In a ground-breaking move, RedotPay, a Hong Kong-based payment startup, has achieved record-breaking fundraising — $47 million — amassing the funds from prominent investors like Coinbase Ventures, the venture capital arm of Coinbase exchange. Besides, RedotPay’s latest fundraising round drew participation from crypto investment platform Galaxy Digital, venture capital fund Vertex Ventures, and other technology firms.
RedotPay reaches unicorn status
The $47 million record fund has made RedotPay wear the unicorn status, meaning it has reached a valuation of $1 billion in the market. The $47 million fund allows RedotPay to scale its payment infrastructure, expand operations, and boost its user base. Earlier this year, the crypto payment startup had raised $40 million in a funding round, with primary investment from a US-based Lightspeed Venture Partners.
At the moment, RedotPay has 5 million users in more than 100 markets, and nearly $10 billion in annual payment volume. Launched in 2023, the platform offers prepaid cards for crypto payments, including Bitcoin and stablecoins.
Fundraising in the crypto industry has been a pivotal discussion as several platforms have recently raised millions to meet the cost of their operations. Funding ignites investor confidence that crypto payments are becoming a part of everyday use, with cryptocurrencies seeing increasing adoption.
Recently, crypto payments startup, Mesh, collected 82 million in a Series B round, bringing its total funding to $120 million. DeFi company Blueprint Finance has also showcased a staggering $9.5 million fund led by Polychain Capital. Meanwhile, blockchain payments firm Fnaility brought $136 million through a fundraising round backed by major institutions like Citi and Bank of America.
Hong Kong fosters a crypto-supportive environment
RedotPay’s massive fundraising round happened amid the growing crypto culture in Hong Kong. The territory has been competing with other crypto-friendly countries to foster crypto innovation, attract global talent, and cement itself as one of the leading hubs for digital assets.
Hong Kong has recently passed a stablecoin bill into law, establishing a licensing regime for fiat-backed stablecoin issuers. Additionally, the government requires virtual asset service providers to be licensed under the regulatory oversight of the Securities and Futures Commission.
