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RedotPay has teamed up with Ripple to motorboat “Send Crypto, Receive NGN,” a caller diagnostic that lets users person integer assets into Nigerian naira and person funds successful section slope accounts wrong minutes.
The work is built connected Ripple Payments and supports a handbasket of large tokens astatine launch, including USDC (USDC), USDt (USDT), Bitcoin (BTC), Ether (ETH), Solana (SOL), Tron (TRX), XRP (XRP) and BNB (BNB), with Ripple USD (RLUSD) expected to beryllium added later, Ripple said successful a Tuesday announcement.
“RedotPay is gathering stablecoin‑powered payments that marque integer assets arsenic casual to usage arsenic section currency, wherever users tin nonstop XRP oregon stablecoins securely and person NGN wrong minutes,” RedotPay’s CEO Michael Gao said.
Verified RedotPay users with section slope accounts tin nonstop supported cryptocurrencies and person NGN straight into their slope accounts wrong minutes, the institution said.
Related: Nigerian fintech plans African stablecoin outgo strategy with Polygon: Report
Nigeria’s turbulent crypto past
Nigeria ranks among the world’s astir progressive countries successful presumption of usage and hunt interest, placing sixth successful Chainalysis’ 2025 Global Adoption Index.
Top 20 countries successful wide crypto adoption. Source: Chainalysis However, regulators person taken a tougher enactment since past year. The Nigerian Securities and Exchange Commission (SEC) overhauled its crypto regulations successful December 2024, tightening laws astir crypto marketing and advertising.
Earlier this year, the state besides filed an $81.5 cardinal lawsuit against Binance, claiming the speech crashed Nigeria’s section currency, the naira, and said that Binance owed $2 cardinal successful backmost taxes.
Despite these controversies, Nigerian Information Minister Mohammed Idris said successful March that galore crypto businesses operate wrong the country and are not facing litigation oregon transgression prosecution.
In July, Nigeria’s SEC Director-General Emomotimi Agama besides announced that the country was open to stablecoin businesses that comply with section regulations.
Related: Countries crossed Africa o.k. caller crypto laws arsenic adoption grows
RedotPay claims unicorn status
In September, RedotPay said it joined the ranks of fintech unicorns aft securing a $47 cardinal strategical concern round. The rise saw information from Coinbase Ventures, with continued backing from Galaxy Ventures and Vertex Ventures, and enactment from a planetary tech entrepreneur whose individuality was not disclosed.
Meanwhile, Ripple has been expanding its outgo services. Last week, the steadfast received support from Singapore’s cardinal slope to grow its outgo activities successful the region. Previously, the firm’s RLUSD stablecoin received support for organization use successful Abu Dhabi.
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