Redot Pay has completed a $40 million Series A round. Will Lightspeed Venture Partners and Sequoia Capital create a payment giant in the crypto world?

By: blockbeats|2025/03/17 07:45:03
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Doesn't cryptocurrency payment always feel a bit precarious? The wallet operations are cumbersome, the asset volatility is intimidating, and with the fog of regulation, the average person trying to buy a cup of coffee with cryptocurrency feels like they are embarking on an adventure. Ever since the $40 billion evaporation due to the UST collapse in 2022, "stablecoin" briefly became synonymous with risk, and the market's confidence in stablecoins has been fluctuating.

But change is underway. On March 13, 2025, the U.S. Senate Banking Committee passed the Stablecoin Regulation Act by 18 to 6, providing greater clarity on the compliance path for mainstream stablecoins like USDT and USDC. With the market's confidence restored, the cornerstone of trust in cryptocurrency payments is being solidified. Riding this wave of enthusiasm, the cryptocurrency payment platform Redot Pay announced on March 14 that it had completed a $40 million Series A funding round. The round was led by Lightspeed with participation from A-list institutions such as Sequoia China. The company's goal is to make cryptocurrency payments as easy as swiping a bank card, requiring no technical knowledge so that even those without a bank account can easily participate.

CEO Michael Gao stated, "What we are doing is solving real-world problems—making transparency and inclusivity our driving force."

Redot Pay has completed a 0 million Series A round. Will Lightspeed Venture Partners and Sequoia Capital create a payment giant in the crypto world?

Founded in April 2023 and headquartered in Hong Kong, Redot Pay has emerged as a rising star in the cryptocurrency payment field. In less than two years, it has attracted over 3 million users. Redot Pay's mission is to enable global users, especially those without bank accounts, to easily access financial services. In other words, it is not just a transaction tool but also the entryway for many into the global financial system.

This round of funding will help Redot Pay accelerate the expansion of its global payment network, transforming cryptocurrency payments from being lofty to being more integrated into daily life. In the future, whether you are ordering a latte in a Hong Kong cafe, purchasing handicrafts in the Southeast Asian market, or sending cross-border remittances to family, Redot Pay may become your payment method.

Founder and Team: Low-Key Yet Hardcore Capable

Specific public information about the founder and core team of Redot Pay is relatively limited, and the core team maintains a low profile. CEO Michael Gao is a graduate of Nanyang Technological University in Singapore. Before founding Redot Pay, he served as the CEO of ChainUp Technology in Hong Kong and was responsible for global sales, showcasing strong business acumen and market insight.

Another co-founder, Jonathan Chan, is also a veteran in the industry. Teaming up with Gao, the two hope to make cryptocurrency payments no longer a game for geeks and speculators but a simple daily operation like swiping a bank card.

All-Star Investment Lineup

Fundraising is not just about "getting money to do things" but more like finding a group of "angel investors" to endorse you, help smoothen your path, and fill in the gaps. This time, Redot Pay has received support from a wave of top-tier investment institutions.

The lead investor for this round of funding is Lightspeed. This venture capital giant established in 2000 has a keen investment eye, having nurtured star companies like Snapchat and Affirm. This means that Redot Pay has not only received $40 million but also gained a "life mentor," bringing strategic guidance and global network resources, especially in consumer technology and financial technology.

Looking at the participating lineup, Sequoia Capital China has deep roots in the Asian market and is considered the "West Point Military Academy of the Entrepreneurial Circle." Galaxy Ventures is a veteran player in the crypto field, while DST Global Partners, Accel, and Vertex Ventures are no pushovers. When these big players make a move, it's basically a bet that Redot Pay will become the next giant in the cryptocurrency payment sector.

With this background, Redot Pay may have deeper cooperation with giants like Visa and StriatX in the future. The speed of entering new markets may be faster than taking a high-speed rail. With the endorsement of top institutions to stabilize its footing and avoid pitfalls, this round of funding not only added $40 million to Redot Pay's account but also came with a VIP pass.

