Redotpay offers prepaid cards for payments in cryptocurrencies.
Redotpay
Redotpay, a Hong Kong crypto payment startup, reached Unicorn’s status after finishing a financing cycle of $ 47 million from investors, including Coinbase Ventures, the venture capital branch of the crypto-exchange giant of the American billionaire Brian Armstrong Coinbase Global.
The other investors who joined the round include Vertex Ventures, a unit of sovereign wealth of Singapore Temasek, and Galaxy Ventures, the venture capital branch of the American billionaire Michael Novogratz, the investment company in Crypto, Galaxy Digital, as well as a “unnamed world technological entrepreneur”, said a statement on Thursday.
Made in 2023 by the banker of the former DBS Michael Gao, Redotpay offers prepaid cards for payments in cryptocurrencies, including stablecoins and bitcoins, at some 130 million merchants. The company also operates an application which allows the sending and reception of cryptocurrencies and fiduciary currencies, with additional functions such as borrowing against crypto holders, which manages interest on digital assets and the exchange of currencies between the crypto and the Fiat. Redotpay said that he had collected more than 5 million users and has treated $ 10 billion in total annualized payment volume since its foundation.
Redotpay said it would use the product to extend its services worldwide and secure regulatory licenses. “Our mission has always been to make digital finances accessible, secure and effective for everyone,” said Gao, co -founder and CEO of Redotpay, in the press release. “Global expertise (investors) both in cryptography and fintech will help us accelerate growth, strengthen compliance and extend access to wider blockchain ecosystem in the world.”
The latest Redotpay financing round only occurred six months after raising $ 40 million in a round led by Lightspeed Venture Partners, based in California. The other people who participated in this fundraising are the first -rate VCs like Hongshan Capital Group (HSG), DST Global Partners and Accel.
Redotpay’s rapid ascent of unicorn status comes in the middle of a recent cryptography rally which is fueled by the vocal support of US President Donald Trump for industry, which was prey to high -level scandals and corporate failures a few years ago. In July, Trump signed a law to establish a regulatory framework for Stablecoins, paving the way for digital assets Fiatpus to become a general public tool for transfers and payments.
Hong Kong, where Redotpay is based, in August, also launched a regulatory regime which forces stable issuers to obtain a license. This decision, associated with Bitcoin, reaching a summit of $ 124,000 in the same month, the interest of revived investors in the cryptography sector.
Among the Hong Kong startups, on the renewed crypto frenzy, there are RD technologies supported by HSG, a Fintech startup which pursues a local stabing issuing license. In August, RD Technologies collected around 40 million dollars in a round led by ZA Global, which is part of the Chinese insurer of the continent Zhongan online P&C Insurance, to develop in digital currency transactions.
More Forbes
