RedotPay Partners with Circle to Streamline Crypto Payments in Brazil
RedotPay, a Hong Kong-based crypto payment fintech with over four million users, has partnered with Circle's new payment network (CPN) to facilitate cross-border transactions in Brazil. Key points include:
- RedotPay users can send cryptocurrency directly to Brazilian bank accounts.
- Funds are automatically converted into Brazilian Real (BRL) upon arrival.
- The stablecoin market is rapidly growing, with Circle's CPN launched in April targeting cross-border payments and remittances.
- RedotPay recently raised $40 million to enhance global payment accessibility for underbanked populations.
- The service aims to reduce transaction costs and eliminate lengthy settlement periods associated with international transfers.
CEO Michael Gao highlighted the issues of slow, costly processes and inconsistent transaction success rates in traditional cross-border payments.