are slowly believing that they are not loosing a user, but actually offering a service.
Finally, it took a lot of knowledge sharing, unlimited zoom calls and whiteboard sessions with companies in traditional finance to allow us to use their ecosystem.
It’s just the start of our journey and we are excited to have partners integrating into our off-ramp services.
Prodigy Press Wire
