Meet Shantnoo: A15+ year fintech pro, expanded operations across the Middle East, Africa, UK, and Europe. In 2016, he advised BitPesa and, in 2018, established Huobi MENAT's Dubai success. Today, he heads Encryptus, simplifying crypto-fiat transactions.
About Encryptus - “Quick Remit”
Encryptus’s “Quick Remit” is a payout infrastructure that is designed to cater to institutions, exchanges, wallets, the Web3 ecosystem, DeFi platforms, and the broader crypto ecosystem. This service facilitates fast and convenient payouts to users in various forms, including Bank Wires, Mobile Wallets, Gift Cards and Mobile Top-ups including Data Plans and Minutes. Users can access the “Quick Remit” payout service through partner organizations that have integrated into Encryptus APIs or its widgets.
Encryptus also operates a licensed institutional Crypto <> Fiat trading desk, allowing Institutions to buy and sell cryptocurrencies. Importantly, Encryptus does not hold custody of users' funds, despite being licensed as a Virtual Asset Service Provider (VASP) in Europe.
1. How do users benefit from this Service by Encryptus
Users benefit from Encryptus’s “Quick Remit” in several ways:
Users can convert Stable coins (USDT and USDC) to Bank Wires in 78 countries, Mobile Wallets in 39 countries and Gift Cards and Mobile Data and Calling plans in 100+ countries.
Competitive Rates and Fixed fee of 1.5% and no additional fee.
Built-in Compliance monitoring and verification in payout APIs and Widgets
No custody of funds, offering enhanced control to the users.
2. Does Encryptus provide custody of Crypto assets
No, Encryptus does not provide custody of users' crypto assets. The company prioritizes the security and autonomy of its users by not holding their funds. Encryptus only settled with the KYBed Centralised Institutions and not at the user level. This means that the users don't pay any blockchain network fee and never send their assets to us.
3. Who are your clients for Quick Remit
Encryptus caters to Crypto Exchanges, Wallets, Web3 platforms, DeFi projects, GameFi and other crypto businesses. Users of this service primarily access it through partner organizations that have integrated Encryptus into their offerings.
4. Why did you build a payout solution while the others focus on Pay-ins
Encryptus chose to focus on a payout solution because it identified a gap in the market. While there are numerous “pay-in” solutions available, many of them primarily rely on Visa or Mastercard rails; , often incurring high fees and issues with Chargebacks. In contrast, Encryptus provides a cost-effective and versatile “payout” solution with multiple payout methods available under one API; making it particularly appealing to emerging markets and no issues of chargebacks for these payout methods. Encryptus built their own “payout” rails under the “Quick Remit” to compete with the likes of Visa and MasterCard.
Most importantly our objective is to bring in more fiat currency to the countries, rather than taking the fiat out in the form of cryptos.
5. What are the markets that we are targeting and why
Encryptus today offers the widest and the largest crypto to fiat infrastructure. In our global expansion strategy, Encryptus has established a robust presence across Europe, the UK, LATAM, Africa, and Southeast Asia. However, our keen insights suggest that the most promising growth lies in emerging markets such as India, Kenya, Nigeria, Brazil, Argentina, the Philippines, Indonesia, and Vietnam. These regions hold immense potential due to their burgeoning economies and the increasing adoption of digital financial services.
Our strategic approach involves offering a low-cost, adaptable payout solution tailored to these markets.. This dual focus enables us to position Encryptus as a key player in these high-growth regions.
Our mission at Encryptus is to provide efficient financial services to underserved regions, and these markets align perfectly with that vision. We are excited about the substantial growth potential they offer and are committed to making a meaningful impact by facilitating financial inclusion in these vibrant economies.
