Crypto Payments Firm RedotPay Enlists Circle Payment Network in Brazil

RedotPay’s partnership with Circle’s new payment network is poised to revolutionize cross-border transactions in Brazil. The collaboration will allow RedotPay users to seamlessly send cryptocurrency directly to Brazilian bank accounts, with the funds automatically converted into Brazilian Real (BRL) upon arrival. This move is expected to streamline the process of cross-border payments and eliminate the hassles associated with traditional international transfers.

Stablecoins have been gaining traction in the payments space, with Circle’s USDC being one of the leading players in the market. The introduction of Circle’s payment network (CPN) aims to tap into the growing demand for efficient and cost-effective cross-border payment solutions. By joining forces with RedotPay, Circle is expanding its reach in the Brazilian market and offering users a convenient way to transfer funds across borders.

RedotPay, a Hong Kong-based fintech company, recently secured a $40 million funding round to support its mission of making global payments more accessible for underbanked populations. The partnership with Circle’s CPN is a significant step towards achieving this goal, as it will enable RedotPay to offer its users a seamless and efficient way to send money to Brazil.

According to Michael Gao, CEO & Co-Founder of RedotPay, the collaboration with Circle’s CPN addresses two major pain points in cross-border payments in emerging markets. Users often face high foreign exchange rates and handling fees, along with inconsistent transaction success rates. For Payment Service Providers (PSPs), capital is frequently trapped in prefunded accounts across multiple countries, making the process slow and inefficient.

With the integration of Circle’s CPN, RedotPay is set to revolutionize the cross-border payments landscape in Brazil. By leveraging the power of stablecoins and blockchain technology, RedotPay aims to make international transfers faster, more cost-effective, and more reliable for users. This partnership marks a significant milestone in the journey towards creating a more inclusive and accessible global payments ecosystem. The Bullish group, which is majority owned by Block.one, has significant interests in various blockchain and digital asset businesses, including holdings of digital assets like bitcoin. CoinDesk, an independent subsidiary of the Bullish group, operates with journalistic integrity under the guidance of an editorial committee chaired by a former editor-in-chief of The Wall Street Journal.

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