Hong Kong-based redotpay, a crypto payment fintech delivering more than four million users, co-worked with the new Stablecoin Issuer Circle (CPN) payment network, to get headaches in Brazil’s cross-border transactions.
CPN cooperation means that Redotpay users can now send cryptocurrency directly to Brazil’s bank accounts, with automatic converting to Brazilian Real (BRL) funds on arrival, companies said Monday.
Stablecoins for payments are rapidly growingwith various estimates about the potential market size for blockchain metals and dollars tokens. Circle, provided the second largest stablecoin, USDC, CPN was introduced in April, To obtain some cross-border payments and remittance space.
Redotpay, who recently raised a $ 40 million funding, It said on a mission to make global payments more accessible for underbanked populations by reducing transaction costs, as well as removing the traditional one to five periods of business day regulating commonly associated with international transfers.
Redotpay addresses two major disease points with history that counteract cross-border payments in emerging markets, according to Michael Gao, CEO and Redotpay’s co-founder.
“For users, the process has been slow and costly with high foreign exchange rates and handling fees,” Gao said in a statement. “Transaction success rates are inconsistent. For payment service providers (PSP), capital is often trapped in prefunded accounts with different PSPs or banks in many countries.”
