Hong Kong-based crypto payment platform Redotpay closed the $40 million Series A financing led by Lightspeed, with participation from HSG and Galaxy Ventures.
Redotpay aims to enable cryptocurrencies in daily transactions while simplifying blockchain transactions for spenders similar to Fiat. In November 2023, the company emission Its own physical visa card, which can be used for ATM cash withdrawals, and virtual cards that support digital payment services such as Apple Pay and Google Pay.
The company expanded blockchain integration and added Solana December 2024 and Ethereum Tier 2 arbitrator In February. Also, it cooperate Supports retail crypto payments in Singapore with Straitx and Visa.
Nevertheless, heavy projects appear to have cross-border service restrictions. Visitors outside Hong Kong will be warned when visiting the company’s website.
Heavy projects appear to have cross-border service restrictions. Visitors outside Hong Kong Source: Heavy Projects
Crypto payment options rise in Asia, Stablecoins is at the forefront
Direct cryptocurrency payment solutions are gaining attention throughout Asia. In November 2024, Singapore-based digital asset trading platform crypto.com cooperate Direct crypto payments can be achieved with Triple-A, eliminating the need to convert cryptocurrencies to Fiat.
Hong Kong has a competitor’s share. Infini is a Stablecoin-centric cryptocurrency payment company that provides payment services while earning yields. However, it has recently suffered $50 million in exploitation, allegedly orchestrated by a rogue developer who swapped USDC for DAI, a decentralized stable and stable that cannot be frozen like its centralized peers.
Related: Infini loses $50 million in exploitation; suspected of developers cheating
Unlike volatile cryptocurrencies like Bitcoin (BTC) or ether (ethereth), stablecoins can provide more consistent choices for those who want to use them for payments, as assets are designed to maintain value with Fiat.
Japan is the second largest Asian economy with GDP and has made great progress in adopting Stablecoin. The latest report from Tokyo-based research and consulting firm Yuri Group Share with Cointelegraph Magazine This suggests that the Japanese government believes Stablecoins is a potential catalyst to unlock $14 trillion in household savings.
Japan’s eye digital assets are reviving behind established financial institutions. Source: Yuri Group
Yuri Group highlighted Progmat as a key player in Japan’s digital asset ecosystem. Supported by the largest U.S. bank, Mitsubishi UFJ Progmat complies with Japan’s strict regulatory framework that requires a 1:1 backup. This ensures that Japan’s established financial institutions remain at the forefront of digital asset management.
By contrast, China, Asia’s largest economy, has banned cryptocurrency trading and acknowledged the renminbi as the country’s only legal tender.
Magazine: How Chinese businessmen and miners bypass China’s crypto ban
