RedotPay Joins Circle Payments Network To Enable Crypto-to-Fiat Cross-Border Transfers In Brazil
In Brief
RedotPay has partnered with Circle to implement the CPN for facilitating transfers into Brazil, enabling RedotPay users to send crypto that is automatically converted into BRL upon arrival in local bank accounts.
Cryptocurrency payments company RedotPay announced a partnership with stablecoin issuer Circle to implement the Circle Payments Network (CPN) for facilitating transfers into Brazil. This collaboration enables RedotPay users to send cryptocurrency that is automatically converted into Brazilian Real (BRL) upon arrival in local bank accounts.
The CPN infrastructure connects global financial institutions to support real-time settlement of cross-border payments. By adopting this system, RedotPay aims to improve access to international financial services, particularly for underserved communities, while also reducing transaction costs and bypassing the delays typically associated with traditional settlement methods.
As part of the initial rollout, RedotPay introduced the “Send Crypto, Receive BRL” service, allowing for near-instant crypto-to-fiat transfers to Brazilian bank accounts, with a promotional $0 fee during the launch phase.
RedotPay And Circle Payments Network Integration To Address Inefficiencies In Cross-Border Payments
According to Michael Gao, CEO and Co-Founder of RedotPay, the integration with the Circle Payments Network aims to resolve key challenges that have traditionally affected cross-border transactions in emerging markets. From the user perspective, these transactions have often been slow and expensive, burdened by unfavorable exchange rates and high handling fees, with inconsistent success rates. On the service provider side, payment companies have frequently faced issues with capital being locked in prefunded accounts distributed across various banks or PSPs in multiple countries.
“We are pleased to deliver a new stablecoin-based payment solution that effectively resolves these challenges. With our launch in Brazil, we remain committed to deliver innovative payment solutions that are faster and more affordable, so as to drive mass adoption of crypto payments and empower families and businesses to participate seamlessly in the global economy,” said Michael Gao in a written statement.
Sunil Sharma, Vice President of Product at Circle, noted that the existing fragmented nature of cross-border payments has placed a financial strain on households using conventional systems with high fees. He explained that the Circle Payments Network was developed as a core coordination protocol intended to support an always-on global economy by linking financial institutions aligned with Circle’s goal of strengthening financial access in emerging markets and contributing to the modernization of the global financial infrastructure.
“This is the next chapter in Circle’s evolution, and RedotPay’s customers will now have access to frictionless global payments,” Sunil Sharma added.
The collaboration follows RedotPay’s recent completion of a $40 million Series A funding round aimed at advancing its global cryptocurrency payment offerings. Users of RedotPay can now utilize the newly established payment corridor to Brazil via the RedotPay application, which is accessible on both iOS and Android platforms.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
