Stablecoin payment company RedotPay has secured $47 million in strategic funding, pushing its valuation past $1 billion and officially becoming a fintech unicorn. The round was led by Coinbase Ventures, with continued support from Galaxy Ventures and Vertex Ventures, and participation from an undisclosed global tech entrepreneur.

Founded in April 2023, RedotPay offers a stablecoin payment card, a multi-currency wallet, and global payment services. To date, the company has over 5 million users and a total payment transaction volume of $10 billion. Launched in June of this year, the global payment service has made inroads in less-developed regions such as Latin America, enabling direct transfers of cryptocurrencies into local bank accounts or e-wallets.

RedotPay is currently headquartered in Hong Kong, with branches in Europe and Argentina. It has obtained licenses in relevant regions and plans to further expand its global business channels, deepen cooperation with banks and payment networks, and prioritize global licensing and compliance work.

Earlier news reported that RedotPay had completed a $40 million Series A funding round in March of this year, led by Lightspeed, with participation from HSG and Galaxy Ventures. (Cointelegraph)