Stablecoin Payment Startup RedotPay Reaches Unicorn Status with $47M Round

Hong Kong-based payment fintech RedotPay has achieved unicorn status following a $47 million strategic investment round that brings its total valuation above $1 billion, marking rapid growth in the stablecoin payments sector.

Coinbase Ventures led new participation in the funding round, joined by an unnamed global technology entrepreneur, RedotPay said in an announcement on Thursday. Existing investors Galaxy Ventures and Vertex Ventures increased their commitments to the company, which has scaled to over 5 million users and $10 billion in annualized payment volume in just two years since its April 2023 founding.

The company operates stablecoin-based payment cards, multi-currency digital wallets, and global payout solutions that bridge blockchain efficiency with traditional payment network reach. RedotPay's platform enables users to spend cryptocurrencies through established payment rails while maintaining the speed and cost advantages of digital assets.

"Having Coinbase Ventures join us, along with the continued support from Galaxy Ventures and Vertex Ventures, validates the progress we've made and the confidence investors have in our vision," said CEO and co-founder Michael Gao.

The investment reflects growing institutional confidence in stablecoin payment infrastructure as mainstream adoption accelerates. RedotPay's rapid user acquisition and transaction volume growth demonstrate market demand for solutions that make cryptocurrency spending practical for everyday use.

"RedotPay has rapidly emerged as a category leader in stablecoin-powered payments. Their ability to combine the speed of blockchain with the trust of established payment rails is setting new standards for the industry," said Mike Giampapa, general partner at Galaxy Ventures.

Hoolie Tejwani, head of Coinbase Ventures, emphasized the strategic importance of bringing users "onchain" through practical payment applications. "We believe stablecoins will power the future of payments. The team at RedotPay is executing impressively to bring this value proposition to users around the world," Tejwani stated.

RedotPay's global payout feature, launched in June, allows users to send stablecoins and cryptocurrencies directly to local bank accounts and e-wallets, gaining particular traction in emerging markets across Latin America. The service addresses cross-border payment inefficiencies by leveraging blockchain settlement speed while providing familiar local payment options.

The company now serves users across more than 100 markets, positioning itself as a bridge between traditional financial infrastructure and blockchain-based payments. RedotPay's growth trajectory reflects broader trends toward stablecoin adoption in regions with currency volatility or limited banking access.

Vertex Ventures founder and managing partner Choonchong Tay highlighted the company's focus on underserved markets. "RedotPay is reshaping the financial landscape, bringing revolutionary financial services to regions and people underserved by traditional financial services," Tay said.

The funding will support RedotPay's continued global expansion through partnerships with banks, payment networks, and other ecosystem participants. The company plans to deepen its compliance efforts and pursue additional licensing to reinforce its commitment to regulatory adherence across international markets.

➢ Stay ahead of the curve. Join Blockhead on Telegram today for all the latest in crypto.

+ Follow Blockhead on Google News