Crypto Payment Platform RedotPay Raises $40M, Eyes Global Expansion
RedotPay, a Hong Kong-based crypto payment platform, has raised $40 million in a Series A funding round, led by Lightspeed and joined by HSG and Galaxy Ventures.
The platform aims to integrate cryptocurrency into daily transactions, offering solutions similar to traditional fiat payments. In late 2023, RedotPay launched Visa cards for both physical ATM withdrawals and virtual payments via Apple Pay and Google Pay.
The company expanded its blockchain support with Solana and Arbitrum, and teamed up with StraitX and Visa to promote crypto payments in Singapore.
READ MORE: Turkey Strengthens Crypto Regulations with New Oversight for Service Providers
However, the platform is still limited by cross-border restrictions, as users outside Hong Kong face access warnings.
As crypto payment adoption grows in Asia, stablecoins are becoming key players. Singapore’s Crypto.com recently partnered with Triple-A for direct crypto payments.
In Hong Kong, competitors like Infini have faced challenges, including a $50 million exploit. Japan, however, is embracing stablecoins as a means to unlock trillions in savings, with firms like Progmat leading the way. Meanwhile, China remains firm in its ban on crypto trading.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
