Stablecoin payment company RedotPay completes $47 million financing, led by Coinbase Ventures

Stablecoin payment company RedotPay has completed a $47 million strategic funding round, pushing its valuation past $1 billion and officially becoming a fintech unicorn. This round was led by Coinbase Ventures, with continued support from Galaxy Ventures and Vertex Ventures, as well as participation from an undisclosed global tech entrepreneur. Founded in April 2023, RedotPay provides stablecoin payment cards, multi-currency wallets, and global payment services. To date, the company has over 5 million users and a total payment transaction volume of $10 billion. Its global payment service, launched in June of this year, has made inroads in less-developed regions such as Latin America, enabling direct transfers of cryptocurrencies to local bank accounts or e-wallets. RedotPay is currently headquartered in Hong Kong, with branches in Europe and Argentina. Having obtained licenses in the relevant regions, RedotPay plans to further expand its global business channels, deepen collaborations with banks and payment networks, and prioritize global licensing and regulatory compliance. Earlier news reported that RedotPay had completed a $40 million Series A funding round in March of this year, led by Lightspeed, with participation from HSG and Galaxy Ventures. (Cointelegraph)