From "Future Trend" to "Immediate Opportunity"

Market demand has never been so strong. The enthusiasm for cryptocurrency payments is rapidly rising, shifting from a previous "future vision" to an "immediate opportunity." Currently, there are still 1.3 billion people worldwide without bank accounts, unable to easily access financial services. They have smartphones, they have networks, the only thing missing is a simple, efficient payment method.

Inflationary pressures, exchange rate fluctuations, and outdated financial infrastructure make people more eager than ever for decentralized payment methods. Of course, Redot Pay is not the only player on this track. Competitors like Triple-A are also entering the cryptocurrency payment space. To stand out, Redot Pay needs to excel in user experience and ecosystem integration. Is the payment process smooth enough? Is fiat currency exchange low-cost? Are there enough partner merchants? These are key factors determining success. Users won't pay the price for complex technology. Only if it's truly simple and user-friendly can it become the "Alipay" of the cryptocurrency payment era.

RedotPay's Hardcore Strength

The core goal of Redot Pay is to completely change the stereotype of cryptocurrency payments being "complex, high-threshold, and inconvenient." In November 2023, Redot Pay launched the Visa physical card, supporting global ATM withdrawals, allowing users to directly cash out their cryptocurrency assets.

Simultaneously, a virtual card was also introduced, compatible with ApplePay and GooglePay, enabling users to spend cryptocurrency directly at offline stores or e-commerce platforms just like using a traditional bank card. In December 2024, the platform integrated with the Solana network, followed by joining the Arbitrum ecosystem in February 2025. By leveraging the advantages of these high-performance blockchains, transaction costs are reduced, and payment speed is increased.

Compared to payment platforms that still rely on a single chain, Redot Pay's multi-chain integration strategy is undoubtedly more forward-thinking, providing users with a smoother payment experience. In terms of ecosystem partnerships, Redot Pay is also accelerating the implementation of applications, with collaborations with StraitX and Visa, enabling it to take the lead in the retail payment market in Singapore.

Comprehensive and Mature Interface Guidance

In less than two years, Redot Pay's user base has exceeded 3 million, a growth rate that clearly demonstrates its high market fit. Redot Pay is using technological innovation and practical application to prove that it is not just a "concept hype" shell company but a true dark horse aiming to make cryptocurrency payments mainstream. The current market situation provides a window of opportunity for its expansion, but amidst the industry's rapid development, changes in regulatory policies must not be ignored. Balancing compliance and innovation to stay ahead will be the key challenge for Redot Pay moving forward.

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Never Underestimate the Significance of the US Stablecoin 'Infrastructure Bill'

Original Title: "Never Underestimate the Significance of the US Stablecoin 'Genius Act'"Original Author: 0xTodd, Partner at Nothing Research


If the US stablecoin bill, the "GENIUS Act," passes smoothly this time, its significance will be tremendous. I even think it's significant enough to enter the top five in Crypto history.



Although abbreviated as the GENIUS Act, which translates directly to the Genius Act, it is actually the Guiding and Establishing National Innovation for U.S. Stablecoins, which translates to "Guiding and Establishing National Innovation for US Dollar Stablecoins."


The proposal is lengthy, with several key points summarized for everyone:


· Mandatory 1:1 Full Asset Backing: Assets include cash, demand deposits, and short-term US Treasuries. At the same time, misappropriation and rehypothecation are strictly prohibited.


· High-Frequency Disclosure: Reserve reports must be published at least monthly, introducing external audits.


· Licensing Requirement: Once the circulating market cap of the issuer's stablecoin exceeds $100 billion, it must transition into the federal regulatory system within a specified timeframe, adopting banking-grade regulation.


· Introduction of Custody: The custodian of the stablecoin and its reserve assets must be a regulated qualified financial institution.


· Clear Definition as a Payment Medium: The bill explicitly defines stablecoin as a new type of payment medium, primarily regulated by the banking regulatory system, rather than restricted by the securities or commodities regulatory system.


· Embracing Existing Stablecoins: A maximum 18-month grace period after the bill's enactment, aimed at encouraging existing stablecoin issuers (such as USDT, USDC, etc.) to promptly obtain licenses or become compliant.


