RedotPay, the crypto payment platform headquartered in Hong Kong, raised $40 million in Series A. It was led by Lightspeed with the involvement of HSG and Galaxy Ventures. RedotPay’s business will be augmented by the funding with the roll-out of its physical crypto card.
RedotPay customers can now order a physical card via the app. It supports withdrawals at ATMs with fiat currencies worldwide. It also supports in-person payments, making the platform more accessible.
Before this release, RedotPay introduced a virtual card for payment through Apple Pay, Google Pay, PayPal, Alipay, and WeChat Pay. Customers could use crypto to make payments for public transit, dining, buying, and subscriptions.
Effortless crypto transactions with RedotPay cards
The physical card is for customers who need direct access to cash. It allows for withdrawals at any ATM that is Visa Card Network-enabled. It also provides the potential for face-to-face transactions in areas where e-payments are less common.
The procedure is simple. Users simply need to authenticate themselves and load the card fee in the form of cryptocurrency through the RedotPay app. It is shipped in 5-10 business days, and activation is per the provided instructions.
Virtual cards, however, are activated in minutes. RedotPay operates under the regulatory environment in Hong Kong for security and compliance. RedotPay cooperates with third-party platforms for transaction monitoring and verification of identity.
Cryptocurrency security and asset protection
Sumsub handles the verification of the Know Your Customer (KYC), while Beosin provides transaction monitoring services like EagleEye and Trace. They help to prevent illegal transactions and safeguard the users’ assets.
Each user receives a personal blockchain address.
RedotPay keeps the card separate from the user’s wallet to prevent disruptions if issues arise. Users fully control their assets, while a regulated Trust or Company Service Provider (TCSP) in Hong Kong holds the funds. This arrangement ensures users retain asset ownership even if the company goes bankrupt.
RedotPay services are subject to jurisdictional limits. Terms, privacy policies, and fee structures must be read by the users before application. It continues to expand its reach by providing secure and simple payment facilities for the use of cryptocurrencies worldwide.
