Hong Kong-based crypto payment platform RedotPay has successfully closed a $40 million Series A funding round led by Lightspeed, with contributions from HSG and Galaxy Ventures. The firm's goal is to facilitate the use of cryptocurrency in daily transactions while making blockchain processes as straightforward as fiat transactions. In November 2023, RedotPay launched physical Visa cards for ATM withdrawals and virtual cards compatible with digital payment platforms like Apple Pay and Google Pay. The company has broadened its blockchain integrations by incorporating various technologies and collaborating with StraitX and Visa to bolster retail crypto payments in Singapore. However, RedotPay currently restricts cross-border services, alerting users outside Hong Kong when they try to access its website. The rise of cryptocurrency payment solutions is notable in Asia, particularly with the growing adoption of stablecoins, which offer a stable alternative for transactions amidst a fluctuating crypto market. Countries like Japan are also making progress in digital assets, with significant backing from established financial institutions, contrasting with China’s crypto trading ban.

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