Source: Cointelegraph Original: "{title}"

The Hong Kong-based crypto payment platform RedotPay has completed a $40 million Series A funding round led by Lightspeed, with participation from HSG and Galaxy Ventures.

RedotPay aims to promote the use of cryptocurrency in everyday transactions while simplifying blockchain transactions, allowing users to spend as conveniently as they would with fiat currency. In November 2023, the company launched its own Visa physical card for ATM withdrawals and introduced a virtual card that supports digital payment services like Apple Pay and Google Pay.

Additionally, RedotPay has expanded its blockchain integrations, joining Solana in December 2024 and integrating the Ethereum Layer 2 solution Arbitrum in February. At the same time, RedotPay has partnered with StraitX and Visa to support retail crypto payments in Singapore.

However, RedotPay appears to have cross-border service restrictions. Users accessing the company's official website from outside Hong Kong will see a warning message.

RedotPay seems to have cross-border service restrictions. Visitors from outside Hong Kong will see a warning message. Source: RedotPay

Direct cryptocurrency payment solutions are gradually gaining popularity in Asia. In November 2024, Singapore-based digital asset trading platform Crypto.com partnered with Triple-A to support direct cryptocurrency payments without the need to convert crypto into fiat.

Hong Kong also has several competitors. The crypto payment company Infini, which focuses on stablecoins, offers payment services while also providing yields. However, the company recently faced a $50 million USDC exploit, allegedly orchestrated by a malicious developer who converted USDC into DAI—a decentralized stablecoin that cannot be frozen like centralized stablecoins.

Unlike more volatile cryptocurrencies like Bitcoin (BTC) or Ethereum (ETH), stablecoins provide a more stable option for those looking to use them for payments, as these assets are designed to maintain a value pegged to fiat currency.

Japan, as the second-largest economy in Asia, has made significant progress in the adoption of stablecoins. A recent report shared by Tokyo-based research and consulting firm Yuri Group with Cointelegraph Magazine indicates that the Japanese government views stablecoins as a potential catalyst for unlocking $14 trillion in household savings.

Japan aims for a digital asset revival, leveraging traditional financial institutions to drive development. Source: Yuri Group

Yuri Group points out that Progmat is a key player in Japan's digital asset ecosystem. Progmat is supported by Japan's largest bank, Mitsubishi UFJ, and operates under Japan's strict regulatory framework, which requires 1:1 reserve backing. This ensures that Japan's traditional financial institutions maintain a leading position in the field of digital asset management.

In contrast, China, the largest economy in Asia, has banned cryptocurrency trading and designated the renminbi as the sole legal tender.

Related: Paxos CEO urges U.S. lawmakers to establish cross-border stablecoin regulatory framework.

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