Redotpay offers prepaid cards for payments in cryptocurrencies.
Redotpay
Redotpay, a Hong Kong -based encryption launch, has hit the Unicorn regime after completing a $ 47 million funding round by investors, including Coinbase Ventures, the business capital of American billionaire Crybase Globase.
Other investors who joined the round include Vertex Ventures, a Singaporet unit of the ENCUME TEMASEK fund, and Galaxy Ventures, said in a statement by billionaire billionaire Michael Novogratz and a billionaire Entrepreneur, “Redotpay said in a statement on Thursday.
Redotpay offers prepaid cards for cryptocurrencies, including Stablecoins and Bitcoins, about 130 million traders. The company is also exploiting an application that allows for sending and receiving cryptocurrency and Fiat coins, with additional functions such as borrowing against Crypto Holdings, gaining interest in digital assets and coins between Crypto and Fiat. Redotpay has said it has raised more than 5 million users and has processed $ 10 billion in an annual volume of total payments since its establishment.
Redotpay said it would use revenue to expand its services worldwide and secure regulatory licenses. “Our mission has always been to make digital funding accessible, safe and effective for everyone,” said GAO, co -founder and CEO of Redotpay, in the statement. “[The investors’] Global know -how in both encryption and fintech will help us accelerate growth, enhance compliance and expand access to the wider blockchain ecosystem worldwide. “
Redotpay’s latest funding round came just six months after raising $ 40 million in a round led by California Lightspeed Venture Partners. Others who participated in this concentration of funds include VCS Blue-Chip such as Honghan Capital Group (HSG), DST Global Partners and Accel.
Redotpay’s rapid climbing to Unicorn’s regime comes amid a recent encryption race powered by US President Donald Trump’s voice support for industry, plagued by high profile scandals and corporate failures a few years ago. In July, Trump signed a law on creating a regulatory framework for Stablecoins, paving the way for digital assets for Fiat-Pegged to become a mainstream tool for money transfers and payments.
Hong Kong, which is based on Redotpay, also launched a regulatory regime that requires Stablecoin publishers to obtain a license. The move, coupled with Bitcoin that hit a high of all -time $ 124,000 in the same month, restored investors’ interest in the cryptographic sector.
Among the newly established Hong Kong companies leading to the renewed cryptographic frenzy is HSG-resistant Rd Technologies, a FinTech start-up pursued by a local empty publisher Stablecoin. In August, RD Technologies raised about $ 40 million in a round led by Za Global, part of mainland Chinese insurer Zhongan Online P&C Insurance, to extend to coin digital transactions.
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