Crypto payments firm RedotPay claims unicorn status with $47M raise

Stablecoin payments firm RedotPay said it became a fintech unicorn after a $47 million round with participation from Coinbase Ventures, Galaxy Ventures and Vertex Ventures.

Stablecoin payments firm RedotPay said it joined the ranks of fintech unicorns after securing a $47 million strategic investment round.

The raise saw participation from Coinbase Ventures, with continued backing from Galaxy Ventures and Vertex Ventures, and support from a global tech entrepreneur whose identity was not disclosed, according to an announcement shared with Cointelegraph. In venture capital, a unicorn refers to a privately held startup valued at $1 billion or more.

“Having Coinbase Ventures join us, along with the continued support from Galaxy Ventures and Vertex Ventures, validates the progress we’ve made and the confidence investors have in our vision,” CEO Michael Gao said.

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