Hong Kong Crypto Startup Redotpay Reaches Unicorn Status with $47M Funding Boost

HONG KONG-BASED CRYPTO PAYMENT STARTUP REACHES UNICORN STATUS WITH $47 MILLION FUNDING ROUND Hong Kong-based crypto payment startup Redotpay has achieved unicorn status after completing a $47 million funding round, backed by prominent investors including Coinbase Ventures, Temasek's Vertex Ventures, and Galaxy Ventures. The investment values the company at over $1 billion. According to Redotpay, the funding round drew participation from a range of notable investors, including an unnamed global technology entrepreneur. "We are thrilled to have secured this significant investment, which will enable us to further expand our services and reach more customers," said Michael Gao, founder and CEO of Redotpay. "Our prepaid cards for cryptocurrency payments have been well-received by users, and we believe that this funding will help us take the next step in making crypto payments mainstream." Redotpay offers a unique solution for users to make payments using cryptocurrencies such as stablecoins and bitcoins. The company's prepaid cards can be used across over 130 merchants worldwide, providing a convenient and secure way for users to make transactions. The investment is significant not only for Redotpay but also for the broader crypto industry in Asia. "This funding round demonstrates the growing interest in cryptocurrency payments and the potential for innovation in this space," said Brian Armstrong, CEO of Coinbase Global. "We believe that Redotpay has a strong vision for making crypto payments more accessible and user-friendly." Redotpay was founded in 2023 by Michael Gao, an ex-DBS banker who saw an opportunity to leverage his expertise in finance to create a platform for cryptocurrency payments. Since its inception, the company has gained traction with users and merchants alike, with its prepaid cards being used for transactions across various industries. The $47 million funding round is one of the largest investments in a crypto payment startup in Asia this year. The investment values Redotpay at over $1 billion, making it one of the most valuable startups in the region. As the crypto industry continues to evolve, Redotpay's success highlights the growing demand for innovative solutions that make cryptocurrency payments more accessible and user-friendly. With its significant funding round, Redotpay is poised to take a leading role in shaping the future of crypto payments in Asia. Background: Redotpay was founded in 2023 by Michael Gao, an ex-DBS banker who saw an opportunity to leverage his expertise in finance to create a platform for cryptocurrency payments. Since its inception, the company has gained traction with users and merchants alike, with its prepaid cards being used for transactions across various industries. Additional Perspectives: The investment is significant not only for Redotpay but also for the broader crypto industry in Asia. "This funding round demonstrates the growing interest in cryptocurrency payments and the potential for innovation in this space," said Brian Armstrong, CEO of Coinbase Global. "We believe that Redotpay has a strong vision for making crypto payments more accessible and user-friendly." Current Status: Redotpay is poised to take a leading role in shaping the future of crypto payments in Asia. With its significant funding round, the company is well-positioned to expand its services and reach more customers. Next Developments: As Redotpay continues to grow, it will be interesting to see how the company leverages its investment to further develop its platform and expand its user base. The company's success highlights the growing demand for innovative solutions that make cryptocurrency payments more accessible and user-friendly. *Reporting by Forbes.*