RedotPay partners with Circle to support crypto-to-fiat transfers
Crypto payments firm RedotPay has teamed up with Circle to join the Circle Payments Network (CPN) and power payments into Brazil.
The move facilitates the direct transfer of cryptocurrency into Brazilian bank accounts, with an automatic conversion to Brazilian Real (BRL) upon receipt.
The CPN serves as a global connector for financial institutions, providing the infrastructure necessary for executing cross-border payments with the advantage of real-time settlement.
The company aims to improve the accessibility of global payments by offering reduced transaction costs and bypassing the traditional settlement period.
RedotPay CEO and co-founder Michael Gao said: 'By integrating with Circle Payments Network, RedotPay is addressing two major pain points that have historically hindered cross-border payments in emerging markets.'
Circle Product VP Sunil Sharma stated: 'We designed Circle Payments Network as a foundational coordination protocol for the always-on economy to connect financial institutions who share our vision of empowering emerging economies and modernising the global financial system. This is the next chapter in Circle's evolution, and RedotPay's customers will now have access to frictionless global payments.'
RedotPay has launched a new feature titled "Send Crypto, Receive BRL" as the initial phase of the CPN integration to eliminate the complexities associated with cross-border payments, enabling instantaneous crypto-to-fiat deposits into Brazilian bank accounts.
To support the launch, RedotPay has introduced a temporary $0 fee structure to incentivise usage.
The Brazil payment channel is now accessible to RedotPay users through the company's mobile application, compatible with both iOS and Android platforms.
Gao added: 'We are pleased to deliver a new stablecoin-based payment solution that effectively resolves these challenges. With our launch in Brazil, we remain committed to deliver innovative payment solutions that are faster and more affordable, so as to drive mass adoption of crypto payments and empower families and businesses to participate seamlessly in the global economy.'
This follows RedotPay's Series A funding round in March, which helped garner $40m.
"RedotPay partners with Circle to support crypto-to-fiat transfers " was originally created and published by Electronic Payments International, a GlobalData owned brand.
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