RedotPay Partners with Circle for Direct Crypto Payments to Brazil
RedotPay has teamed up with Circle to facilitate direct cryptocurrency transfers to Brazilian bank accounts for its users, aiming to simplify cross-border transactions.
RedotPay Partners with Circle for Direct Crypto Payments to Brazil
The CPN collaboration means RedotPay users can now send cryptocurrency directly to Brazilian bank accounts.
What to know:
- RedotPay aims to address slow and costly cross-border transactions with high foreign exchange rates and handling fees.
- The payments firm, which recently raised a $40 million funding round, says it’s on a mission to make global payments more accessible for underbanked populations.
Hong Kong-based RedotPay, a cryptocurrency payment fintech with over four million users, has collaborated with stablecoin issuer Circle to streamline cross-border transactions in Brazil. The new payment network allows RedotPay users to send cryptocurrency directly to Brazilian bank accounts, with automatic conversion to Brazilian Real (BRL) upon receipt.
Stablecoins for payments are growing rapidly, with various assessments predicting substantial market growth. In April, Circle introduced the CPN to engage in the cross-border transactions and remittance sector.
With the recent $40 million funding, RedotPay aims to make global payments more affordable for those without banking access by lowering transaction fees and cutting the typical one to five business day wait for international transfers.
Michael Gao, CEO & Co-Founder of RedotPay, highlighted the two main obstacles their service is tackling: high costs and inefficiencies in cross-border payments. “For users, the process has been slow and costly with high foreign exchange rates and handling fees,” Gao noted. “Transaction success rates have also been inconsistent.”
