RedotPay, a Hong Kong-based funds fintech, mentioned 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 present traders Galaxy Ventures and Vertex Ventures, the corporate mentioned in a Thursday electronic mail.
RedotPay goals to mix blockchain velocity and effectivity with conventional fee networks. Based in 2023, the corporate has greater than 5 million customers throughout over 100 markets and processes an annualized $10 billion by way of stablecoin-powered playing cards, multicurrency wallets and international payout providers.
The brand new cash will speed up progress, compliance and integration with the broader blockchain ecosystem, CEO Michael Gao mentioned 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 mentioned.
The corporate’s ascension to unicorn standing comes at a time when competitors amongst stablecoin issuers and fee rails is intensifying, partly on account of stablecoin laws being launched in a few of the world’s foremost jurisdictions.
