RedotPay, a leading Hong Kong-based fintech specializing in crypto payments and serving over four million users worldwide, has announced an exciting new partnership with Circle’s innovative Cross-Border Payment Network (CPN). This collaboration aims to simplify cross-border transactions to Brazil, making international money transfers faster, cheaper, and more accessible.
Thanks to the integration with Circle’s CPN, RedotPay users can now send cryptocurrencies directly to Brazilian bank accounts. When funds arrive, they are automatically converted into Brazilian Real (BRL), eliminating the usual hassles of currency exchange and lengthy settlement times. This breakthrough is set to transform how people and businesses send money across borders, especially in emerging markets where traditional banking infrastructure can be a hurdle.
The use of stablecoins for payments is rapidly gaining momentum, with the market for dollar-pegged tokens and blockchain-based rails expected to grow exponentially. Circle, the issuer of the second-largest stablecoin USDC, launched the CPN in April to tap into the expanding space of cross-border remittances and payments. By leveraging blockchain technology, Circle aims to reduce transaction costs and improve success rates in international transfers.
RedotPay recently secured $40 million in funding, fueling its mission to democratize global payments. The company is focused on reducing transaction costs and cutting down the settlement period from several days to instant or near-instant transfers. This initiative is particularly impactful for underbanked populations, who often face high fees and slow processing times with conventional banking systems.
Michael Gao, CEO and Co-Founder of RedotPay, highlighted the pain points in cross-border payments. “Historically, users have faced slow, expensive transactions with high foreign exchange fees, and inconsistent success rates,” Gao explained. “Payment service providers often have capital trapped in pre-funded accounts across multiple countries. Our partnership with Circle’s CPN addresses these issues head-on, making international transactions smoother and more cost-effective.”
This collaboration is a significant step forward in the evolving landscape of digital finance, emphasizing the potential of blockchain technology to bridge financial gaps worldwide. As stablecoins and innovative payment networks continue to develop, companies like RedotPay are at the forefront of redefining how global money flows occur, opening new opportunities for consumers and businesses alike.