After finishing the main content, let's talk about the significance of this matter with an excited heart.


Over the years, when others asked, "After working in the Crypto industry for 16 years, what application have you created?"


In the future, you can confidently tell others—Stablecoins.


First, Clearing Concerns is a Prerequisite


Some people have held opposing views. In the past, people's impression of stablecoins was that they were an opaque black box. Every few months, there would be FUD — whether Tether's assets were frozen or Circle had a significant black hole deficit.


In fact, if you think about it, Tether easily rakes in billions of dollars a year just from the interest on those underlying government bonds. Circle, slightly less, also made a $1.7 billion profit last year.


They basically made money while standing there. From a motivational standpoint, they have no malicious intentions. In fact, they are the most eager for compliance.


Now, this opaque black box will become a transparent white box.


In the past, the only complaint was that Tether's funds might have been frozen by the United States. Now, they will be directly placed into U.S. compliant custodial institutions, with high-frequency disclosures, so you can rest assured.


【No need to worry about a rug pull】 is such a huge advantage—I think especially all Crypto people understand this.


Second, Mastering the Standard is Very Important


Stablecoins were once almost on the verge of being overtaken by CBDCs. In any country, if a central bank digital currency really exists, it is highly likely not built on a blockchain, at most it is built on some internal central bank consortium chain, which to be honest, is meaningless.


When CBDCs were at their peak, that was the most dangerous time for stablecoins.


If CBDCs had become a reality back then, stablecoins today would have been relentlessly suppressed into a dark corner, and blockchain would only be able to play a minimal role.


The remaining half-dead stablecoins would even have to learn the standards of central bank digital currencies, completely relinquishing their standard-setting power.


And now, stablecoins have won (or are about to).


Instead, everyone should learn the 【Blockchain + Token】 standard.


Nowadays, many blockchains actually have no meaningful applications on top, only stablecoin transfers. For example, with Aptos, the only scenario I use Aptos for is transfers between Binance and OKX.


And now, stablecoins will be legislated, what does that mean?


That's right, blockchain will become the only standard.


In the future, every stablecoin user will be the first to learn how to use a wallet.


As an aside, I actually think Ethereum's concerted push for EIP-7702 is quite forward-thinking. While other chains are all about memes, thank you Ethereum for sticking to account abstraction.



EIP-7702 is about Account Abstraction, which can support, for example:


· Social Account Registration Wallet

· Paying GAS with Native Coin

· And more


This paves the way for future new users to heavily use stablecoins, solving the last-mile problem.


Third, Deposit Enters a New Era


Furthermore, once stablecoins receive legislative support, deposits and withdrawals will become even easier.


Let's imagine a scenario: previously, hindered by the gray nature of stablecoins, but after the bill passes, many traditional brokerages can support stablecoins themselves. The money from a US stock investor can be converted into stablecoins in minutes and instantly deposited into Coinbase. Believe it or not.



Let's imagine another scenario: if the brilliant bill smoothly passes through the House of Representatives, next, you will see:


Due to the extremely lucrative nature of this trading, existing stablecoin leaders and newly entering traditional giants will crazily start promoting their stablecoin products.


And an outsider, due to these promotions, will start using stablecoins. And then one day, after finding out that the wallet account has been created, will explore Bitcoin inside. Is mining Bitcoin difficult?


Stablecoins are a huge Trojan horse. The moment you start using stablecoins, you unwittingly step half a foot into the Crypto world.


Fourth, Conclusion


As a large reservoir for digesting US debt, although stablecoins cannot directly absorb debt, they at least provide ammunition for the US debt secondary market. These functions are quite important, and slowly, stablecoins are becoming a part of the US debt market's body. Therefore, once the US legislation is passed and experiences the benefits, there is no turning back.


And, we are also confident that stablecoins are indeed one of the great innovations in our industry. People who have used stablecoins will find it hard to return to the traditional cash-banking system.


Once the bill is passed, users can't go back. In the future, concerns are about to be resolved, standards will be mastered, and the era of large deposits seems to be on the horizon.


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