Last updated on March 15th, 2025 at 09:18 am
Hong Kong-based crypto payment platform RedotPay has secured $40 million in a Series A funding round to expand its services and offerings.
According to the firm, the investment will support its mission to integrate cryptocurrency into everyday transactions while simplifying blockchain payments for users.
RedotPay has been steadily expanding its services in recent years. In December 2024, the company bolstered its blockchain integrations by adding Solana in December 2024 and Ethereum layer-2 solution Arbitrum in February 2025.
The firm also partnered with StraitX and Visa to facilitate retail crypto payments in Singapore. In November 2023, it introduced physical Visa cards, enabling ATM withdrawals, alongside a virtual card compatible with Apple Pay and Google Pay.
Despite these advancements, the platform appears to have cross-border service restrictions, as users outside Hong Kong receive access warnings when visiting RedotPay’s website.
Direct cryptocurrency payment solutions are rapidly gaining ground across Asia. In November 2024, Singapore-based Crypto.com partnered with Triple-A to enable direct crypto payments, removing the need to convert digital assets into fiat currency.
Within Hong Kong, RedotPay faces competition from companies like Infini, a stablecoin-focused crypto payment firm that offers payment services while allowing users to earn yields. However, Infini recently suffered a $50 million USDC exploit allegedly orchestrated by a rogue developer.
Unlike volatile cryptocurrencies such as Bitcoin (BTC) and Ether (ETH), stablecoins provide a more consistent value, as they are pegged to fiat currencies. This stability is driving adoption, particularly in Japan, which has the second-largest economy in Asia. A report by Tokyo-based consulting firm Yuri Group, shared with Cointelegraph Magazine, highlights Japan’s growing interest in stablecoins. The Japanese government sees stablecoins as a means to unlock $14 trillion in household savings. Progmat, backed by Mitsubishi UFJ—Japan’s largest bank—is a key player in this space, operating under strict regulations that require a 1:1 reserve backing for stablecoins.
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