RedotPay, a global stablecoin-based payment fintech, has joined forces with Ripple to introduce a new feature called “Send Crypto, Receive NGN”.
The partnership allows users to convert digital assets into Nigerian naira and have the funds deposited into local bank accounts within minutes.
This feature is built on Ripple Payments and initially supports several major tokens, including USDC, USDT, Bitcoin
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According to RedotPay’s CEO, Michael Gao, the aim is to make crypto payments as easy as using local currency. This enables users to send XRP or stablecoins securely and receive NGN quickly.
Only verified users with Nigerian bank accounts can access this service, which allows them to send supported cryptocurrencies and receive naira directly into their local accounts within minutes.
Nigeria has seen stricter crypto regulations, such as the Nigerian Securities and Exchange Commission tightening rules around crypto marketing and advertising in December 2024.
In September, RedotPay achieved unicorn status after securing a $47 million strategic investment round. That round included backing from Coinbase
$2.19B
Ventures, as well as Galaxy Ventures and Vertex Ventures.
Coinbase recently announced plans to launch its decentralized trading option, called “DeFi Mullet”, for users in Brazil. How does it work? Read the full story.
