RedotPay, a Hong Kong-based funds fintech, stated it raised $47 million in strategic funding, bringing in Coinbase Ventures as a brand new backer in a spherical that lifted its valuation above $1 billion, giving it so-called unicorn standing.
The spherical included contributions from current traders Galaxy Ventures and Vertex Ventures, the corporate stated in a Thursday e-mail.
RedotPay goals to mix blockchain pace and effectivity with conventional cost networks. Based in 2023, the corporate has greater than 5 million customers throughout over 100 markets and processes an annualized $10 billion via stablecoin-powered playing cards, multicurrency wallets and world payout providers.
The brand new cash will speed up progress, compliance and integration with the broader blockchain ecosystem, CEO Michael Gao stated within the emailed announcement.
RedotPay’s World Payout function permits customers to ship stablecoins on to native financial institution accounts or e-wallets, an providing that has seen sturdy adoption in rising markets like Latin America, the corporate stated.
The corporate’s ascension to unicorn standing comes at a time when competitors amongst stablecoin issuers and cost rails is intensifying, partly as a result of stablecoin rules being launched in a few of the world’s foremost jurisdictions.
