Redotpay, the payment of Crypto Fintech Bridging Digital Assets and traditional finances, has launched a new feature that enables instant, fiat-to-stablecoin conversions for users in the United Kingdom and European Union.
Rollout marked the next phase on the RedotPay’s roadmap following the $ 40 million series of a funding earlier this year. Launched in 2023, the platform has reached more than 5 million users worldwide.
The Fiat Deposit feature improves the user’s experience by offering a better alternative cost with a faster processing time and a safer approach compared to the potential risks of compliance associated with the purchase of stablecoins through offline over-the-counter (OTC) stores. With the new update, users can now make direct Fiat Deposits and immediately convert them to stablecoins. Users can tap stablecoin-based metals to be sent worldwide. Currently, RedotPay users can pay immediately to Brazilian Real (BRL) and deposit the recipient’s Brazilian bank directly.
Michael Gao, CEO and Co-Founder of Redotpay, said: ”With RedotPay, we listen closely to what our users need and focus on solving the real challenges they face when accessing digital finances. This instant Fiat-to-stablecoin feature has been launched in a direct response to user feedback and disease points that have encountered many traditional onramp-high fees, slow processing, fraud risks, and complex procedures. We are committed to continuing to improve our payment products and user experiences so that everything, not only crypto-natives, can easily access and enjoy the benefits of stablecoin-based payments. Our goal is to make digital assets easy and safe to use as regular currency, empowering more people to participate in the global economy with confidence and comfort. “
To access the feature, users must complete the identity verification and a risk assessment questionnaire. Each account is tied to a single currency, either EUR or GBP. Deposits are only accepted from supported regions and must match the identity issued by the user’s government.
The RedotPay has also implemented new in-app precautions to promote safe use and protect users from standard crypto scams. These steps reflect Redotpay’s promise to maintain the highest standards of compliance and security standards by combining user-friendly functionality with strong compliance and security skills.
The new feature is available to all verified RedotPay users, and users from selected countries can enjoy limited time promotions such as opening a zero-fee account. It has marked the first stage of a broader global controlling planned for additional regions in the coming months. The company continues to win finance integration, simplify the use of crypto for everyday users, and support the broader adoption of safe, real world use of digital assets. Redotpay has been welcomed by over 130 million merchants worldwide and is compatible with Apple and Google Pay.
*Redotpay is a fintech service provider and not a bank. Our Multi Currency Wallet is provided by appropriate licensed financial institutions and redotpay simply facilitates your use of such a multi currency wallet.