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The company's interior strain, including reports of required agelong moving hours, is overshadowing its propulsion for a U.S. listing.
Mar 18, 2026, 1:01 p.m.
RedotPay, a Hong Kong-based stablecoin payments startup, is facing interior strain and enforcement turnover arsenic it seeks up to $150 cardinal successful caller backing and works toward a U.S. IPO that could worth the institution astatine much than $4 billion.
Those ambitions are being clouded by enforcement turnover. At slightest 5 elder hires near wrong 12 months, and the institution is pursuing its listing plans without a main fiscal officer. Staff, according to a Bloomberg report, person often been asked to enactment precocious for extended periods.
The fundraising talks travel lone months aft RedotPay raised much than $150 cardinal crossed 2 rounds successful September and December. It remains unfastened to strategical investors, but does not look unit to rise funds due to the fact that of beardown currency flow, Bloomberg said.
The institution has grown fast. Investor materials amusement annualized outgo measurement passed $10 cardinal successful December, portion gross doubled to $158 million. RedotPay says it present serves much than 6 cardinal users successful implicit 100 countries.
Its main merchandise is simply a stablecoin payments app linked to a Visa card. Users tin store stablecoins successful the app and walk them astatine merchants oregon online, portion the level besides offers remittance services and output connected immoderate holdings.
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Mastercard's $1.8 cardinal woody 'a wide answer' to a monolithic displacement successful the planetary outgo war
Analysts accidental the $1.8 cardinal acquisition shows stablecoins are moving from niche usage to planetary colony rails.
What to know:
- Mastercard’s $1.8 cardinal woody to bargain London-based BVNK signals that stablecoins are shifting from a niche crypto instrumentality to a halfway furniture of planetary outgo infrastructure.
- Analysts accidental the acquisition volition fto Mastercard plug 24/7, blockchain-based stablecoin rails into its existing network, improving cross-border colony portion treating stablecoins arsenic complementary alternatively than competitory to paper payments.
- While BVNK’s astir $40 cardinal successful gross means constricted near-term net impact, Wall Street views the acquisition arsenic a strategical stake connected a coming stablecoin adoption question and a antiaircraft determination to support Mastercard’s halfway payments business.
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