1 week ago
Hong Kong-based RedotPay, a crypto outgo fintech serving implicit 4 cardinal users, has partnered with stablecoin issuer Circle’s caller outgo web (CPN), to instrumentality the headache retired of Brazil’s cross-border transactions.
The CPN collaboration means RedotPay users tin present nonstop cryptocurrency straight to Brazilian slope accounts, with funds automatically converted into Brazilian Real (BRL) upon arrival, the companies said connected Monday.
Stablecoins for payments are growing rapidly, with assorted estimates astir the imaginable marketplace size for blockchain rails and dollar-pegged tokens. Circle, issuer of the second-largest stablecoin, USDC, introduced the CPN successful April, to seizure immoderate of the cross-border payments and remittances space.
RedotPay, which precocious raised a $40 cardinal backing round, says it’s connected a ngo to marque planetary payments much accessible for underbanked populations by reducing transaction costs, arsenic good arsenic eliminating the accepted 1 to 5 concern time colony play typically associated with planetary transfers.
RedotPay is addressing 2 large symptom points that person historically hindered cross-border payments successful emerging markets, according to Michael Gao, CEO & Co-Founder of RedotPay.
“For users, the process has been dilatory and costly with precocious overseas speech rates and handling fees,” Gao said successful a statement. “Transaction occurrence rates person besides been inconsistent. For Payment Service Providers (PSPs), superior has often been trapped successful prefunded accounts with antithetic PSPs oregon banks crossed aggregate countries.”
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