Hong Kong-based crypto payment platform RedotPay has successfully closed a $40 million Series A funding round led by Lightspeed, with participation from HSG and Galaxy Ventures. This significant capital injection is set to propel RedotPay’s mission to facilitate cryptocurrency usage in everyday transactions, allowing consumers to utilize digital currencies as seamlessly as traditional fiat.
In November 2023, RedotPay launched physical Visa cards, enabling users to withdraw cash from ATMs and utilize a virtual card that integrates with popular digital payment services such as Apple Pay and Google Pay. This innovative approach aims to simplify blockchain transactions for consumers, making cryptocurrency a viable option for day-to-day spending.
The company has also expanded its blockchain infrastructure, incorporating Solana in December 2024 and Ethereum layer 2 solutions through Arbitrum in February 2025. Additionally, a strategic partnership with StraitX and Visa is set to enhance retail crypto payment capabilities in Singapore.
However, it is important to note that RedotPay appears to have cross-border service restrictions, as visitors from outside Hong Kong encounter warnings when accessing the company’s website. This limitation may impact its expansion strategy in the global market.
RedotPay appears to have cross-border service restrictions. Source: RedotPay
Crypto Payment Options Rise in Asia, Stablecoins Leading the Charge
Direct cryptocurrency payment solutions are gaining traction across Asia, with a notable example being Singapore-based digital asset trading platform Crypto.com, which partnered with Triple-A in November 2024 to facilitate direct crypto payments. This initiative aims to eliminate the need for conversion from crypto to fiat, showcasing the growing acceptance of digital currencies in the region.
RedotPay is not the only player in the Hong Kong market; competitors like Infini, a stablecoin-focused payment firm, have recently encountered challenges, including a $50 million exploit attributed to a rogue developer. Stablecoins like USDC and DAI are becoming increasingly relevant as they provide a more stable option compared to the volatility of currencies like Bitcoin and Ether.
Japan, the second-largest economy in Asia, is also embracing stablecoins, with a recent report suggesting that the government views them as key to unlocking $14 trillion in household savings. Progmat, back by Mitsubishi UFJ, is a prominent player in Japan’s digital asset ecosystem, operating under strict regulatory compliance to maintain reserves on a 1:1 basis.
Japan’s eyes digital assets resurgence behind established financial institutions. Source: Yuri Group
In contrast, China has taken a prohibitive stance towards cryptocurrency, banning trading and enforcing the renminbi as the sole legal tender in the country. This regulatory climate underscores the varied approaches to cryptocurrency across Asia and the ongoing evolution of digital payment solutions in the region.
