Hong Kong fintech firm RedotPay has achieved unicorn status after securing $47 million in strategic funding, with Coinbase Ventures joining as a new investor in a round that pushed its valuation over $1 billion.
The funding round saw participation from existing backers Galaxy Ventures and Vertex Ventures, according to a company announcement on Thursday.
RedotPay combines blockchain technology's speed with traditional payment infrastructure. Since its 2023 launch, the company has attracted over 5 million users across 100+ markets, processing $10 billion annually through stablecoin cards, multi-currency wallets, and global payment services.
CEO Michael Gao stated the fresh capital will accelerate expansion, regulatory compliance efforts, and integration within the broader blockchain ecosystem.
The company's Global Payout feature enables direct stablecoin transfers to local bank accounts and e-wallets, experiencing significant adoption in emerging markets including Latin America.
RedotPay's unicorn milestone arrives as stablecoin issuers face increasing competition and regulatory developments in major global jurisdictions.