Redotpay, based in Hong Kong, a cryptographic payment fintech serving more than four million users, has teamed up with the new Payment Network (CPN) from Stablecoin from Circle, to remove the headaches from the cross -border transactions from Brazil.
The CPN collaboration means that Redotpay users can now send a cryptocurrency directly to Brazilian bank accounts, with automatically converted funds in real Brazilian (BRL) upon arrival, companies announced on Monday.
Stablecoins for payments are increasing quickly, with various estimates of the potential size of the market for blockchain rails and tokens pointed out in dollars. Circle, transmitter of the second largest stablecoin, USDC, presented the CPN in April, to capture some of the cross -border payments and shipments.
Redotpay, who recently collected a financing cycle of $ 40 million, said that it is on a mission to make global payments more accessible to sub-banking populations by reducing transaction costs, as well as eliminating the traditional period of payment of the working day generally associated with international transfers.
Redotpay addresses two main pains of pain which historically hampered cross-border payments on the emerging markets, according to Michael Gao, CEO and co-founder of Redotpay.
“For users, the process was slow and expensive with high exchange rates and handling costs,” Gao said in a statement. “Transactions success rates have also been inconsistent. For payment service providers (PSP), the capital has often been trapped in pre -funded accounts with different PSPs or banks in several countries. ”
