RedotPay

RedotPay is a Hong Kong-based crypto payment platform that enables users to spend cryptocurrencies like fiat currency through Visa-powered virtual and physical cards. With over 6 million global users and $10 billion in annualized payment volume, RedotPay has established itself as one of the leading crypto card providers for everyday spending, targeting both crypto enthusiasts and the unbanked population seeking financial access.

Company Overview

RedotPay was founded in April 2023 by Michael Gao, a former DBS banker and ex-HK CEO of ChainUp Technology. The company is headquartered in Hong Kong and operates under the legal entity RedotPay Limited. Gao previously attended Nanyang Technological University in Singapore.

In October 2025, RedotPay achieved unicorn status (valuation exceeding $1 billion) after completing a $47 million funding round. Combined with its earlier Series A, the company has raised approximately $87 million in total funding.

Funding History:

• Series B (October 2025): $47M from Coinbase Ventures, Galaxy Ventures, Vertex Ventures (Temasek-backed), and an unnamed global technology entrepreneur
• Series A (March 2025): $40M led by Lightspeed, with HSG (formerly Sequoia China), Galaxy Ventures, DST Global Partners, Accel, and Vertex Ventures

Key Investors:

• Lightspeed Venture Partners
• HongShan Capital (HSG/Sequoia China)
• Galaxy Ventures
• Coinbase Ventures
• Accel
• Vertex Ventures (Temasek)
• DST Global Partners

Key Partnerships:

• Visa (card network)
• Circle (USDC issuer)
• Tether (USDT issuer)
• Ripple (cross-border payments)
• Fireblocks (custody)
• Binance
• Polygon, Arbitrum, Solana, Sui, TON, Sonic
• Cactus Custody (institutional custody)
• LSEG World-Check (KYC/AML)
• Elliptic (compliance)
• Sumsub (verification)

Products & Services

Crypto Cards

RedotPay offers both virtual and physical Visa cards that function as prepaid cards but are classified as credit cards on the backend (enabling pre-authorizations).

Virtual Card:

• Issuance fee: $10
• Instant activation after KYC
• Works with Apple Pay, Google Pay, Alipay
• Perfect for online transactions and subscriptions

Physical Card:

• Issuance fee: $100
• Free shipping worldwide
• ATM cash withdrawals supported
• Tap-to-pay enabled

Card Currencies:

• Hong Kong Dollar (HKD) cards - starting with 41463
• US Dollar (USD) cards - starting with 493728

Spending Limits:

• Daily spending limit: $1,000,000
• ATM withdrawal limit: $10,000 per day

Multi-Currency Wallet

A comprehensive crypto wallet supporting multiple digital assets:

Supported Cryptocurrencies:

• USDT (Tether)
• USDC (Circle)
• BTC (Bitcoin)
• ETH (Ethereum)
• SOL (Solana)
• XRP (Ripple)
• TRX (Tron)
• TON (Telegram Open Network)
• BNB (Binance Coin)
• S (Sonic)

Supported Networks:

• Ethereum (ERC-20)
• Tron (TRC-20)
• BNB Smart Chain (BEP-20)
• Polygon
• Arbitrum
• Solana
• Bitcoin
• TON
• Sui

Global Payout

Send crypto and receive local currency in recipient's bank account:

Supported Payout Currencies:

• NGN (Nigerian Naira) - via Ripple partnership
• BRL (Brazilian Real)
• MXN (Mexican Peso)
• HKD, MYR, GBP, LKR, AUD, CAD, IDR, ZAR, USD

Transfers typically arrive within minutes, powered by Ripple Payments infrastructure.

