Hong Kong-based crypto payment platform RedotPay has successfully closed a $40 million Series A funding round, led by Lightspeed with contributions from HSG and Galaxy Ventures.
Hong Kong-based crypto payment platform RedotPay has successfully closed a $40 million Series A funding round, led by Lightspeed with contributions from HSG and Galaxy Ventures. The funding aims to enhance the company's efforts to facilitate cryptocurrency transactions in everyday payments.
In November 2023, RedotPay launched physical Visa cards that enable ATM cash withdrawals, alongside a virtual card compatible with digital payment services like Apple Pay and Google Pay. The firm has expanded its blockchain integrations, incorporating Solana in December 2024 and Ethereum layer-2 solution Arbitrum in February.
Despite its growth, RedotPay faces challenges with cross-border service restrictions, as users outside of Hong Kong encounter warnings when attempting to access its website. This limitation highlights the complexities of operating in the global crypto market.
The trend of direct cryptocurrency payment solutions is gaining momentum across Asia. Singapore-based Crypto.com partnered with Triple-A in November 2024 to allow direct crypto payments without the need for fiat conversion. In contrast, competitors in Hong Kong, such as Infini, focus on stablecoin payment services but have faced setbacks, including a recent $50 million exploit involving USDC.
Stablecoins, designed to maintain a value pegged to fiat currencies, are seen as more stable alternatives to volatile cryptocurrencies like Bitcoin and Ether.
Japan is also making significant strides in stablecoin adoption, with a report from Tokyo's Yuri Group indicating that the government views stablecoins as a potential means to unlock $14 trillion in household savings.
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