Redotpay, a Payments Fintech based in Hong Kong, said he raised $ 47 million in strategic investment, bringing Coinbase Ventures as a new sponsor in a round that raised its valuation above $ 1 billion, giving it the so -called Unicorn state.
The round included contributions from existing investors Galaxy Ventures and VerTex Ventures, the company said in an email on Thursday.
Redotpay aims to combine Blockchain’s speed and efficiency with traditional payment networks. Founded in 2023, the company has more than 5 million users in more than 100 markets and processes an annualized $ 10 billion through stable cards, multicurrÃas wallets and global payment services.
The new money will accelerate growth, compliance and integration with the broader blockchain ecosystem, said CEO Michael Gao in the announcement sent by email.
The Redotpay Global Payment Function allows users to send Stablecoins directly to local bank accounts or electronic wallets, an offer that has seen a strong adoption in emerging markets such as Latin America, the company said.
The company’s ascension to the Unicorn state arrives at a time when the competition between the stablecoin issues and the payment rails intensifies, in part because the Stablecoin regulations are introduced into some of the most important jurisdictions in the world.
