Hong Kong-Based Crypto Payment Platform RedotPay Completes $40 Million Series A Funding Round

Hong Kong-based crypto payment platform RedotPay has completed a $40 million Series A funding round, led by Lightspeed, with participation from HSG and Galaxy Ventures.

RedotPay aims to facilitate the use of cryptocurrencies in everyday transactions, making blockchain payments as accessible as traditional fiat currencies. In November 2023, the company launched physical Visa cards for ATM cash withdrawals and a virtual card supporting digital payment services like Apple Pay and Google Pay.

Expanding its blockchain integrations, RedotPay added Solana in December 2024 and Ethereum Layer 2 solution Arbitrum in February 2025. Additionally, the company partnered with StraitX and Visa to support retail crypto payments in Singapore.

However, the platform faces cross-border service restrictions. Users attempting to access RedotPay’s website from outside Hong Kong encounter regional access warnings.

Crypto Payment Ecosystem Expands in Asia: Stablecoins Take the Lead

Direct crypto payment solutions are gaining momentum across Asia. In November 2024, Singapore-based digital asset trading platform Crypto.com partnered with Triple-A to enable direct crypto payments, eliminating the need to convert crypto into fiat.

Hong Kong remains a highly competitive market. Stablecoin-focused payment firm Infini provides payment services while offering yield opportunities. However, the company recently suffered a $50 million USDC exploit, allegedly orchestrated by a rogue developer who swapped USDC for DAI—a decentralized stablecoin that cannot be frozen like its centralized counterparts.

In Japan, Yuri Group highlights Progmat as a key player in the digital asset ecosystem. Supported by Mitsubishi UFJ, Japan’s largest bank, Progmat operates under Japan’s strict regulatory framework, ensuring 1:1 reserve backing. This allows Japan’s established financial institutions to remain at the forefront of digital asset management.

Meanwhile, China, Asia’s largest economy, has completely banned cryptocurrency trading. The country recognizes the renminbi as the only legal tender.

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