Credit (Crypto Loans)

Access instant funds using crypto as collateral:

• No credit checks required
• Flexible repayment options
• Collateral-backed lending
• Licensed under Hong Kong Money Lender's Licence No: 1550/2024

Earn

Put idle crypto to work with daily rewards:

• Supports USDC and USDT
• Low entry threshold
• No redemption limits
• Withdraw anytime or spend directly via card
• Available in select regions only

Swap

Convert between cryptocurrencies within the app:

• Real-time exchange rates
• Minimal friction
• Support for all wallet currencies

P2P Marketplace

Peer-to-peer stablecoin trading:

• Direct user-to-user transactions
• Real-time settlements
• Low-cost trading
• Access stablecoins easily in restricted regions

Fee Structure (Effective October 2024)

Fee Type	Amount
Virtual Card Application	$10
Physical Card Application	$100
Physical Card Shipping	Free
Virtual Card Reissue (1st)	$5
Virtual Card Reissue (subsequent)	$10
Default Currency Transactions	0%
Foreign Currency Transactions	1.2%
ATM Withdrawal	2% (+1.2% if foreign currency)
General Transaction Fee	1% (certain operations)
Annual Fee	$0
Card Renewal	Free
Crypto Deposit/Withdrawal	0% (network fees apply)
Declined Transaction Fee	$0.50

Crypto-to-Fiat Conversion Cost: ~1.18% all-in (including fees and spread) - among the lowest in the industry compared to ~1.7% average.

Security & Compliance

Licenses & Regulation:

• Hong Kong Money Service Operator (MSO) license - acquired June 2024
• Hong Kong Money Lender's Licence No: 1550/2024
• Argentina PSAV Registration (CNV No. 144)
• European licensing (specific jurisdiction not disclosed)
• Additional global licenses in progress

Custody & Security:

• Cactus Custody™ partnership (Hong Kong Trust Company, Licence No: TC006789)
• Segregated wallets for user assets
• $50 million crime and specie insurance
• SOC2 Type 1 audit by Deloitte
• FIPS 140-2 Level 3 HSM key storage
• Fireblocks infrastructure integration

Compliance:

• LSEG World-Check Intelligence integration for KYC/AML
• Elliptic transaction monitoring
• Sumsub identity verification
• KYC completion in under 5 minutes

Target Users

Ideal For:

• Crypto holders wanting to spend digital assets daily
• Digital nomads and frequent travelers
• Freelancers receiving crypto payments
• Users in regions with limited banking access (unbanked)
• Expats needing multi-currency solutions
• Cross-border remittance senders
• Crypto enthusiasts seeking card utility

Not Suitable For:

• Users requiring high cashback rewards (no direct cashback program)
• Those needing extensive fiat cryptocurrency support (only 10+ cryptos supported)
• Hong Kong residents for swap/fiat on-ramp services (restricted as of August 2025)
• Users requiring bank account features (no IBAN/account number)

Geographic Availability

• Headquarters: Hong Kong
• Card Issuance: 100+ countries
• Card Acceptance: 130+ million Visa merchants worldwide
• Restricted Services (Hong Kong residents): Swap and fiat on-ramp for USDC/USDT restricted as of August 2025

Pros

• Low crypto-to-fiat conversion cost (~1.18% vs. industry ~1.7%)
• High daily spending limit ($1,000,000) - among highest in industry
• High ATM withdrawal limit ($10,000/day)
• No annual fees or card renewal fees
• Both physical and virtual cards available
• Instant card activation after KYC
• Multi-asset support with automatic conversion at point of sale
• Strong custody security with $50M insurance
• Licensed in multiple jurisdictions
• Active P2P marketplace for stablecoin access
• Global payout feature via Ripple partnership

Cons

• No cashback rewards program (promotional campaigns only)
• Limited cryptocurrency support (10+ coins vs. 15+ industry average)
• No free ATM withdrawals (2% fee)
• Physical card fee is high ($100)
• $0.50 fee for declined transactions
• Some services restricted for Hong Kong residents
• No bank account features (cannot receive third-party fiat transfers)
• Some user complaints about card information security

Alternatives

• Crypto.com Card (higher cashback, CRO staking required)
• Binance Card (up to 8% cashback, BNB staking required)
• Nexo Card (up to 2% cashback, credit line feature)
• Coinbase Card (direct exchange integration)
• Karta.io (business-focused stablecoin cards)
• Wirex (multi-currency accounts)