Redotpay, a Hong Kong-based payments Fintech, said it raised $ 47 million in strategic investments, bringing Coinbase Ventures in as a new backman in a round that lifted his valuation over $ 1 billion, giving the so-called unicorn status.
The round included contributions from existing investors Galaxy Ventures and Vertex Ventures, the company said in a Thursday -e email.
Redotpay aims to mix blockchain speed and efficiency with traditional payment networks. The company was founded in 2023 and has more than 5 million users in over 100 markets and is processing an annual $ 10 billion through stablecoin-driven maps, multicurrency wallets and global payout services.
The new money will accelerate growth, compliance and integration with the wider blockchain ecosystem, CEO Michael Gao said in the e -email announcement.
Redotpay’s global payout feature allows users to send stableecoins directly to local bank accounts or e-drawing books, an offer that has seen a strong adoption in new markets such as Latin America, the company says.
The company’s ascension to unicorn status comes at a time when competition between stablecoin issuers and payment rails is intensified, partly because of the fact that stablecoin rules are introduced into some of the world’s largest jurisdictions.
